Tuesday, July 23, 2013

Family As Your Realtor… Is It Really Worth It?

With the recent boom in houses for sale, the real estate industry has gotten a lot of people shifting careers to try their luck in this exciting field. Not only will you be able to make your own hours, most real estate companies are able to give their Realtors the freedom they need as long as they are making sales, closing deals, or getting new listings. This may also mean that you might know a few friends in the real estate business or even have a family or relative working for a real estate company. But, when it comes to choosing a Realtor to represent you, should you choose a family member or relative or go with someone you have no connection with? It is a really tough decision to make but let’s weigh our options to see if you should or should not have a family member be your Realtor.

Will This Transaction Affect Your Friendship?
Many house buyers or sellers are torn when making the decision because they do not know if choosing their friend or relative to be their Realtor will affect their relationship if things do not go as planned. Of course, if things work out then that would be positive and maybe you'll have a stronger relationship with your relative or friend. But, what if you disagree with them or your relative/friend/Realtor is really not the same person during his "professional" hours? This could backfire and may cause a rift in your relationship with them. On the average, several people choose not to get family or friends to be their Realtor simply because of the fact that "business and family do not mix" (just like oil and water).

This is a Major Financial Decision, Trust Your Gut
If you are really having a tough time making this decision, keep in mind that, in the end, it's your choice to make and it's a huge financial decision. You will always have the last say at what price range you are willing to buy or sell your home. Remember that your Realtor, whether family or not, SHOULD always disclose all the information you need regarding a property and should have your best interest at the forefront. Here are some thoughts: 
  •  The purchase of a house is the biggest investment most people will make in their entire lives so it is really important that you have made the best decision.
  • You have every right to ask about their background in the real estate industry because it will be your money or house on the line here. You need someone with a proven track record and that just might not be your Aunt Edna

Choosing Your Realtor

  • Be honest with your friend/relative if you do not choose him/her as your Realtor. After all, you're trying to keep a valuable relationship. Give this analogy: "If I were a financial money manager but didn't have a ton of experience just yet, would you be comfortable handing over your large retirement account and telling me to have at it?".
  • Sometimes it is best to use a Realtor from a real estate company with a solid track record. At least, this will be a strictly-business relationship and you may even gain a friend if all goesas planned.
         Also, whether relative, friend, or not, be sure your Realtor is a competent one. They should be versed in laws, processes, paperwork, and of course be helpful in all areas related to the purchase or the selling of the house.

Deciding On What Feels Right
As humans, we are all capable of having that “gut feeling” so if choosing your friend/relative as your Realtor feels right and you know that everything will go smoothly, then by all means, go with your instincts. If something doesn't feel right, then it's best to stick with a Realtor that you have no connection whatsoever.
HardinHomes.com has some of the best licensed Realtors in the Fort Knox, KY area. Set up an appointment with any one of them hereif you live in the Elizabethtown, Kentucky area.

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