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 two important things to ask in order to find out which realtor is best for you.
Make sure you find out whether anyone can personally recommend a realtor. However, you need to look for more as well. Take the time do a lot of research. Make sure you find a realtor that has a specialization in the properties you are interested in. You shouldn’t look for someone that sells apartment blocks if you are looking for a beach house. Do make sure you actually speak to a realtor you are considering. Ask how they will represent you, what they cost, whether they have references and so on. You need to make sure your realtor understands your expectations. It is important that they understand your needs. The last thing you need to do is make sure that you actually like your realtor on a personal level. The reality is that you will struggle to trust someone who you don’t like. The last thing is that you need to find someone that is very experienced. There is something to be said for working with new people and giving them a chance, but buying or selling homes are incredibly important financial decisions and you need someone that actually knows what they are doing.
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. In the same manner, if you want to sell, you shouldn’t work with your potential buyer’s realtor either. You need a professional that represents you and only 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. If you work with a realtor registered with the NAR, you will know for sure that they are professional and ethical. You should always try to contact different realtors before choosing one. Explain your needs and ask what they suggest. Doing so will make sure that you can learn how much a realtor knows about prices, neighborhoods and so on. If you want to sell, you also need to know what the realtor’s track record is. You need to know whether they usually sell below, on or above the 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. For example, if you realtor does not represent you properly, you can always terminate the contract. All the contract really prohibits is for you to work with more than one agent at the same time. 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. Realtors have to earn a living and you need to understand just how they do that. Not all realtors are created equally. 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. You need to work out which of the two constructions your realtor will use before you agree to work with them.