The Ultimate Guide to Hiring a Real Estate Agent in Nigeria

Thinking of selling your home or renting it out? If that’s the case, you might need to find a real estate agent who can help you with the process. There are so many things about real estate agents that might come as a surprise, no matter how much you know about them beforehand. They are not just intermediaries between sellers and buyers. Instead, they provide an important service when it comes to buying or selling property in Nigeria. That’s why we’ve put together this ultimate guide on hiring a real estate agent in Nigeria if you intend to sell or rent out your home soon. Keep reading to get insider tips on choosing an agent, interviewing prospective agents, and general dos and don’ts when working with one.

Who is a Real Estate Agent?

A real estate agent is a professional who acts as an intermediary between sellers and buyers. They help a homeowner with renting, selling, or buying property by bringing together buyers, sellers, and other real estate players (e.g. mortgage brokers). In other words, real estate agents don’t normally buy or sell the property themselves. They make a living by charging commission for each transaction they help facilitate. There are various types of real estate agents, depending on their role in the process. - The listing agent is the seller’s representative. They are responsible for finding prospective buyers and showing their client’s home. - The buying agent helps property seekers find the right home and make an offer on it. - The locating agent finds properties that are not yet listed with the MLS (or any other real estate website). - The close agent helps buyers and sellers complete the transaction and settle their differences if any arise. - The rental agent helps people find tenants for their property.

How to Find a Good Real Estate Agent

Real estate agents are professionals with a license to sell and buy property for others. To hire a good one, you will need to consider various factors. First, you need to pick an agent who specializes in the type of property you want to sell or buy. Second, you should know how long the person has been in the business. The longer the experience a real estate agent has, the better they are likely to be at their job. You should also make sure the agent is reputable. This means they should have an ethical approach to their work and have no history of fraudulent behavior. You can check the agent’s reputation on social media and with other industry professionals, including your friends and family. To find out if the agent is trustworthy, you can do a background check. You can also ask the agent to provide a list of references or testimonials. Be sure to contact all the people on the list and ask them about the agent.

Things to Know Before Hiring an Agent

Real estate agents help you sell or buy property, but the way they do it might be different from what you expect. Here’s everything you should know before you hire an agent. - An agent doesn’t buy or sell the property for you. Instead, they act as an intermediary between you and the buyer or seller. - To sell your property, you need to list it with an agent, who will then promote it for you. This agent will be your listing agent. - To buy a property, you need to find one and make an offer. Your real estate agent will help you with this and act as your buying agent. - You can choose to work with both the listing and buying agent. Or, you can hire a separate buying agent to help you find the right property and make an offer. - You can also hire a separate closing agent to help you manage the settlement and any disputes that might arise between you and the seller.

The Commission: What Does a Realtor Get?

A real estate agent is compensated with a commission. It is usually a percentage of the total sales price, although it might also be a fixed amount. The commission for residential real estate agents is typically 5% in Nigeria. The commission for commercial real estate is around 6%. Real estate agents will charge you a fee for their services, but it’s up to you whether you want to pay them a percentage of the sales price or a fixed amount. A percentage commission is probably better for you, as it encourages the agent to sell your home as quickly as possible and for as much money as they can.

What to Expect From a Good Real Estate Agent

A good real estate agent should be able to help you list and market your home, find a buyer, and negotiate a good deal. Ideally, they should also have access to a network of mortgage brokers and other real estate experts who can help you with financing and other transaction-related issues. When you list your home with the agent, they will help you write an appealing description that will draw in potential buyers. They will also help you stage your home (if you choose to do so) so that it looks appealing and appealing. They will also help you screen potential buyers to find out if they are a good fit for your home.

Common Scams to Watch Out For

There are several scams real estate agents might try to pull on you. First, they might tell you that you need to hire a broker. They might say that it’s better for you to work with a broker than with an agent directly. But the truth is that in some areas, only real estate agents can list properties for sale. Therefore, you cannot work with a broker if you want to list your home with an agent. Another common scam is for the agent to charge you a non-refundable fee. This is illegal and unethical, and you should report the agent to the relevant authorities if they try to pull one over you. Finally, some agents might ask you to pay them a portion of the sales price upfront. This is also illegal in most parts of Nigeria.

Wrapping Up

Real estate agents provide an important service when it comes to buying or selling property in Nigeria. That’s why you should hire one if you’re about to sell your home or if you’re looking for a new place to buy. To find a good agent, you should first decide which type of realtor you need. Then, you need to find an agent who specializes in the type of property you want to sell or buy. You should also make sure the agent is reputable, and has the experience and skills to help you sell or buy your property. When you work with a real estate agent, you can expect them to help you list and market your home, find a buyer, and negotiate a good deal. That’s why hiring a real estate agent is a great idea if you’re looking to sell your home or buy a new place.