When it comes to buying or selling a property, you should always work together with a good realtor. You may have a friend or relative who works in real estate, but before you automatically turn to them, you will need to think whether they truly are the best for you. Let’s take a look at two important things to ask in order to find out which realtor is best for you.
Your realtor’s experience is one of the most important things to look into. Usually, realtors with more experience are also better at their job. If you can, try to find a realtor who has worked all the way through the economic crisis and still works now. You do have to ensure they have experience that is relevant to your personal needs. For instance, the needs of a first time buyer are very different from the needs of a national property developer. Secondly, you need to find out how your realtor can help you in terms of your demographic and geographical needs. For instance, if you want to purchase a farm, you need someone who has the right contacts to look into the condition of the land, previous production methods and the homestead itself. Should you be interested in purchasing a property that is historic or listed, for instance, you will need the services of someone very different.
If you want to buy a property, do not work with the realtor whom the seller has employed. By law, the realtor will have to pass on any information you give to the seller as well. If you hope to sell your property, you also shouldn’t work with the realtor representing the opposing side. You should be looking for a realtor that only represents your needs. 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. Always make sure you contact a range of different realtors before making your decision. Explain your needs and ask what they suggest. This will give you a general idea of just how familiar the agent is with prices and neighborhoods, for instance. As a potential seller, looking into the track record of the realtor. 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 completely normal, but it doesn’t mean you don’t have rights. If, for example, you feel you are being poorly represented, you are allowed to terminate the contract. All the contract really prohibits is for you to work with more than one agent at the same time. As a buyer, you do not have to sing such an agreement. However, there are now more and more realtors who do request it. The final thing you must look into is how your realtor earns their living. Different realtors do this in different ways. In most cases, you will find that a realtor is paid a commission on the final sale price of the property, but some work on flat fees. It is vital that you know which one of the two constructions your potential realtor uses before you decide to sign your contract with them.