As spring approaches, many Canadians will be getting ready to buy or sell their homes. Some may enlist the help of a friend or relative who happens to work in real estate but experts caution that hiring a friend as your real estate agent could backfire. We wouldn’t advise to NEVER hire a friend, but you shouldn’t hire them BECAUSE you’re a friend. Don’t do it as a favor do it because they are good at what they do.
In some cases, people find that it’s easier to hire a friend than invest time interviewing several agents. In fact, about one third of people hiring an agent will select the first agent they meet. With this in mind, here is a look at the potential pitfalls of hiring a friend.
Your friend may think they know what’s best for you
You want a move in ready home but your friend knows of some great deals you can get with handy man specials. They may even offer to help you but…. What if you know nothing of home renovations? Bottom line is a friend doesn’t have the same boundaries that a hired Realtor would and this has the potential to cause some friction.
A friend may put in less time
A friend helping you house hunt may not want to spend every weekend driving around the city instead of working with other clients. That would put the responsibility of finding homes you want to look at on you.
Your friend may not give you a reality check
You may not like hearing some of the things that a Realtor has to say to you like the list price you want to set on your home is WAY to high, or the offer you want to put in on a home is just too low. It’s an agent’s responsibility to give you the honest truth as an objective outsider. This can be difficult to do with friends as you don’t want to hurt their feelings or put tension in the relationship.
If things go bad they can get ugly… really ugly
While this last one is maybe not as likely there are many reasons that you may feel like your Realtor didn’t do their job or could have done it better. Maybe you put an offer on a house and felt they didn’t negotiate aggressively enough. When you have an agent that you’ve hired you can always decide to not work with them again but a friend… they are going to know the next time you move and those uncomfortable questions could come up.
While hiring a friend or family member may not ALWAYS work out that doesn’t mean it NEVER works. If your friend is experienced and treats you like a client, they take the job seriously and know the market you are shopping in it could end up being the right fit.