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A trusted friend can be a great option to help with a real estate transaction, as long as you understand the drawbacks.
There are lots of articles warning people about the problem of using a friend as a real estate agent. Concerns range from their level of experience to the impact it may have on their friendship if something goes wrong. Using a friend as a real estate agent can seem convenient, but it can also come with some challenges.
Here are three potential pitfalls to consider:
- Blurring of Personal and Professional Boundaries – Working with a friend can blur the lines between your personal relationship and the professional transaction. If disagreements or issues arise during the home buying or selling process, it could strain your friendship, making it difficult to address concerns openly and honestly.
- Expectations and Assumptions – You might assume your friend will give you special treatment, such as discounts or extra services, but these expectations can lead to misunderstandings or disappointment if they’re not met. On the flip side, your friend might expect you to be more flexible or forgiving because of your relationship, which could affect the quality of the service.
- Lack of Objectivity – A friend may have a harder time being objective when it comes to tough decisions, like advising you to lower your offer or pointing out flaws in a property you love. Their desire to maintain the friendship could influence their professional advice, which might not always be in your best interest.
While it is important to use an agent, friend or not, who is experienced and professional, using a friend might be a benefit. There are many benefits to using a friend as your agent.
- Trust – First and foremost, it’s critical to trust your agent. Using a friend assumes a pre-existing level of trust that should ensure transparency throughout the process.
- Personalized Service – A friend is likely to offer a highly personalized service level, customized to your needs and preferences.
- Understanding – A friend will understand your lifestyle, desires, and priorities. They can better advise you on the best course during the real estate process.
- Comfort Level – Along with trust, working with friends assumes a certain comfort level. You may find that sharing your fears and needs is easier with a friend.
- Flexibility – A friend will often be more flexible with their schedules and approach.
- Loyalty – Finally, friends want the best for you. They will not push a poor deal forward just to get a commission. They will advocate strongly for you and ensure your interests are protected.
Using a friend could be a big advantage in a real estate transaction. However there could also be concerns about maintaining the relationship if the process has challenges. Be upfront with your concerns and discuss in advance how to address them. This way, you will have strong representation during the transaction.
