Once word gets out that you're looking to buy or sell a home, it's almost guaranteed that you'll get bombarded by friends and family asking you to hire them for the job. While it might sound like a good idea to hire someone you know and trust, hiring friends or family can actually turn your home buying or selling experience into a stressful and dramatic experience. Check out the short list below for advice on why hiring friends or family is not the best option for buying or selling your home. Listen to the show for Dave and Robert's advice on the topic!
4 Reasons to Think Twice Before Hiring a Friend or Family Member as Your Real Estate Agent
- Your friend or relative has a biased perspective. Sure you want someone who is looking out for your best interest, but you also want someone who isn't afraid to tell you the truth when it's hard to hear. Telling hard truths about your home buying budget or your home's list price will be difficult for your friend because it could create tension in your personal relationship. It's much easier for someone who has a solely professional relationship with you to tell it like it is. They will care more about selling your house for top dollar than whether or not they will hurt your feelings!
- Your friend or relative might not be an expert agent. Your home is one of your biggest financial investments. You need an experienced professional to help you with home buying or selling so that you can make the most of your investment. If your friend or family member is an inexperienced agent, let them practice on someone else! You want someone who knows the ends and outs of negotiating offers, contracts, and inspections. You also want someone who knows about upcoming listings and other homes similar to yours on that have recently sold.
- The home buying or selling process can be tense. Negotiating repairs and closing terms can get emotional for everyone involved. A lot of times it takes an unbiased viewpoint to find a solution. And what if things get so rough that you need to fire your friend or family member? That's going to lead to some awkward family get-togethers in the future!
- You will be revealing A LOT about your personal financial portfolio. If you don't want your friends or family to know the intimate details of your bank accounts or debt to income ratios, think twice before hiring them as your agent!