If you’re thinking about doing something big, such as buying a new home, it’s common to turn to friends and family for help. For many people, their first call is to a family member who is a real estate agent. Even though this is common, it’s not necessarily the best idea. There are quite a few reasons why hiring a family member can easily backfire. Before you make the call to your cousin, or Aunt Betty for real estate advice, consider going with a neutral party. Here are a few reasons why it’s not recommended to hire a family member to handle your real estate deals.
Real Estate Is Personal
If it’s your first time purchasing a home, you may not be fully aware of all the financial disclosures and personal information you’ll have to release. Do you really want your family member knowing all about your savings, your debts, your annual salary, and why you’re buying or selling the property to begin with? Hidden underneath all the real estate details is a lot of personal information that may be awkward to share with someone you’re close to. What’s not awkward is sharing this information with a professional real estate agent that will cast no judgment but will have the answers to all your questions. It’s a lot easier to disclose these details with someone that’s simply there to find you a home, and not someone who might accidentally share your credit score with a mutual friend.
They Might Think They Know Better
Picture it. You call your Aunt Betty to find you the best house in Toronto, but instead, she sends you a list of properties in Oshawa because that’s where she thinks you should buy. When we turn to family members that are close to us to handle our real estate deals, they might feel so close to you that they end up pushing for a property you don’t want. This not only wastes your time, but it could mean missing out on your dream home. A professional real estate agent with no ties is more likely to listen to what you want and work towards your goals, not theirs.
It Could Affect Your Relationship
The worst part about hiring a family member to be your real estate agent is the fact that it could sour your relationship. Real estate is a tricky game, and things can go awry at any moment. If your cousin accidentally misses a signature on a form or loses a deal unexpectedly, it can cause a lot of tension at family functions. That’s why it’s important to always go with an expert in real estate whose sole purpose is to meet your needs.
If you’re looking for luxury homes in Toronto or you are a first-time buyer for a small home in Toronto, call David Merenda with Merenda Real Estate Group. We can set you up with an agent that will do everything within their power to help you buy or sell a home. Give us a call today at 416-240-7653 to learn more about available properties in Toronto and surrounding areas!