For most people, buying and/or selling a home is the single biggest financial transaction they will ever undertake in their lifetime. Especially when it comes to Lake Minnetonka. Many people, maybe even yourself, trust their financial advisor to advise them on the best course of action for managing their portfolio. Real estate is no different, and in many cases, it can be larger than an investment portfolio.
Trying to navigate the buying and selling process is not easy, and overlooking one critical component can be the difference between realizing your dreams or missing the opportunity. The difference between getting top dollar or less than market value for your home. The difference between overpaying or getting your next, new home at fair market value. Simply put, don’t underestimate the value of someone who is an expert in the field.
The intrinsic value of a real estate advisor, and making the decision to use one, and the right one, will be the most important decision you make in the entire process. Here’s how to make the right decision and what to avoid.
Today we’re going to look at things to consider when choosing an agent and red flags to be aware of when selecting an agent.
What to Look for When Considering an Agent to Help You Buy or Sell.
#1 Ask friends and family for a recommendation
It doesn’t need to be specific to the Lake Minnetonka area. Don’t be fooled…no buyer has ever bought a house because of the listing agent. People buy a house because it’s the right fit. You want a recommendation from friends and family for an agent who a) listened to the recommending parties needs and wants and b) found properties that matched those desires and was c) available when needed to show properties in an effort to d) find the client a home that was as close to perfect as possible. Any agent’s ability to listen and translate that to appropriate properties to show, in a timely manner, all to get the deal done right for the client is key.
#2 Find a Realtor that has a strong ability to network your housing needs or home listing far and wide
If you want to be on or around Lake Minnetonka, make sure the agent you select has an extensive network of agents who do business on and around Lake Minnetonka. If you’re buying a home, a good Realtor may have Pocket Listings and/or will be networked enough to know where to find them on Lake Minnetonka.
#3 Your Realtor should know the key players for all things Lake Minnetonka regardless of if you’re buying or selling
Who puts in and takes out docks, lifts, and boats? Who takes care of lawns and snow in the area? Where are the best bays for water activities? What are great restaurants to boat to with friends or family? Living on Lake Minnetonka isn’t just about a house. It’s about a lifestyle. Your agent should be well-versed in all things Lake Minnetonka related.
#4 Experience
Find a Realtor that’s experienced and has a proven track record in all price points and home types. New construction, existing homes, condo’s, etc. Again, it does not need to be specific to Lake Minnetonka. A well-versed agent who’s negotiated all price points and home types is going to have the experience you need to win when it comes to buying on Lake Minnetonka.
#5 Market Insights
Find a Realtor that’s very knowledgeable about Lake Minnetonka and understands the current market conditions. What is going on price wise and why? Are there new rules and regulations the LMCD is considering? What things being considered in the lake communities may impact resale later? Knowledge of the lake and happenings is critical.