We have heard our clients say they feel incredibly frustrated when working with some Real estate agents. The obvious fact is, there is no enforced system of regulating how real estate agents work in Ghana. It is in the process, we would like to think so. How do you know which agent to work with, whether renting or buying a house?
Unarguably, there are dubious agents whose aim is to satisfy their selfish interests, making unsatisfactory decisions for their clients. That does not mean all real estate agents are the same. IF it’s your first time buying or renting a place in Ghana and looking for an expert to trust, here are some questions to ask when looking for one;
How long have you been doing this?
You can walk up to an average real estate agent in Ghana with this question and he could brag about boldly just how long he has been in the real estate business. What you should be looking for is experience with metrics of transactions he has successfully closed. If you are convinced that’s fine, if not look for someone else.
What’s the market like? (in the area you plan to live)
A real estate agent should be able to give you an explicit market analysis of house listings around the area you want to live in. One quality you are looking for here is proactiveness. Good real estate agents are proactive, always learning what is selling and what’s not. If your agent can’t give you a detailed breakdown, it’s a red flag.
What are the most common unfavorable conditions affecting the area? (the area you plan to live in)
Some common problems faced in most areas in Ghana are road accessibility, security, water, and electricity. Any agent you come across who can not be able to explain this to you, seriously, look for someone else.
Is the price up for negotiation?
Most house owners are willing to have a change of mind when approached by a ready tenant or buyer. Some landlords might cut their prices down a bit when someone shows real interest in the property. A real estate agent should tell you this. Sometimes, when Landlords/Landlady gives a price, it’s final. One of the qualities of a real estate agent is being an irresistible negotiator.
How much do you charge?
Most real estate agents charge a commission of 8% – 10% in rentals and 3% to 5% in sales, depending on the situation. In sales, the house owner settles the agent a commission, you need not pay any ransom to the agent, unless it’s out of willingness, some agents deserve it though. Also in rental, it’s a 2-way transaction. It means both the Landlord and Tenant will have to pay an agent on an agreed percentage.
