Real Estate Agents play a crucial role in the real estate market in Namibia mainly in facilitating the buying, selling and leasing of properties.
They are multifaceted & wear multiple hats during a real estate transaction. Real estate agents can service you in areas such as residential, commercial, industrial & agriculture. However, a lot of people really don’t understand exactly why they need to use an estate agent & how it can benefit them.
Real estate agents are professional individuals that are selling you a service & help you navigate the complexities in real estate transactions. Real estate agents educate clients on various aspects of real estate transactions, from understanding market conditions, mortgage options to explaining the legal jargon.
A high-quality real estate agent is the difference between a smooth transaction & and a real estate nightmare that will haunt you forever.
What does a real estate agent bring to the table:
– Advocating for your benefit
-Market knowledge
-Years of experience
-Negotiations skills
-Credibility & resourcefulness
-Processes and legal knowledge
Top 5 questions to ask before hiring an agent:
-Registration with the Estate agents board of Namibia (NEAB) for the current year
-Do you have process & what systems do you use in your business to set yourselves apart.
-What is your marketing plan for my property?
-What type of support do you provide throughout the transaction
-How do vet your clients before onboarding them?
Bonus tip: don’t forget to discuss agent’s commission amount
In Namibia, we for the most part practise what is known as dual agency policy meaning one agent can represent both the buyer and seller on a transaction. However, with the increasing number of new agents in the market it is becoming increasingly common for a buyer & seller to each be represented by an individual agent.
Typically, the seller or the landlord is responsible for paying agent commission which is the certain percentage of the selling price. However, there are some special instances where parties can come to an agreed upon compensation style. Clients need to bear in mind real estate agents only get paid once a property is registered and a deal is closed.
Real estate agents tackle all parts of the process in an unbiased way & provide full support during the sales process. Their expertise, network and guidance are indispensable making them an invaluable partner in the complex journey of buying, selling, or leasing property. Agents utilize their expertise to advise clients on appropriate pricing, whether setting a listing price for sellers or making an offer for buyers, ensuring alignment with market conditions. Arranging open houses, property tours for different buyers at a time suitable for each of them.
Network and access of real estate agents offer their clients access to an extensive network of potential buyers, sellers and industry professionals such as commercial banks for home loan approvals, valuators and conveyancers also known as transfer attorneys. Basically, a great agent manages timelines, coordinates with other professionals, and handle paperwork to streamline the process and mitigate risks.
They ensure clients are well-informed at every stage, enabling them to make decisions confidently. Emotional Support as objectivity when buying or selling a home can be emotionally charged. Thus, offering a balanced perspective to help clients navigate emotional decisions.
Tips to help you find a great real estate agent:
- Registered agents on the Namibia Real Agents Board website (NEAB).
- Talk to friends and family to see what their experience was like with a specific agent.
- Ask for recommendations from others who have recently worked with an agent via social platforms or simply google for agents In your area and read reviews.
- When you find a potential match, meet with them in person to get a better feel for who they are and their experience.
NB ‼️Real estate agents are like wine, choose a cheap one but don’t complain about the headache the next day. Paying for a professional service is a lot better than paying for an amateur service so if you find the right agent, remember it’s absolutely worth the money.
By leveraging their negotiation skills, tenacity and knowledge, clients can navigate the real estate market with confidence, securing their ideal outcomes in this significant life event.
*Petrina Keramen is a Property Specialist with Empress Realtors and can be reached on Facebook: Petrina Ablonia Keramen and Instagram: empress_realtors
