Best Tips on How to Choose the Best Real Estate Agency in Ghana

Real estate agents in Ghana are responsible for finding the best homes for their clients. They must be experts in the local neighbourhood and be able to read and interpret property listings in the market. House agents in Accra must also be knowledgeable about the local market, and be able to provide some sound advice to their clients.

If you are thinking of buying or selling a home, it is important to choose the best real estate agency in Ghana. There are numerous factors to consider including your budget and location.

Before you think of choosing the right real estate agency in Ghana, you'll first of all have to understand who a real estate agent is and the specific tasks they can do for you.

Who is a Real Estate Agent?

A real estate agent is an individual who acts for or represents another party, called the principal, in dealings with third parties in any real estate transaction. This may include buying or selling a residential or commercial property. Such representation is called a real estate agency.

In a real estate transaction, an agent plays the role of a fiduciary, where a homeowner entrusts property to a realtor to find a potential buyer on behalf of the homeowner. This essentially means the real estate agent's role in the transaction must be to act in the interests of the principal. 

What can a real estate agent do for you?

Finding a real estate agent means that you’re getting an agent who will be working for your interest only. Real estate agents help people to buy and or sell homes. When an agent acts only in the interest of a buyer, he is called the buyer's agent. However, if the agent acts in the interest of the seller, he is called the seller's agent. 

In some cases, you'll see an agent representing both the buyer and the seller in the same transaction. Such agents are called dual agents, however, you should avoid dual agency because it mostly leads to a conflict of interest.

Buyer's Agent vs Listing Agent

The Buyer's Agent

The buyer's agent makes sure that the property becomes the right purchase for you because when you find a house, the agent doesn’t have a commission in mind. The buyer's agent performs the following functions:

Finding homes for sale: An exclusive buyer's agent will help narrow down the type of home you can afford in the real estate agent list. The Property agent finds listed homes that fit into your home needs and price range and then helps you weigh the options to the properties worth considering. 

Help you make the best offers: A buyer will definitely make an offer after they've found a home you want to buy. The agent will advise on how much to offer and what other clauses to include in the contract, based on the property and market indicators. 

Negotiate the terms of the sale: They prepare all documents and paperwork properly to make offers on listings. The buyer’s agent will also advise clients on the best price to offer and present it to the seller’s agent for consideration. 

Listing Agent 

The seller's agent is responsible for listing homeowner's properties and helps the seller's price. The agent will list and market the homes, and also negotiate with buyers to close deals as quickly as possible.

Here are the two things you should be looking for from your real estate agent when it comes to the choice of a listing agent.

Listing and marketing skills: One of the most important aspects of being a real estate listing agent is the ability to accurately determine how much a property will be sold for in an arms-length transaction. If you overestimate, you risk the property of not getting any offers and ultimately keeping the seller from making his profit as quickly as possible. 

If you underestimate, you prevent profits that should be going into the seller's pocket. Good agents know how to accurately estimate a property price and should be able to tell you how much longer or shorter the property will sit if you adjust your price.

Negotiating skills: Negotiating skills are the second major area where you’ll evaluate an agent. While there are a lot of areas of selling real estate that require strong negotiation, you should focus on an agent who can give you the best price. In negotiating an initial contract with a buyer, most sellers think they are great negotiators of offers and insist on doing offer negotiations themselves.  

But, in reality, as the seller, you are probably not as well vested in negotiating your own property as you’re emotionally connected to the property. When negotiating your own deal you risk overhauling the deal because many sellers believe that their properties are worth more than what they are actually priced. 

Choosing real estate agents in Ghana: Tips for Buyers and sellers

It's crucial to find the right real estate agency, regardless of the brand. When you do that you will not fall prey to a real estate agent who may underprice the home for easy sale or overpriced to convince you to sign a listing contract. Most real estate agents are independent contractors that earn on commission based and will do due diligence to get deals closed. Consider these steps when choosing a real estate agent in Ghana.

• The Agent must know the local area well

Agents work well in neighborhoods they are familiar with and should have a fair knowledge of the local laws regulating real estate markets. If you have more time try to interview three different agents to test their knowledge of the local neighbourhood. An interview will give you the opportunity to know the type of the agent's style and experience on the market. This is necessary because if the agent spent time in the area, he/she will know how to get you a deal.

• Prioritize referral agents

Request a referral from people in your network because there’s nothing better than a personal referral from co-workers, a friend or a family member you trust. If they can recommend real estate agents they have worked with will be a good experience. Working with experienced agents whom people have recommended will reduce the burden of making online research to find local agents in the area.

• Compare local agent's skills

One of the most effective ways to find real estate agents is to search your local area for licensed agents because in Ghana most of the real estate agents in the market are not licensed and there is always a doubt about the service they can provide. It's important you compare agents' experience and approaches, as well as their ability to establish client relationships. 

• Closing deals quickly and successfully

Request references from agents and checks how fast they have successfully closed deals for the past two years. We recommend asking agents to provide information on homes they've listed and sold in the past given details of contact information of some recent clients. This will give you an edge in choosing the right agency.

• Consider Agent Availability

Buying or selling homes involve processes that take time and while it requires you to give up some ample time, it requires even more from your real estate agent. Unfortunately, some agents are not willing to give that time to you. Ensure the agent is fully committed to working on your interest only and not purely commission.

• Search licensed agents online

It's very important to do your own research to confirm and verify agents licensed by the state authorities before engaging any real estate agency in Ghana. This is what Prophunt does best for clients looking to buy or sell homes in Accra. Prophunt provides a platform for licensed real estate agents to publish their business registration details and the necessary verification is done before listings are allowed on site. This gives a two-step authentication for security although clients are advised to do their own due diligence before contracts are signed.

Red flags in choosing a real estate agent

Beware of cheap agents

Don’t always assume the most inexpensive agent is the best one for you. Because agents work at different price points and some may take a lower commission, they should be confident enough in their abilities to stand by their prices, according to realtor.com. If an agent jumps at the chance early on in the conversation, that might be a red flag.

Beware of agent valuations of market rent. 

Real estate agents know that one of the main reasons people pick them is the valuation they give. Some real estate agents provide deliberately optimistic valuations to win you over and make you believe you can get a higher price with them. They do this only to reduce the price a few weeks later following a lack of viewings.

Other estate agents insist they are giving a realistic price, and tell you not to be swayed by falsely high valuations.

Beware of agents who take a commission for showing

Some agents in Ghana charge home seekers fees for viewing homes.  This, the law does not allow and should not be encouraged.

Beware of Agents who take upfront rent before viewing

You should never commit to any rent contract without viewing the property in person. You may easily be scammed, by deceiving you with images of properties that don't exist.