Whether you are looking at buying or selling a property, it is always advisable to work with a very 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 review two issues of importance when it comes to choosing a realtor.
First, you need to look into your realtor’s experience. Usually, those with the most experience are also the best ones. The best realtors got into the business before the recent economic crisis and are still working today. However, you also have to make sure that they have experience pertinent to your own needs. Someone who wants to flip properties, for instance, will have very different needs to someone who wants to find a home to raise a family in. 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. Should you be interested in purchasing a property that is historic or listed, for instance, you will need the services of someone very different.
Don’t work with the realtor of the owners of the property you are planning to purchase. This is because if you reveal any information that you could use in negotiations, the realtor would be obliged by law to pass that on to the seller as well. The same is true if you are looking at selling. 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 look through the NAR (National Association of Realtors to find good representation. If a realtor has a NAR registration, you know that they will be highly professional and ethical in their business dealings. Do make sure you speak to several before you decide which one to go with. Explain your needs and ask what they suggest. These conversations can help you determine just how much a realtor knows about a specific neighborhood, house prices and so on. As a potential seller, looking into the track record of the realtor. You need to know whether they usually sell below, on or above the asking price.
If you are selling, you are likely to have to sign an exclusive realtor agreement. 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. All the contract really prohibits is for you to work with more than one agent 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, it is becoming more commonplace for a realtor to ask for exclusivity. Finally, you must work out just how your realtor makes their money. There are a number of constructions realtors can use. 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.