How to select your Miami buyer’s agent
First of all, the mere fact that you even picked a buyer’s agent already makes you a star! There are many buyers who decide to do it all on their own and they often get misled into bad investments. In Miami, using a buyer’s agent is FREE for the buyer! Yes, such a thing exists! The selling party will pay the commission to both agents and its statistically proven that you wont get a discount by not using one, so take advantage!!
When it comes to picking the right realtor for you, use the person best equipped to help. You are putting a lot of money in their hands so you better pick wisely.
Would you take stock advice from someone who just got an e-trader account and started trading stocks for the first time?
Do they have access to stocks? YES! But, are they equipped to make you money? NO!
Why? Because they don’t have enough experience and market information to read the market properly.
The same goes for the Miami Real Estate Market.
The 10 biggest mistakes when choosing a Miami realtor
Real Life example
After we sold a property of a client of ours, the buying agent asked “What are they going to build in front and how many stories will it be? I hope it doesn’t block my client’s views! It was only Brickell’s most talked about Brickell City Centre complex, which was announced years ago – Choose your buyer’s agent wisely!
Does your realtor know the Urban Development plan and future projects that might block your city or water views? Do your research, and pick the realtor with a track record and market knowledge!
Miami has about 140,000 realtors and everyone knows someone who is a realtor. Most of these agents however, have had their license for just a short period of time, lacking a great deal of experience. Many others realtors have a normal day job and a real estate license on the side, waiting for an opportunity to come up and to make some fast cash without too much effort
The truth of the matter is that many buyers still use these inexperienced friends or family members as agents and regret it afterwards. Likewise many foreign investors come into Miami and contact just the first fellow countryman/woman they can find whether they have experience or not. Don’t do others a favor, do yourself a favor!
Which questions to ask when selecting a potential Miami realtor
How long has the agent been in business for and how many deals has the agent closed? (you don’t want to be their guinea pig with $1M at stake!)
Has the agent done multiple deals already and does he know the tricks of the trade?
Has the agent dealt with likewise properties before and therefore knows what questions to ask or what pitfalls to look for?
Can the agent recommend the best in business?
(The best lawyers, the best property inspectors etc)
Is the agent an experienced negotiator who can get that deal for you against the best possible price?
Ask the agent for references of prior clients.
Does the agent know the demographics and the (socio) economics in the condo or
neighborhood of your choice?
Does the agent know about urban planning and future developments?
Does the agent know the numbers in a certain condo or neighborhood?
Can he recognize trends or ‘predict’ future market movements based on historic data and get you a complete market overview and explanation of this market overview?
Does he know the average sales prices per Sq.Ft in a street or in a condo to protect you from overpaying for a property?
Can your realtor easily compare prices of different neighborhoods or condos?
Can your agent distinguish the different condos based on some key market data and can he explain why a certain house or a certain condo offers great value for the money?
Buyer and Seller behavior psychology
Does he know about Buyer and seller behavior psychology?
The ethical aspect
In the case of pre-construction condos especially, different developers offer agents
different commission percentages. Make sure your agent doesn’t steer you into a certain condo just to get a better commission. Make sure your agent has your best interest in mind and not his highest commission check. It has become common for agents to push pre construction over resales because the commission they make is double!
Relationship with other Agents
For Pocket listings: Sometimes agents have pocket listings, which are not on the MLS, or upcoming listings that are not marketed yet. A well-connected agent will know of this via his network and he will be able to get you a property of which others didn’t even know it was selling.
For pre-construction condos: The introduction or early phase of a new condo project is normally when the best deals can be made. A well-connected agent will receive
information and prices of new projects before other agents do! Moreover, developers
will prefer to work with well established agents making it easy to get appointments and