Investing in real estate is an extremely daunting task. You are putting up large sums of money at stake, which is why investors are always advised to take up the services of a real estate agent. Real estate agents are well-versed with the rules and regulations of the real-estate game.
But what happens when your friend or family member who is a realtor offers their services to you? This is a very difficult decision to make. One false move and the entire relationship could dissolve.
What you need to do is weigh out the pros and cons of hiring a family member as your realtor. And this is where we come in to help.
There is a factor of comfort associated with hiring someone you know. You can contact them at any time, a privilege not many clients are granted by their realtors. When you hire someone like your sibling or relative, you can trust that they will have your best interest as a priority. You can be very sure that they will not mind going an extra mile for your sake.
With your friend or family member as your realtor, you do not have to go through the process of having to build trust.
You’re aware of their ability and skills. You have probably seen them work or have heard of their accomplishments. Perhaps they’ve invited you to an award ceremony for their work.
Hiring a family member or your friend who is working in such a dog-eat-dog industry could help both your relationship and their bank account.
Sometimes the realtor in your circle may not be as good as they might lead on or they might just not be good in general. Just because they are close to you does not mean you have to hire them. This is, after all, probably your biggest investment to date. You need someone who is knowledgeable so they help you get through this ominous process quickly.
They may be biased towards you. This can be a good and a bad thing, the latter because they may sometimes not be truthful with you out of the fear of hurting you. You need someone who can be upfront with you about your strengths and weaknesses in the real estate market.
Remember, when your friend or family member is involved in your business, they will have to know your business inside out. They will know how much you earn, how much you have in the bank, etc. If these personal details are something you don’t wish to share with your family and friends, having to tell them might be a little uncomfortable for you.
Consider these pros and cons before making your decision. We hope you make the right decision based on the person who is offering to be your realtor.