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Some Fundamental Questions
Why do I need a real
estate agent?
If you are buying a home, it
is not mandatory that you have a real estate agent help you out. You can go
home shopping on your own. You can also make an offer on a property on your
own. However, there are numerous advantages to having a realtor help you out
with this task. For example:
A realtor has access to much more properties for
sale than you do. For instance, a realtor may have seen homes on the Multiple
Listing Service, or may know of places because of sales pitches from other
agents.
A realtor has likely seen many properties for
sale, so he or she can help “weed out” the ones that don’t suit you, and
help find the ones that may suit you.
Talking to a professional can help you determine
the price range of homes you can afford to look at.
A realtor can help you make a realistic offer on
a property you’re interested in.
You’ll appreciate the help when it comes to
filling out paperwork when the actual transaction process begins.
Above all, a realtor works on your behalf, and
can help you in any rough spots that may arise during the home-hunting and
transaction processes.
What is a buyer’s agent?
A buyer’s agent contracts to
represent the homebuyer. His or her duties include showing the buyer properties
for sale, presenting an offer on the buyer’s behalf, and advising the buyer
throughout the real estate transaction process.
What is a listing agent?
A listing agent contracts to
represent the seller. His or her duties include marketing the property for
sale, negotiating the best offer for the seller, and guiding the seller through
the real estate transaction process.
What is the difference
between a real estate agent and a realtor?
A real estate agent is
involved in the process of buying and selling of real estate. His or her job is
to work with the buyer, the seller, or both during the real estate transaction.
Not all real estate agents are realtors, and not all realtors are real estate
agents. The term “realtor” refers to a real estate professional who is a member
of an international organization called the National Association of REALTORS®,
or NAR. Some real estate agents choose to join NAR; others don’t. Other
professionals who are members of this organization include:
appraisers
property managers
escrow officers
loan officers
title representatives
salespeople (for example, homeowners insurance
salesperson)
brokers
counselors
Can a realtor represent
both parties in a transaction?
Yes, provided this dual role
is disclosed to both the buyer and the seller in writing, and provided that
both the buyer and the seller agree to this in writing. This type of agreement
is called “dual agency.” In this type of transaction, the agent is more of a facilitator
than anything else. He or she will not “take sides” or advise one side on how
to best negotiate with the other, as an agent solely representing one side
would do.
How can I find a realtor?
The following are all great
ways to find realtors:
Referrals from friends, family, neighbors,
co-workers
Internet referral services
Web sites
Newspaper ads
Magazine ads
Bench advertising, billboards, or other public
advertisements
Yellow Pages
Walking in to a real estate agency and asking
for an appointment
What should I look for in
a realtor?
A good realtor should meet
the following criteria:
Market Knowledge. You want someone who knows what types of
properties are for sale, for what price, and in what neighborhood. A good
realtor is so well-versed in real estate that by the time you finish
describing what you’re looking for, he or she should already have a few
homes for sale in mind to show you.
Neighborhood Knowledge. Choose a realtor who knows a lot about the
neighborhood where you’re looking to buy. Not only will such a realtor be
familiar with homes for sale in the area, but he or she will also be able
to provide you with valuable information and statistics about the
community, its services, and its people.
Strong Listening Skills. You’re the one who’s going to live in this
home, so it’s important that your realtor listen to you and show you homes
that match your needs. You don’t want someone who pushes for his or her
own idea of a good home on you.
What matters is what you want.
Proactive. A realtor who is out actively checking out properties for sale
will have a way larger database of knowledge than one who sits by the
phone, waits for a client to call, and then starts checking out
properties. Go for a realtor who is active and committed to his or her
field.
Personality. You want your realtor to be friendly, open, honest, and
trustworthy. You will spend a lot of time with your realtor as the two of
you cruise neighborhoods and check out homes for sale, so why spend all
that time with someone whose company you don’t enjoy?
How do I know a realtor
is right for me?
Ideally, you should
interview a few realtors before you settle on the one you like best. There is
no magic sign that pops up above a realtor’s head, flashing the words, “This is
the One!” Rather, it is something you should decide for yourself. If you get a
“good feeling” about a realtor, like their personality, and are satisfied with
their knowledge and credentials, then go with him or her. While there are
criteria a good realtor should meet, you should always give at least a little
consideration to what your gut instinct tells you.
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