Having a good real estate agent can help make your entire property buying or selling process a breeze. But the question is – how do you identify and choose a good real estate agent?
Plus, I am pretty sure you would also want to avoid becoming the victim of unscrupulous or fake real estate agents out there.
Here are some tips to help you identify the best(and most importantly, licensed) real estate agent for your needs!
- Verify Their Credentials
- Find Out If They Are A Real Estate Agent (REA), Or Real Estate Negotiator (REN)
- What Is Their Experience & Area Of Expertise?
- Inquire About Fees
- Do They Have A Marketing Plan & Strategy?
- Is There A Connection? Are You Both Compatible?
- Look Out For Reviews & Recommendations
- Meet With Several Agents Before Making Your Decision
1. VERIFY THEIR CREDENTIALS
He or she must be registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEAP), the official body in charge of certifying and regulating the professional conduct of all real estate agents in Malaysia.
Here are few steps you can take to check their credentials:
- Check to see the agent’s official BOVAEA-issued ID card that they are required to wear while working. On it will be their picture, name, NRIC number, company name and the firm’s registration number.
- Scan the QR code on the card with your smartphone – this should show you the agent’s information which you can cross-check with their ID card.
- Search up the real estate firm and real estate agent on BOVAEAP’s website.
2. FIND OUT IF THEY ARE A REAL ESTATE AGENT (REA), OR REAL ESTATE NEGOTIATOR (REN)
You must distinguish between the two.
An REA is fully certified and registered; he/she has completed the comprehensive set of examinations and also has 2 years of working experience working with an REA. They are allowed to open a firm of their own, and typically carry a BOVAEA-issued ID card that is blue.
A REN, however, is not required to complete the accreditation process that REAs have to go through – all it takes is a basic training course with a certificate. They must work under a registered REA and cannot work independently. Their BOVAEA-issued ID card is red.
It should be known that an REA can only hire certified RENs to work with them – it is illegal for them to hire anyone without the required certifications. Also, it goes without saying that an REA would have more work experience compared to a REN.
3. WHAT IS THEIR EXPERIENCE & AREA OF EXPERTISE?
A good real estate agent is defined by not just the length of time they have been working in the industry, but also their depth of knowledge on the local real estate market and your property type, and how they can help you. Things you should find out include:
- Whether they specialise in the area that you are interested in/ where your property you want to sell is situated
- Their sales track record
- Whether they have experience working with your property type
- The price range of properties that they have sold
- The ratio of buyers to sellers that they represent
- How many homes they have sold in the past year
- Whether they are part-time or full-time
- Detailed information on how they determine the selling price of the home
- What do they do to achieve the highest possible sales price
4. ENQUIRE ABOUT FEES
Be sure to check with the agent on the 3% commission as well as the closing fees before hiring them. This way, you can also compare the rates of a few different real estate agents before you decide on one.
The sales and marketing of projects will also incur fees – this is to be agreed upon between the estate agent and the client. Not only that, other claims will or may include:
- Cost of printing, plans, copies of documents, lithography, travelling (only if the distance between the agent’s office and the property is more than 40 km) and other expenses.
- Cost of media advertisements, signboards, brochures, and other promotional materials.
It should also be noted that the BOVAEA has also set a maximum fee limit that agents can charge, as stated below:
| Sale or purchase of land & buildings, as well as joint ventures, sale of company and property swaps | A maximum fee of 3% of the sale price |
| Chattels (personal property) including plants & machinery | 10% of the proceeds |
5. DO THEY HAVE A MARKETING PLAN & STRATEGY?
You should get the REN/REA to explain to you in detail their marketing plan and strategy. Ideally, you would want to find out what differentiates them from the rest of the other real estate agents out there.
How will they help you stand out from the competitive sea of offers or listed properties in the market? Do they have unique ideas and strategies that are proven to work?
In this day and age, your real estate agent should be one who is adept in both traditional advertising mediums (flyers, billboards, newspapers, etc.) and digital marketing on social media and internet listing sites.
Also, if you are getting them to help you sell your property, he/she should be able to give you an estimate on how long it would take based on the data they have on the area.
6. IS THERE A CONNECTION? ARE YOU BOTH COMPATIBLE?
And yes, we are aware that you are searching for a real estate agent, not a soulmate.
As you communicate and interview a potential real estate agent, it is imperative that you gauge if you get along well with them and that they are a good fit for you. After all, you will be spending a lot of time with them and trusting them to handle one of the most significant yet expensive milestones in your life! A good real estate agent is one who listens to you and understands your expectations, budget and what matters most to you.
Also, keep an eye out for red flags as you communicate with the real estate agent or negotiator. Does he/she seem pushy or demanding? Do you detect hints of dishonesty or vagueness when talking about their experience? Or do they just agree to list at your price without providing detailed market analysis or comparing other similar properties in the area? Follow your gut instincts.
7. LOOK OUT FOR REVIEWS & RECOMMENDATIONS
Also, before you decide on a real estate agent, you should always do a background check on them online. Check out their social media or review sites if any, and check if overall reviews are negative or positive.
Also, it is always good to get real estate agent referrals and recommendations from friends and relatives. However, do bear in mind you and your friend have different needs, so what is perfect for them, may not be as perfect for you.
P.S.: If you are planning to hire friends or family who are real estate agents, make sure to also subject them to the same vetting and interview process as you would with any other real estate agents.
8. MEET WITH SEVERAL AGENTS BEFORE MAKING YOUR DECISION
Research has shown that a wider selection of choices leads to better (and more reasonable!) choices, and this is true even when choosing a real estate agent.
Interview at least 3 potential real estate agents and find out more about their experience, expertise, working style, professionalism and availability. See if they are able to address your concerns and expectations, and the level of market knowledge, particularly in the area you are interested in.
The Right Real Estate Agent Matters!
Again, we cannot emphasise enough how important it is to find the right real estate agent to help with your property selling and buying process. And just by following these tips, you will surely make the best and most well-informed decision for your needs. Good luck!
Not too sure where to find a real estate agent to help you buy, sell or rent a property? Click here to start your search for reputable real estate agents in your area right here on Guyub!
The statement and information in the articles are the opinion of the writer and meant only as a guide. Any property purchase, rental or lease involve many legal issues and other complication depending on the individual facts and circumstances. Readers and Users are strongly advised to seek professional advise including from qualified and competent lawyers, bankers and/or real estate agent to verify the information and the statement before embarking on any purchase, rent or lease of any property. To the fullest extent permitted by law, we exclude and disclaim liability for any losses and damages of whatever nature and howsoever cause and arising including without limitation, any direct, indirect, general, special, punitive, incidental or consequential.
