In Nigeria, its generally known that you will need to reach out to a property agent when you intend to buy a property, be it a land or house. This is because you believed that its the agent that can provide you with different property options available for your budget. However, this article focuses on who a real estate agent is, tips on how to spot fake agents, questions to ask your real estate agents when you want to secure a property.
According to wikipedia, A real estate agent or broker or realtor is a person who represents sellers or buyers of real estate or real property. He facilitates real estate transactions between the seller which may be a person or company and the buyer. While a broker may work independently, an agent usually works under a licensed broker to represent clients.Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. However, In Nigeria we now have real estate consultants who also take the work of a real estate agents but in a professional way They also provide their clients with necessary information about a property, guides the client about necessary property documents available. Mind you I ain’t saying that real estate agents too are not professionals. Its just that some tends to differentiate themselves from being an agent and a consultant.
Real estate agents are knowledgeable about their local laws on the buying and selling of property. The geographical area that an agent works in is their area of expertise. They know trends within the local property market as well as what competitive prices are for the various properties their clients want to buy or sell.
A real estate agent acts as the middleman, or broker, between two parties seeking to buy or sell a property. Real estate agents have the skill and expertise to either market the property and sell for the best possible price and conditions, or to look for property that suits a client’s needs and buy it at the best price possible with the most favourable terms.
Negotiation is a key part of the real estate agent’s work, as they act as the intermediary between buyer and seller and will often negotiate on their client’s behalf. Real estate agents will charge a percentage of the final sale price as their fee.
10 TIPS TO IDENTIFY A FAKE REAL ESTATE OR PROPERTY AGENTS
- The real estate agent isn’t licensed or not registered with a reputable real estate company.
- He or she have no knowledge about land documents and titles.
- He or she asks you to pay into his own bank account details the real estate company’s account.
- They act shifty, they do not answer your questions in a clear manner.
- They do not answer your objections clearly.
- They provide some figures or numbers in your face to confuse you.
- They can’t give a detailed account of the payment plan for the property, they keep asking you money for some unforeseen cost.
- They try to make you sign a non-disclosure agreement that silences you from speaking to anyone you know about it.
- When you request to be taken to the site, they take you to a marked land or property and try to convince you that it is nothing.
- They make sure you know very little information about them so that you won;t be able to locate them.
QUESTIONS TO ASK YOUR REAL ESTATE AGENTS ON A PARTICULAR PROPERTY
- Where is the property located?
- What is the property meant for?
- What is the title of the property?
- What is the size? Let him give you more details about the number of square metres that is equivalent to a plot.
- What is the landmark? i.e distances from certain notable locations.
- What are the payment plans available?
- Will you collect commission from me?
- What do i get when i make an initial deposit.
- What is the terms and conditions ?
- Is it free from government acquisition?