It isn’t as easy as it may seem to buy or sell a home. Yes, we can do most things online now, but it is still recommended to work with a real and good realtor. Let’s explore some of the things you should and shouldn’t do when picking a realtor.
Firstly, you should find out how experienced your realtor is. The more experience they have, the better they are likely to be. If you can, try to find a realtor who has worked all the way through the economic crisis and still works now. However, you also have to make sure that they have experience pertinent to your own needs. For instance, the needs of a first time buyer are very different from the needs of a national property developer. The second thing you need to know if how much of an expert they are in terms of the geography and demographics you require. For example, those who want to purchase a ranch will need a realtor that understands soil conditions and production methods and who can also look into the homestead that comes with the ranch. If, on the other hand, you want to purchase a listed building or a historic property, you will need someone that has a very different type of experience.
Don’t work with the realtor of the owners of the property you are planning to purchase. This is because that realtor would be legally obligated to tell their other client your highest budget and other information that could damage your negotiation position. The same is true if you are looking at selling. What you need is a realtor that only works with you. Start by asking people you know whether they can refer you to a realtor. You can also contact the NAR (National Association of Realtors) in order to find a professional for you. The greatest benefit of working with a NAR agent is that you know they are both professional and ethical. Always make sure you contact a range of different realtors before making your decision. Make sure they have a great understanding of your needs, so they an start making suggestions too. It is an opportunity for you to find out how much a potential agent knows about neighborhoods, prices and more. If you want to sell a property, you must find out how well the realtor has performed in the past. You need to find out their track record in terms of selling above or below the asking price.
If you are selling, you are likely to have to sign an exclusive realtor agreement. It is a very normal thing to do but you still have most of the same rights. For instance, if you are unhappy with the service, you are within your rights 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. You are not obliged to sign this type of contract if you want to buy. However, there are now more and more realtors who do request it. Last but not least, you need to understand the way realtors earn their living. Realtors can earn their money in a variety of different ways. Most commonly, they work on commission although there are also some that charge a flat fee. Before you agree to work with a specific realtor, you have to find out which type of payment construction they opt for.