Everything To Know About Real Estate Agents
The real estate market is booming and there are so many real estate agents out there today who claim that they can help you to buy or sell a piece property. Dealing with real estate agents is in most cases viewed as an uncertain venture that does not have any guarantees. There are professional real estate agents who are good at their job and their top priority is to keep clients happy. On the hand, there is no lack of unscrupulous and malicious agents in the real estate market who are out to make a quick buck from you.
Being a buyer or a seller of a piece of property be it residential or commercial, it is your duty to choose a good real estate agent who will help you and not exploit you in anyway. To do this, you must first enlighten yourself on all matters regarding real estate agents and companies. Here is some information that should help you make an informed decision at the end of the day.
Primary Duties of a Real Estate Agent
What an agent basically does is to act as an intermediary between a buyer and a seller of a given piece of property. In the case, the client involved is a buyer, the agent’s work is to look for people who are selling properties that match the description highlighted by the buyer. Once a suitable seller is found, the agent then facilitates all the legal and financial transactions required to complete the transfer of the given property from the seller to the buyer.
This process can work in the other way round in the case where the agent’s client is a seller. The duty of the agent is to look for buyers and assist to finalize the sale of a given property. This whole process may seem very straight forward but there is a lot that happens behind the scenes. This is where many things go wrong and clients get frustrated in the process. Frustrated clients then end up losing hope in real estate agents.
Marketing properties that are on sale is also another primary duty of a real estate agent. An agent or agency company will most likely have a website where they post properties that are on sale. On top of this, real estate agencies also go a step forward to include properties that are on sale to email adverts and newsletters that they send out to consumers.
Other forms of marketing that are carried out by agents include advertising on other real estate agencies, newspaper ads and even billboards and banners for large commercial properties. In the case of a buyer, an agent comes in handy as they help the buyer to maneuver the property market to find the best properties at the best prices. Agents know how to negotiate prices with sellers and other real estate agents so that you do not have to do this work by yourself.
Choosing A Real Estate Agent
Depending on the transaction that you want to do which can be either buying or selling, it would be prudent to look for an agent who is well-known for either one of these transactions. There are agents who specialize in buying of properties while there are agents who specialize in selling. Whichever the case, the aim is to get a professional intermediary who will guide you through the brutal property market.
If you choose an agent who does both selling and buying then you should pay keen attention to make sure that there are no strings being pulled behind your back. An agent may decide to work for both the seller and the buyer of a given property and this is not recommended as he will only have his best interests at hand.
Always ask for references and a list of past clients who an agent has worked for in the past. A portfolio should also help to shed some light on a real estate agent’s experience and expertise. The number of property deals that have been closed in the past and the failures an agent has had are also important facts to be on the lookout for.
All in all, real estate agents are not all that bad as they are a big part of the real estate market today.
Advantages Of Working With Local Realtors
There is a lot of information available online regarding real estate buying and selling and this is the reason some people wonder about the need for hiring the services of a real estate agent. Some people do buy or sell their property through regular channels but most people don’t get a good deal. If you are also wondering about the same thing, here are a few advantages of hiring the services of professional local Realtors.
One of the biggest advantages of working with local Realtors is that they have the necessary experience to get a good deal for their clients. After all, they spend a lot of time in educating themselves. They also gather a lot of real life experience over the years and they understand the nuances of real estate buying and selling. In simple terms, they have the necessary know-how to get a great deal for their clients.
Experience Realtors have the important knowledge about your neighborhood. They are aware of the latest sales in the neighborhood and can offer you the relevant demographics, crime statistics as well as best schools. In fact, experienced local Realtors can put a price on a home as they walk through the door. They understand the value of houses in the neighborhood and how well a particular location holds its value.
While it’s true that the information on sales of comparable houses is easily available online, the Realtors have the experience and knowledge to know if a particular property is underpriced or overpriced.
There are a number of factors that affect the final price of the property. Experience Realtors are aware of the market conditions that will affect the final price including average cost of similar homes, median sales prices, ratio of list to sold prices, average days on market and other such factors.
Negotiation Skills and Professional Networking
One of the other advantages of hiring the services of an experienced Realtor is that they have excellent negotiation skills that have been honed over the years. Also, they do not have any emotional attachment to the transaction which means they are in a better position to negotiate as they can look at the deal objectively.
