Whether you are looking at buying or selling a property, it is always advisable to work with a very good realtor. Although most of us know at least one person who works as a realtor, don’t be tempted to automatically go to them as they may not be the best to represent your needs. Let’s take a look at two important things to ask in order to find out which realtor is best for you.
Firstly, you should find out how experienced your realtor is. Usually, those with the most experience are also the best ones. The best ones are the ones who started working before the economic crisis and are still going strong. Next, make sure that the experience they have is relevant to your own needs. For instance, the needs of a first time buyer are very different from the needs of a national property developer. You also need to know that your realtor understands your demographic and geographical requirements. For instance, if you were to purchase a farm, you need to work with a realtor that is very different from one that only works with apartments in major cities, as your requirements will be very different. Similarly, if you were hoping to purchase a listed or historic property, you will need someone that understands the laws and regulations surrounding those properties.
If you want to buy a property, do not work with the realtor whom the seller has employed. This is because if you reveal any information that you could use in negotiations, the realtor would be obliged by law to pass that on to the seller as well. The same is true if you are looking at selling. You should work with someone that represents just you. Firstly, ask your friends and others 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. You should always try to contact different realtors before choosing one. Make sure they have a great understanding of your needs, so they an start making suggestions too. This will give you a general idea of just how familiar the agent is with prices and neighborhoods, for instance. If you want to sell your home, find out how the realtor has done in the past. Do they usually sell under, on or over the original asking price?
In most cases, if you want to sell your property, your agent will require you to sign an exclusivity agreement. This is a common procedure but it does not mean you lose any rights. For example, if you realtor does not represent you properly, you can always terminate the contract. All it means is that you are only able to work with a single agent at the same time. 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. Last but not least, you need to understand the way realtors earn their living. There are a number of constructions realtors can use. Most commonly, they work on commission although there are also some that charge a flat fee. 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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