Let's assume that you have chosen an agent, for your residential or commercial need, by getting a recommendation from a friend or searching agent websites. You are about to have a first meeting. How should you proceed? What should you ask and tell?
Buying or selling a home is a significant decision that usually takes a long time and a lot of effort. That's why you need a competent and experienced realtor to help you navigate the complexities of the process and make informed decisions. However, not all realtors are equal, and not all can provide the same level of service and expertise. That's why in this blog we'll discuss what you can expect from your realtor so that you can choose wisely and set your expectations.
Starting Tips & What to Expect Working with a Realtor
First and most importantly, be honest. It goes without saying that you should use your real name, give relevant information up front, and tell the truth about other agents you have been using. If you are looking in more than one location, say that too.
When working with real estate agents it’s important to know agents are only paid when they sell or lease property. They do, however, understand that no transaction is foolproof, so they are always aware that they might not be successful in closing in any given instance.
Being salespeople, they are inherently optimistic, which makes them more open to taking risks. However, if they discover that they are being taken advantage of in some way – such as being used as a backup or as an expert to gather information for a private deal that was not disclosed – they may become unhappy since the situation would be unfair for them.
If you do want an agent to provide you with expertise or valuation not on the market, say so. You can arrive at a fair accommodation in most cases, and everyone will win. You don't need to, and should not, lie to get just part of an agent's service.
Be Up-front About Relocating
When the problem is an uncertain job or move, that's a different story. Many job candidates look when they interview-we call what we do for those people an "area tour". Those come with risks, but we are used to that, and understand. We can help you more if we know what the factors under consideration are, such as another offer in a different region.
Trust Your Agent
Realtors are required to keep confidential information private. You can tell us what you make, what you have to put down, and what you are hoping to spend, without thinking that we will try to exploit that.
In fact, one of the saddest situations we run into is when a buyer states vehemently that he/she will not go over a particular amount, and then is unhappy when the property sells to someone else, for an amount they would have paid. Prequalification will help with this, but trusting your agent helps more. Imagine the medical advice you would get if you lied about your symptoms!
Communication is Key
To ensure smooth communication, it's important to establish clear preferences from the outset. Be upfront about how and when you prefer to communicate, and make an effort to understand your agent's communication style as well. Don’t assume that they are at your beck and call 24/7-they are human, too, and they have lives of their own (and other clients!).
Try not to shoot the messenger, by yelling at the agent who has to give you bad news and try to be respectful of any advice that he/she might offer. You are both on the same side here, and your agent has valuable experience that can improve your chances of a successful outcome.
Don't Contact the Listing Agent
It's important to know that listing agents represent the seller and not the buyer. If you choose to hire the listing agent as your representative when buying a property, the agent will be in a dual agency situation where their interests may conflict. It's best to allow your chosen agent to handle all aspects of the purchase and not attempt to contact the listing agent directly.
Can You Use Multiple Realtors When Buying a House?
You don't need to hire multiple realtors thanks to MLS. This allows your realtor to have access to almost all the homes for sale. They can help sell homes from another brokerage. There are no regulations or laws preventing buyers from using multiple agents or realtors, but it is worth noting that realtors adhere to a code of ethics that would prevent them from interfering with another realtors sale.
Working with a single realtor provides several advantages, such as building a strong relationship, accessing exclusive listings, and benefiting from their deep understanding of your preferences and requirements.
While it is technically possible to engage multiple realtors, it can lead to confusion, conflicts, and duplications in efforts. It's generally recommended to choose one trusted realtor who can effectively represent your interests.
What to Expect from a Realtor When Buying
A real estate agent can provide a range of services to buyers, such as searching for and locating suitable properties, negotiating price and terms on your behalf, offering financing options, providing legal advice, arranging inspections and appraisals, and preparing documents or contracts. A good realtor should use their experience in the local market to guide you through the process of buying or renting a property.
Property Search and Selection:
A competent realtor will actively listen to your needs, preferences, and budget constraints to identify suitable properties. They will conduct extensive market research, provide comprehensive listings, and accompany you to viewings.
Negotiation and Offer Preparation:
Once you find a property you're interested in, your realtor will employ their negotiation skills to secure the best possible price and terms. They will guide you through the offer preparation process, ensuring all necessary documentation is completed accurately.
Due Diligence and Inspections:
Your realtor will assist you in conducting due diligence, arranging home inspections, and reviewing property disclosures. They will help you interpret the findings and advise you on the necessary next steps. They will have knowledge on what to look for at an open house.
Throughout the closing process, your realtor will liaise with the seller's agent, mortgage lenders, attorneys, and other professionals to ensure a seamless transaction. They will review all contracts and paperwork to protect your interests.
What Should a Realtor Do for a Seller?
A realtor will provide a range of services to sellers, such as evaluating the current market value of your property, preparing it for sale, marketing the property, and setting up viewings. They will also handle negotiations and legal documentation on your behalf.
Accurate Property Valuation
One of the primary responsibilities of a realtor when working with sellers is conducting a thorough market analysis to determine the optimal listing price. They will consider market trends, comparable sales, and the condition of the property.
Effective Marketing and Exposure
Realtors employ various marketing strategies to attract potential buyers, including professional photography, virtual tours, online listings, and print media. They will ensure your property receives maximum exposure to the right audience.
Negotiation and Offer Handling
When offers start pouring in, your realtor will skillfully negotiate on your behalf, aiming to secure the best possible terms and price. They will guide you through the decision-making process and assist in drafting counteroffers, if necessary.
Throughout the closing process, your realtor will manage paperwork, coordinate with buyers' agents, lenders, and attorneys, and ensure that all necessary inspections, appraisals, and contingencies are handled efficiently.
Are you Ready to Buy or Sell?
Much of this advice is common sense, but it never hurts to go into a relationship with clear parameters and goals. Many buyers and sellers become friends with their agents outside of a given sale or lease. They are certainly close companions for the length of that transaction, so make it the best it can be. If you are looking to buy or sell a home in Connecticut, let the experts here at Pearce Real Estate take care of you!