Experienced Realtors have a big network as they regularly work with other professionals. You will need the services of such professionals and their recommendations can be of great help. While they may not recommend a particular company or individual due to legal liability, they are aware of the reputation, competency, efficiency and pricing of various vendors and can recommend the right choice for your project.
It won’t be wrong to say that there is a lot of paperwork involved in a real estate deal. In addition to the purchase agreement, various others state and federal mandated disclosures are also required as part of a real estate transaction. Even a slight omission or mistake can cost thousands of dollars. Experienced Realtors are aware of various disclosures and other paperwork required for completing a deal that will save you from potential trouble down the road.
These are some of the major advantages of working with local Realtors but this does not mean that you can hire the first Realtor you come across. There are a number of factors you need to consider to choose the right Realtor.
Needless to say, you need to check whether they have a valid real estate license. You can easily check the validity of their license online. Also, a Realtor needs to be member of the National Association of Realtors if they want to use the title of Realtor. Checking their license will also help you find out if any disciplinary action or complaints have been filed against that Realtor.
Never work with Realtors who works as a real estate agent on the side. You want an agent who actively follows the real estate market and is always available.
Membership of MLS
Ask whether they member of the local Multiple Listing Service. This membership means that the Realtor has access to all the listings in the area and is aware of the current trends in the market.
You will be best served by a Realtor who has been in the business for more than five years. An agent with only a couple of years of experience is still learning the ropes of the trade and may not be able to find the best deal for you.
All About Real Estate Agencies – Tips For Choosing One
If you search for “real estate agencies” online, you will see that there are many real estate agencies out there that vying for your business. But if you are like most people, you probably only vaguely know what they do, and that is to broker different properties for buyers and sellers alike.
There are two types of real estate agencies. One is called a listing agency that helps clients sell their properties. The other is called a buyer’s agent that helps property seekers buy real estate. In most cases, however, most do both.
Even though people may begrudge them for charging commission rates, and thus eating into the profits of each transaction, the fact is that real estate brokers are necessary wherever they may be based in the world. Necessary in the sense that in many countries in the world, all real estate transactions are legally bound to pass through realtors.
There is no such thing as a direct sale between a buyer and seller, and if there was, the transaction would still need to go through a closing process that only professionals working in the real estate industry are aware of.
But legality aside, there are many advantages to using a realtor as against striking it out on your own, whether you are in the market for buying or selling.
For property sellers, the single most important benefit is the ability to sell a property at a competitive price and, more importantly, sell it quickly. If you are selling directly, you would need to list your property at the different listing websites and then market your listing. Afterward, you hope and pray that somebody is going to be interested enough to take a look at your property.
On the other hand, if you sell with the help of an agent, there’s every chance there are already a pool of buyers that are looking for the exact same property that you are selling. This means that the closing time is shorter.
For property buyers, the same is true. The amount of time it takes to find a property to your liking is significantly shortened with the help of a real estate agent.
Of course, not all companies that broker real estate property are created alike, and there are those that better than others. On that note, you can’t help but ask, how do you choose a real estate agent or broker to work with?
Take a list of the brokers in your area and ask them about their recent sales within the past year. Ask for references and their contact information. Before calling, though, ask the agent if somebody would be particularly disappointed or particularly pleased when you call. Ask about the asking price and the sale price, the location and other salient features of the property.
What you want to do is to find an agent that specializes in the property that you are selling or buying. Take a look at the license and other credentials. Remember that all real estate brokers and agents need to have a license and have other credentials before they can operate legally.
Once you have a list of licensed real estate companies, you might want to narrow your choices by the awards they garnered. Award winners are picked because of their work ethic and winning business practices.
Aside from the awards, take a look at the alphabet soup that comes after the names. Just like doctors, real estate agents also specialize on top of their general training. An agent that is a CRS or Certified Residential Specialist has completed training in residential real estate. On the other hand, ABR or Accredited Buyer’s Representative means the agent has completed training in representing buyers in a real estate transaction. Meanwhile, SRES or Seniors Real Estate Specialist means the agent has completed training for helping buyers and sellers who are over 50 years old.
Another important factor you need to look at is the experience. In general, if an agent hasn’t been in the business for at least five years, it means that he or she is still learning, and that is not good for you. Look for someone who is experienced in negotiating deals in the price range that you are aiming for.