Simon Says – Find A Broker Who Understands The Local Market

Find A Broker Who Understands The Local Market

Question: We’ve been searching for a house in the Portland market for a while. One of us works here and the other works in Portsmouth. We have decided to find a house between the two cities, to reduce commuting time and expense. Anyway, we have been working with my cousin, who is a broker, and doing a very nice job for us. But now that we are heading down the coast I’m wondering if we should be using a a broker from that area. My cousin, while a great broker, says that he has never sold a house in that part of the state, but he is sure that he can find us something in the multiple listing service that will work. Do you think that it is OK to work with him in an area that he is totally unfamiliar with? My wife and I do not agree on this one. CH

Answer: This search should be about you and your needs, and buying the best property at the best price in a location that will work for you. It is really in your best interest to find a broker who is knowledgeable about the town/area in which you are searching. Local knowledge of value, neighborhoods, prices (on the market and sold), local conditions, and best place for resale is invaluable to you in this search. While your cousin may be well-intended, he really is limited in how well he can service your needs once he is out of his area of expertise. One way to reward/thank him for services is to ask him to refer you to a smart, experienced broker who is knowledgeable about the communities in which you will be searching. He can then receive what is known as a referral fee from that broker once the transaction is completed. Therefore, this is a win-win scenario for all concerned. RS