Buying a flat with a professional saves time, stress and, above all, money
Choosing a quality property professional may seem like a straightforward step, but it is actually one of the most important factors in the entire buying process. The right property partner determines how quickly, favourably and safely you buy or sell a property. Among the thousands of brokers who are not required to undergo any compulsory training or education, it is quite common to encounter established practices that are highly disadvantageous or even dangerous for buyers.
It is better, faster and cheaper for you; this is how it is normally done… These are common phrases and false arguments you usually hear when someone is trying to pull a fast one. That is why you need to recognise when a property broker is acting in your interests and when their actions are motivated by a desire to sell quickly and have their commission in the bank. Brokers often want to speed up the entire process, even if that means deliberately concealing problematic aspects of the property or its legal status. Relying unquestioningly on the advice of a hired ‘expert’ can be risky.
‘It is also important to bear in mind that buying a flat is a complex process full of hidden dangers. It is therefore no surprise that many brokers make mistakes simply through lack of knowledge and experience. Just as you may be buying your first flat, a broker may only be selling their second or third property,’ warns David Novotný, owner and managing director of the independent real estate company Bohemian Estates.
Misleading listings
Ultimately, nothing you read in a listing may be true. Some brokers are masters at presenting advantages and often provide misleading information about the parameters of the property on offer. It is better to verify important information from the listing by phone before setting off for a viewing. ‘Be particularly alert if the same flat is offered by several real estate agencies. This often happens without the owner’s knowledge, when an agency takes over someone else’s listing and only contacts the owner once it has an interested buyer. Therefore, ask about the brokerage agreement,’ advises David Novotný.
Problematic aspects of the reservation agreement
Many brokers like to put pressure on prospective property buyers. The more interest you show in a flat, the greater the number of other interested parties the broker will claim there are, in an effort to persuade you to make an immediate and binding decision to sign a reservation agreement. However, once you sign it, you will be unable to withdraw from the purchase without paying a hefty reservation fee. ‘A property sale should not be rushed, which is often directly at odds with the broker’s interests, as they do not want to waste time and want to earn their commission quickly. So do not let yourself be backed into a corner; think rationally. The actual number of interested parties may not be as high as it seems,’ explains David Novotný from Bohemian Estates.
Anyone considering buying or selling a property should seek out an impartial professional with many years of experience. ‘We help our clients with the property purchase process, from the search through to moving in. We have up-to-date market insight and access to listings across the entire market, including off-market properties. The main difference from traditional real estate agencies is that we are always on the buyer’s side. We do not favour the listings of any real estate agency, only our client’s interests,’ adds Novotný.