The profession of real estate agent has become very complex. Agents have long since ceased to simply provide information about properties.
They assess properties and buildings, create market analyses, review property documents, analyze existing leases, provide valuable advice on purchase contract law and help find suitable financing.
In Germany, there are still very few legal requirements for the profession of real estate agent, and the title "agent" is not legally protected. This often makes it difficult for laypeople to distinguish reputable, well-qualified service providers from unscrupulous operators.
1. Market knowledge
Professional real estate agents know their market. They provide information about prices, rents, and market trends.
They are available from the outset to provide expert advice on property valuation. They are familiar with the supply and demand of the respective real estate segment and provide buyers and sellers with transparent information regarding all aspects of the property transaction.
2. References
Competent real estate agents have comprehensive training and practical experience.
Every professional real estate agent will therefore be able to provide references from their previous work – that is, to successfully brokered properties and satisfied clients. To find out how the agent's previous clients rate their services, a prospective client can check the references page on the agent's website.
3. Consultation without time pressure
A reputable real estate agent is willing to take time for their clients' needs and not just fob them off with a few addresses.
He will never pressure the client into a contract, but will always allow them ample time to thoroughly review the offer. A red flag for clients is when an agent claims that the right buyer or seller is already in their database and that a successful sale is just a formality. A reputable agent will have no objection to the client seeking external assistance, such as from a surveyor or lawyer. Furthermore, he will never broker a property sale without a viewing appointment.
4. Individual consultation
A professional real estate agent will discuss the client's personal wishes and needs in detail before making an initial proposal.
He will take all customer objections seriously and proactively warn them of any risks. Under no circumstances will he demand advance payments.
5. Realistic advice
Reputable real estate agents know the fair market price for a property and can justify it.
They warn clients against listing their house or property at too high a price. If clients advertise their property at an unrealistically high price, it quickly becomes unsellable. To be able to sell the property at all later, the price often has to be reduced significantly below what could realistically have been asked initially.
6. Liability
The real estate agent should have professional liability insurance. Even qualified agents are not immune to mistakes.
In a worst-case scenario, something as simple as an overlooked transposition of numbers can have significant financial consequences. Professional real estate agents therefore protect themselves and their clients against potential losses due to a mishap, error, or oversight.
7. Problem-aware counseling
A reputable real estate agent is an advisor who doesn't pretend to anyone that a purchase or sale request can be fulfilled quickly and easily.
He will examine very closely where problems might exist or arise and will help to resolve them. For example, in the case of condominiums, declarations of division or special usage rights can sometimes conceal complicated issues.
8. Planned approach
Anyone wanting to sell or buy a property should have the real estate agent describe in detail how they intend to proceed and what activities they plan to undertake (marketing plan).
A good real estate agent is able to provide an accurate picture of the market situation. They will clearly define their task, the relevant timeframes for handling all formalities, and the anticipated costs.
9. Customer care
A professional real estate agent continues to treat their client as a client even after the successful conclusion of the purchase or rental agreement and doesn't disappear immediately after receiving the commission. Rather, they will continue to help with any problems that may arise.
10. Membership in the professional association
An important indicator of quality for real estate agents is membership in a professional association such as the German Real Estate Association (BVFI).
The BVFI (German Association of Real Estate Professionals) requires its members and partners to regularly attend training courses and seminars to stay up-to-date on all aspects of real estate. Every member must pass a comprehensive entrance exam that assesses their essential real estate knowledge. Clients should not hesitate to ask their real estate agent about their training and professional development. Reputable agents will readily provide this information.
