Should You Hire A Friend Or Relative As Your Broker?

Should You Hire A Friend Or Relative As Your Broker?

Should You Hire A Friend Or Relative As Your Broker?

Your friend or a relative runs a business of property brokerage. Voila, you have a property agent at your disposal. While some might see it as a golden opportunity of getting the best of services, for some it would be a complete no-no as it might be difficult to maintain the personal as well as the professional relationship with them.

MakaaniQ tells you more about should you or should you not hire your friend or a relative as a broker:

You are at an advantage

  • Hiring a friend or a relative as a broker could be a positive only if you are a pro at maintaining the much-needed gap between your personal and professional relation with the person.
  • Once that is dealt with, he/she can be to your rescue with the best of deals once they know what are your preferences. If they are good at their job, they will be ready to go an extra mile for you.
  • If they have a huge portfolio and have been in business for long (you would know that already) do not think twice.

Also read: 6 Qualities You Should Look For In A Real Estate Agent

You might be at a disadvantage

Hiring a friend or a family member who has a brokerage company as your broker could not be a great idea because:

  • You will have to tread a thin line of maintaining your personal as well as professional equation with him or her. Buying a home is a once-in-a-lifetime decision and in such a scenario you have to be very strict as to what you want. What if your broker is unable to offer you the same and you end up having a sour relationship?
  • What if the broker is not showing the kind of properties that interest you but given your personal relation with them you still oblige them and go for property visits? This way you will be wasting your and their time and effort. Remember, home buying is not a decision you can take to oblige someone else.
  • Not getting the right property? It might leave you frustrated but you don't have the heart to tell your broker that you have to let him or her go and hire another one. You are in a middle of nowhere.

Still up for it? Here's what you need to do

  • Before getting involved have a conversation with them about the kind of properties they have dealt with, share your criteria and be clear about it whether or not they can handle your home-buying process. Do not be pressing.
  • Ask your friend or relative to provide you with one of their best agents to help you find a home. This way they could overlook your deal and be a helping hand. Moreover, you could always go back to them with your grievances, wants, likes and dislikes and they could guide their agent accordingly. This will keep them involved but not there still.

Also Read: 5 Tips For Homebuyers In A Sellers' Market

Last Updated: Mon Jun 12 2017

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