What is important to know before signing an exclusivity deal? For sellers and landlords, real estate brokerage is the most convenient option and makes the process of finding a buyer or renter much easier. The problem is that you don't always end up with a successful agent, and sometimes you end up with an agent who doesn't do the job properly, delaying the sale or rental unnecessarily. For this reason, before closing an exclusivity deal with an agent, it is essential to check the following things.
Ensure the agent is licensed
In Israel, real estate agents must hold a broker's license, but there are still many who work in the profession without authorization. To be sure you are dealing with a licensed agent, ask to see their license and make sure it is valid. Additionally, you can check if the agent appears in the Ministry of Justice's registry of licensed brokers.
Ask them about the deals they've closed
The agent you hire should be a sales expert who knows how to negotiate effectively. To ensure they are, ask them to tell you about transactions they’ve closed and how they accomplished this, allowing you to verify their suitability for your needs. Moreover, it is more likely that an agent who knows how to sell themselves well will also be able to sell your property effectively.
Search for them on Google
You don’t want to close an exclusivity deal with an agent who has skeletons in their closet, and stories like that are not uncommon. Luckily, today it is easier than ever to check these things; all you need to do is search for the agent’s name on Google and see what comes up. For the more advanced, talk to their past clients and ask if they would recommend them.
Ask questions
To determine whether the agent is indeed professional, you need to ask professional questions. Inquire about the areas in which they work, the price range in the area for various-sized apartments, whether they have other properties nearby, if they work alone or as part of a firm, how many properties they hold exclusively, and in general, what differentiates them from competitors.
Remember that closing with an agent is not a Catholic marriage
Sometimes you do everything necessary to find a good agent and still the one you chose does not meet expectations. It’s perfectly fine to switch agents, and it’s not a deal that lasts a lifetime. Therefore, before signing an exclusivity agreement, it's important to define a time frame, with a typical duration being about six months.
