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Should You Hire The Same Agent For Buying And Selling Your Property?

Should You Hire The Same Agent For Buying And Selling Your Property?

Should You Hire The Same Agent For Buying And Selling Your Property?
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If you are trying to sell your property and find yourself a new home at the same time, you may consider having the same property advisor for both the transactions. While that may seem like a good idea, there are certain pros and cons one must consider before deciding to hire a common agent for both, buying and selling a house.   

Pros of hiring the same agent to sell and buy a home  

Hiring is quick:¬†If you plan to hire the same agent for both,¬†buying and selling a property, it would be a much easier process. You would have to interview a lesser¬†number of¬†brokers¬†to select the right one. This will save you time.‚ÄĮ¬†

Cost effective:¬†Hiring a single agent¬†can help you save money.¬†Do note that¬†even when you hire one agent, you will have to pay him for both the deals.¬†You could, however,¬†negotiate the cost¬†in such a situation and get a bargain¬†on the total brokerage to be paid.‚ÄĮ¬†

On average, a broker takes a two per cent commission for an under-Rs-50-lakh deal and a per cent for the ones above Rs 50 lakhs. In a situation where a person hires an agent to complete both the deals, a customer could negotiate on the commission to be paid. 

Single point of contact: It is easier to explain your requirements to one person rather than two. It is also easier to deal with one agent, on a day-to-day basis.   

Cons of hiring the same agent to sell and buy a home  

Specialisation:¬†It can be difficult to find an agent that has expertise in both,¬†selling as well as buying. What if you are unable to scan the right ones and are stuck with one such agent¬†who is only good at one of the transactions ‚Ästselling or buying.¬†

There are chances that you¬†will¬†end up with an agent¬†that has tremendous knowledge in buying a property but lacks the knowledge to sell one. A customer has to tread carefully when hiring an agent. In such a case, a background check can be of help.‚ÄĮ¬†

Location of the agent:¬†For customers looking to buy a property in a completely different locality or city from where they are selling one, having a common agent for both the services is not¬†recommended. Agents generally have¬†a lot of¬†knowledge only¬†about¬†the locations where they operate. However, you could check with your agent¬†to help you¬†sell a property¬†by¬†finding¬†you another agent from the same¬†locality where you plan to purchase.‚ÄĮ¬†

Last Updated: Tue Jun 09 2020

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