When it comes to buying or selling a property, you should always work together with a good realtor. You may know someone who works in real estate yourself, but you should still take the time to find the one that is truly the best for 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. Usually, realtors with more experience are also better at their job. If you find someone who was operating before the financial crisis and is still in business today, you are on to a really good one. 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. You also need to know that your realtor understands your demographic and geographical requirements. 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, however, your interests lie in historic or listed buildings, you will need a very different type of realtor.
Don’t work with the realtor of the owners of the property you are planning to purchase. This is due to the fact that any information you give you realtor will be passed on to the seller by the realtor, as it is their legal obligation to do so. The same is true if you are looking at selling. You need a professional that represents you and only you. To start your search, ask people you know whether they have any recommendations. Another place to look for a good realtor is the NAR (National Association of Realtors. The greatest benefit of working with a NAR agent is that you know they are both professional and ethical. Don’t choose the first and only realtor you speak to, however, but look around at a few different ones first. When you speak to them, be clear on your needs so they can make suggestions. 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, you also need to know what the realtor’s track record is. Do they usually sell under, on or over the original asking price?
Usually, seller’s realtors will ask you sign an exclusive agreement with them. It is a very normal thing to do but you still have most of the same rights. If, for example, you feel you are being poorly represented, you are allowed to terminate the contract. The contract, essentially, just means that you can only work with a single realtor 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. Realtors have to earn a living and you need to understand just how they do that. Different realtors do this in different ways. In most cases, realtors will work by charging a commission on the final sale or purchase price of a property, but there are also those who 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.