Purchasing a real estate property can be a stressful experience, but almost always this experience is made easier by working with a real estate agent. However, you don’t want to work with just any agent. You want to work with an agent that has a good
amount of experience in the industry. Working with an experienced real estate agent will provide you with benefits such as connections with other agents, eyes on the market, price negotiation experience, and contractor referrals. All of these benefits
are discussed below!
1. Connections with Other Agents
An experienced real estate agent who has been working in a market for several years will naturally have connections with other real estate agents in the area. These connections can increase the speed of a sale as your real estate agent can give other
agents a heads up of what type of property you are looking for. For example, if you want a commercial property with acoustic ceiling tiles, your agent can let their connections know and they will keep an eye out for you.
2. Eyes on the Market
Another benefit of working with an experienced real estate agent is that the agent will likely have a good idea of how the market in their area behaves.
“An experienced agent will also be able to identify and predict real estate trends that may allow you to earn more return on your investment. This benefit can really come into play if you do not need to buy or sell immediately. If you have time to wait
on buying or selling, an experienced real estate agent can advise you on when to buy or sell and on when you should hold off.” ~ Corey Tyner of Buy Yo Dirt
3. Price Negotiation Experience
Like most skills, almost everyone gets better at negotiating the more they do it. Therefore, an experienced real estate agent will be well versed in the art of negotiating. This experience could not only save you a few hundred dollars at the time
of closing, but it could also lead to your real estate agent successfully predicting what sellers and buyers are more motivated than others. For example, if an agent knows an individual is really looking for a property with glass office walls
then they might be able to anticipate their motivation and negotiate on a better closing price for you.
4. Contractor Referrals
When you buy or sell a commercial property,
typically you will have to also work with a commercial contractor or other vendors including mortgage lenders, property inspectors, real estate appraisers, or pest removal specialists. If you are working with an experienced real estate agent,
then you can expect that your agent will know of several reputable professionals in each of the previously mentioned industries. Therefore, if you are looking to have several architectural grilles installed in a property, an experienced real estate
agent most likely will know who can best complete this job.
5. Connections in the Community
In addition to connections to other real estate agents and connections with contractors and other professionals, an experienced real estate agent will also probably have connections in the surrounding community. Working with an experienced real estate
agent who has connections at City Hall or in any of the local industries is a great way to learn about trends and new laws being passed that could impact the real estate market.
As you now know, working with an experienced real estate agent comes along with a series of benefits. These benefits include connections with other agents and even connections in the general community, but how exactly do you determine if an agent
has the experience to provide these benefits? The best way to gauge a real estate agent’s experience is to ask a few preliminary questions. Asking, “how long have you been working as a real estate agent” and “how many times have you renewed your
real estate license” should allow you to get a good idea of the agent's experience.