When it comes to buying or selling a property, you should always work together with a 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 the two most important things you need to know about when you choose a realtor.
Firstly, you should find out how experienced your realtor is. The more experience they have, the better they are likely to be. The best ones are the ones who started working before the economic crisis and are still going strong. You do have to ensure they have experience that is relevant to your personal needs. After all, if you are looking to move up the property ladder due to family expansion, your needs will be very different than if you were to look for a first home for your college-going child. You also need to know that your realtor understands your demographic and geographical requirements. 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. 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.
You need to not only look into experience, but also into reputation. Unfortunately, a lot of realtors have a very poor reputation. Thankfully, there are also a number of tools that you can use to find the good ones. Be sure to check the Better Business Bureau in terms of finding out how good the realtor is. Do make sure you also use social media to your advantage. It is almost impossible to hide an opinion, good or bad, once it has appeared on social media. Also, you may be able to get advice on the matter through people you know. Before you allow a single complaint to push you away from a realtor, however, find out whether there is any relevance on the complaint to you and see how the realtor has responded to the complaint and improved their service.
If you are selling, you are likely to have to sign an exclusive realtor agreement. This is completely normal, but it doesn’t mean you don’t have 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. Buyers, on the other hand, usually do not have to sign these contracts. However, it is becoming more commonplace for a realtor to ask for exclusivity. 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. 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. Before you agree to work with a specific realtor, you have to find out which type of payment construction they opt for.