IN THIS POST
– Knowing What to Look for
– Being Aware of Actual Prices
– Super Negotiating Skills
– Knowledge about Contracts
– Ability to be Objective
Buying a home is one of the biggest transactions most individuals make in their entire lifetime, which is why a lot of homebuyers look for ways to save money by any means. One of the main reasons people refuse to use the services of a real estate agent during property dealings is because they want to save that extra 1 to 2 percent – about PKR 10,000 to PKR 20,000 per PKR 10 lakh – of the sale price. This amount is what a typical property dealer commission in Pakistan looks like. However, saving this small amount of money may not be worth it in the grand scheme of things, as there are quite a few reasons why you need a real estate agent in Pakistan to buy and sell a property.
Of course, you don’t need to hire a property agent to find listings and tour different houses or apartments. But unless you want to spend weeks or even months looking for your dream home, you should consider formally signing on with a real estate agent to put an end to your home shopping dilemma and find a perfect place for you and your family.
To help you out, we have put together a list of reasons why hiring a real estate agent is important for carrying out a successful property dealing in Pakistan.
Why You Need a Real Estate Agent in Pakistan
Here are the most noteworthy benefits of hiring a real estate agent to buy a property in Pakistan.
Real Estate Agents Know What to Look For
Say you want a house with walk-in closets or an open kitchen. Or maybe you are looking for a place with a covered swimming pool. If you have a firm idea of what you want in a property, be it a functional basement or a specific number of rooms, having a real estate agent by your side will make your home shopping experience much more convenient.
Property agents have a ton of connections and are well-aware of the specifications of the houses up for sale in their area. They can help shortlist the addresses that fit your requirements and guide you towards them. Moreover, since every buyer has their own specific budget, an agent can help you do a market analysis to determine if the price you’ve arrived at is actually reasonable.
Another reason why you need a real estate agent in Pakistan is that they are aware of the crime rate, demographic and other important details about a neighbourhood.
Apart from looking out for the must-have factors, the real estate agents also keep an eye out for issues that may skip your notice. For example, a regular homebuyer without an agent can be easily duped into buying a property constructed on an encroached area or a house with structural damage. Termite and mould infestation along with water damage can also go undetected unless you carry out a proper property inspection.
An agent will identify these problems and subsequently help you save hundreds of thousands of rupees later down the road.
Real Estate Agents Know About the Actual Prices
Are you still wondering ‘why do I need an agent to buy a house?’ Well, here’s a reason that will definitely win you over.
Contrary to popular belief, hiring a real estate agent can be extremely beneficial in terms of pricing.
Good property agents with a lot of market experience can set a price on a home almost as soon as they see it. They also know how the location and neighbourhood add to the value of the real estate in Pakistan. A regular home buyer, on the other hand, will not have any idea if the price set on the house by the owner is reasonable or not.
Of course, online listings have made comparing market rates a lot easier for those who want to work without real estate agents. However, not all the houses that look remotely alike and have the same area size also have similar interiors or layouts. For example, if the house you’re touring has some underlying issues, it can have a huge impact on the price. Similarly, the previous owners may have knocked down or erected a wall in the house for their own convenience, which may also affect its pricing.
Therefore, one of the main reasons why you need a real estate agent in Pakistan is because you don’t want to buy an overpriced property or sell one at a lower price. Property agents can easily tell whether a house is underpriced or overpriced, which gives the buyer and seller a fair idea on how to proceed further.
Real Estate Agents Are Master Negotiators
Unless you have a background in law or have worked as a mediator, there is a good chance you might not be a pro at negotiating during property transactions. Real estate agents, on the other hand, are expert negotiators.
A property agent has the responsibility to get their clients the best possible deals on the real estate they want to buy. Thus, they would negotiate using tried and tested techniques to set the ideal price on the home you are planning to sell or purchase.
If the person you have hired has a real estate agent license in Pakistan or is certified by a reputable property management institute, you can be certain that they are trained to negotiate. These agents are aware of the intricacies of price negotiation and have a clear idea of which tactics tend to work and which do not. In addition to that, they have no emotional attachment to the property in questions, which makes it easier for them to work on getting a better deal without anything clouding their judgment.
A lot of home buyers also possess superior bargaining skills, though they may end up ruffling the owner’s feather if they are not careful. However, hiring a real estate agent eliminates that problem. In fact, it not just helps you save money but also keeps you from investing in bad deals.
Real Estate Agents Know About Legal Contracts
For the real estate market entrants, understanding all the property terms mentioned in a typical contract can be a little difficult – unless, of course, they are a lawyer or someone who has worked in a similar field before. There is also a fair chance that first-time home buyers and sellers may not be aware of all the necessities that should be used and the ones that should be removed to protect your interest.
Buying or selling real estate in Pakistan requires a lot of paperwork. Since real estate agents have experience analyzing legal contracts, they can also help you out with this part of the process as well. This will help you save precious time that would have otherwise be spent acquiring all the necessary documents, such as the written offer, the counteroffer, and the little details such as specific repairs, etc. Some property transactions may require additional documents, which your agent can help you procure.
This is also one of the most prominent reasons why you need a real estate agent in Pakistan. If you hire the services of an agent, you also won’t have to worry about leaving any boxes unchecked or missing out on any vital details. However, it is imperative for the buyer and seller to properly read the contract themselves and ask their respective agents the conditions or terms they are unable to understand.
To learn more about common terms used during a property dealing in Pakistan, check out our comprehensive real estate glossary. Similarly, our guide on selling and transferring property in Pakistan might also help you out.
Real Estate Agents Can Be Objective
Lastly, hiring a real estate agent for any type of property business in Pakistan is considered a good idea since they can be more objective than the other parties involved.
Along with being good negotiators, property agents are also skilled mediators. While buyers and sellers can develop an emotional attachment to a building, real estate agents can stay objective and try to get their respective clients the best pricing that is possible. They can look at the house without being biased and let you know all of its shortcomings and strengths so you can easily reach a decision.
A major reason why you need a real estate agent in Pakistan is that they stay level headed and can take the heat for their client if necessary. For example, you may ask the seller to fix any leaking pipes to prevent water damage, but the seller could argue against it and ask you to take care of it later. In situations like this, one can easily lose their composure.
However, unlike the buyer and the seller, property agents can act objectively about the situation and advise both parties on what to do next.
This brings an end to our guide on why you need a real estate agent in Pakistan. If you have any questions about hiring a property agent, feel free to forward them to us at blog@zameen.com.
In the meantime, here are some tips on becoming a successful real estate agent in Pakistan, warning signs you have hired a bad property agent, and how to find the best agents for your property. In case you are looking to buy a property but haven’t decided on the location, our in-depth Zameen Area Guides can help you learn about the lifestyle, location and price trends in top areas across the country.
To learn about how to become a real estate agent or register estate agency in Pakistan, stay connected to Zameen Blog, your best source for all property-related matters. You can also subscribe to the Zameen Newsletter and Facebook page to receive the latest updates of home décor, construction and real estate trends.
