How to choose the right consultant for your property

When a person is planning to buy or sell a home, it is natural to look for an honest real estate broker to protect his interests.
You don't have to become friends first, but it better be someone you like because you'll spend a lot of time together, experts advise.

You can start by gathering impressions from friends, relatives and neighbours, especially those who have bought or sold a home in the last year.

Look for a broker who is familiar with the neighborhood. It's harder to find one who understands your tastes and needs in detail. We all know someone who has walked around for hours with a chatty broker looking at properties that are far from suitable for the family's needs, however.

It is also important that the broker is able to assist in the difficult process of transferring the property. He should be able to recommend, for example, a lawyer to be involved in the transaction. Knowledge of the latest trends in mortgage products and property taxes is also helpful.

After collecting a few names, you can conduct interviews with each of them, finding answers to the questions:

"How long have you been in the residential sales industry?"

Also ask the broker if this is his main job. Real estate brokerage, like many other professions, is mostly learned by practice. Keep in mind, however, that experience is no guarantee that a broker is successful.

"How many homes have you sold in the last year?"

Ask the realtor for addresses and sale prices of properties bought and sold recently.

"How many days on average do you manage to sell a property?"

Enquire how this compares to the average period for the relevant market. Keep in mind that property markets vary by location. For example, homes in desirable locations in major cities may only stay on the market for a week or two, while a property in other areas may take months to sell.

Especially in Bulgaria in the boom years the time for selling a property was on average 40-45 days, and then this period increased to almost a year and even more in 2009. In 2010, the time limit in Bulgaria has already started to shorten, and there are individual cases where even one week was enough.

"How close to the original offer price were the final prices you achieved for the homes you sold?"

If there are very large differences between them, ask what the reasons are. If you're a seller, listen to the realtor's advice on what the competitive price is so you don't price your home too high. If you are a buyer, the broker will provide current ranges within which prices vary in a given area. It's not just the price that's a factor. Realtors need to know how quickly you are able to finalize the deal. Given the tightened lending conditions, they will also want to know if you are already approved for a mortgage.

"What type of marketing approach will you use to sell the property?"

Look for a broker with an aggressive, innovative approach. You don't need someone who will just put a sign in front of the property and wait.

"Are you representing just me in the deal or both sides?"

The brokers association recommends engaging a broker who will represent only your interests.

"Can you help me find mortgage financing, companies for repairs and other things that need to be done?"

Property professionals should generally be able to recommend more than one mortgage specialist.

"How will we keep in touch about the progress of the sale?"

You need to decide how you prefer to communicate - with emails, phone or face-to-face meetings - and how often. You can also discuss and set goals and expectations, such as how many viewings you want to do each week or what additional services you will want from the broker.