Choosing the Right Real Estate Professional

Selecting the right professional for any service needed can be a difficult task at times, possibly that could be because we may not be selecting that professional for the right reasons. Cost effectiveness of course is a big factor as to how we choose the professionals that we work with whether that is in the real estate industry or other. In that case you want to make sure there is value that is aligned with the cost you determine you can pay. Value can differ based on the cost as well, so we want to keep this in mind.

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A real estate transaction has many moving parts and multiple professionals involved. A transaction can become more difficult than it needs to be if you do not select the correct professional needed for the specific real estate goal that you have. The public often do not know that real estate professionals can specialize in certain niches and some professionals can carry additional designations or licenses for services that need to be provided.

From the real estate agents to the lenders, real estate attorneys, inspectors, etc. each play a very important role and actually must work effectively together. However, understanding that someone’s title does not designate their specified services is important. For attorneys notices I specified “real estate” attorneys there are attorneys that do not specialize or practice real estate law therefore selecting an attorney that does not can severely hurt your transaction process potentially even kill the deal. Some attorneys even in the real estate sector may focus on evictions and even commercial real estate law/business law etc. they may not be the best selection for a buyer going through the process of first-time purchase, as some will decline to take on your business and tell you they do not service what you need even though they are practitioners.

The same as above goes for lenders and the real estate licensee, some lenders may lend for co-op financing but not commercial loans, some lenders don’t service FHA loan products either. The general public just assumes they can walk into any retail bank or speak to any mortgage lender or broker, and they should be able to service them however what you need may not be what the practitioners specialized in nor the institution may offer the loan type that you need.

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While a number of real estate professionals may practice as full service agent diversifying their business some may be more well versed in one niche than the other, some focus on property management and rentals, others may specialize in commercial only, some in foreclosure, some focus on first time home buyers etc. So while we are all operating based on being licensed and approved by the state we may not all practice in the same niche of the business. This is very important for the public to know and therefore you should be interviewing the professional that you need to work with rather than just relying on the title and license alone. Asking the right questions may save you the hassle later down the line as if the professional is honest up front they should inform the customer if they do not service the area of real estate they may be seeking.

Here are two very basic questions to ask an real estate agent to identify if they may be a good fit for your needs, even if you connected with the professional based on a referral.

1. What real estate property types do you service, residential-commercial-land sales/rentals, foreclosure properties, new construction etc.

2. How well do you know the area that I am seeking a property in.

If they do not service what you are seeking and you have built a rapport, you may want to ask can they refer you to a professional that fits the needs of what you are looking for your real estate transaction.'

Of course, once you identify the answers to the first two questions there are more specific interview questions that should be asked, which I will touch on in another article. Keep in mind you should absolutely interview any professional that you intend to work with even if that person is a friend or family member outside of the transaction this will help your process and transaction go more smoothly if the above questions and interview are done before making your selection.

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