Before you start looking for a realtor, you need to understand what representation actually is. If you want to sell your home, then you may be on the lookout for a specialized seller’s agent. If, on the other hand, you want to buy a property, then you need a buyer’s agent. Whether you choose a buyer’s or seller’s agent, they have a legal duty to represent you as soon as you sign a contract.
Make sure you find out whether anyone can personally recommend a realtor. However, don’t let your decision weigh solely on their opinion. Take the time do a lot of research. Your realtor should also be experienced in your needs. If you are hoping to buy a penthouse, for instance, you shouldn’t go to a realtor that focuses in suburbia. Next, make sure you speak first to potential realtors before you hire them. Make sure that you ask things such as how they will represent you and work for you, how much they cost, what their experience is and more. You also need to talk about your expectations. It is important that they understand your needs. Finally, you need to actually like your realtor. The reality is that you will struggle to trust someone who you don’t like. The last thing is that you need to find someone that is very experienced. There is something to be said for working with new people and giving them a chance, but buying or selling homes are incredibly important financial decisions and you need someone that actually knows what they are doing.
A number of things should be avoided as well. Don’t work with someone with whom you are friends or to whom you are related. This would represent a huge conflict of interest and it could also mean that you struggle to be honest with each other. Furthermore, if you find that the result is not entirely to your satisfaction, you could place your relationship in jeopardy. You should also not work with a realtor that is already representing the other side as well. Don’t be afraid to go to a new realtor if you’re not happy with the service. If you find you do want to leave your current realtor, do so respectfully. Don’t tell realtors that you will definitely work with them unless you are sure yourself. Simply be honest with your realtor and tell them what stage of the process you are at yourself. Honesty is the best policy and you expect honesty from them, so you need to return that courtesy.
In most cases, if you want to sell your property, your agent will require you to sign an exclusivity agreement. It is a very normal thing to do but you still have most of the same rights. If, for instance, you feel that the representation you are receiving is not proper, you able to terminate the contract. The contract stops you from enlisting the services of a different agent at the same time, but is otherwise non-restrictive. If you want to buy a property, on the other hand, you don’t have to sign such a contract. However, there are now more and more realtors who do request it. Finally, you must work out just how your realtor makes their money. Realtors can earn their money in a variety of different ways. Although there are a few realtors who charge a flat fee, the majority of them will work on commission. Before you agree to work with a realtor, therefore, you must understand which one of the two constructions they work with.
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