Real estate transactions involve
one of the biggest financial investments most people experience
in their lifetime. Here are 12 ways a REALTOR® will make
your home buying or selling experience better.
All real estate licensees are not
the same. Only real estate licensees who are members of the NATIONAL
ASSOCIATION OF REALTORS® are properly called REALTORS®.
They proudly display the REALTOR "®" logo on the
business card or other marketing and sales literature. REALTORS® are
committed to treat all parties to a transaction honestly. REALTORS® subscribe
to a strict code of ethics and are expected to maintain a higher
level of knowledge of the process of buying and selling real
estate. An independent survey reports that 84% of home buyers
would use the same REALTOR® again.
Real estate transactions involve
one of the biggest financial investments most people experience
in their lifetime. Transactions today usually exceed $100,000.
If you had a $100,000 income tax problem, would you attempt to
deal with it without the help of a CPA? If you had a $100,000
legal question, would you deal with it without the help of an
attorney? Considering the small upside cost and the large downside
risk, it would be foolish to consider a deal in real estate without
the professional assistance of a REALTOR®.
But if you're still not convinced of the value of a REALTOR®, here are
a dozen more reasons to use one:
1. Your REALTOR® can
help you determine your buying power -- that is, your financial
reserves plus your borrowing capacity. If you give a REALTOR® some
basic information about your available savings, income and current
debt, he or she can refer you to lenders best qualified to help
you. Most lenders -- banks and mortgage companies -- offer limited
choices.
2. Your REALTOR® has
many resources to assist you in your home search. Sometimes the
property you are seeking is available but not actively advertised
in the market, and it will take some investigation by your agent
to find all available properties.
3. Your REALTOR® can
assist you in the selection process by providing objective information
about each property. Agents who are REALTORS® have access
to a variety of informational resources. REALTORS® can provide
local community information on utilities, zoning. schools, etc.
There are two things you'll want to know. First, will the property
provide the environment I want for a home or investment? Second,
will the property have resale value when I am ready to sell?
4. Your REALTOR® can
help you negotiate. There are myriad negotiating factors, including
but not limited to price, financing, terms, date of possession
and often the inclusion or exclusion of repairs and furnishings
or equipment. The purchase agreement should provide a period
of time for you to complete appropriate inspections and investigations
of the property before you are bound to complete the purchase.
Your agent can advise you as to which investigations and inspections
are recommended or required.
5. Your REALTOR® provides
due diligence during the evaluation of the property. Depending
on the area and property, this could include inspections for
termites, dry rot, asbestos, faulty structure, roof condition,
septic tank and well tests, just to name a few. Your REALTOR® can
assist you in finding qualified responsible professionals to
do most of these investigations and provide you with written
reports. You will also want to see a preliminary report on the
title of the property. Title indicates ownership of property
and can be mired in confusing status of past owners or rights
of access. The title to most properties will have some limitations;
for example, easements (access rights) for utilities. Your REALTOR®,
title company or attorney can help you resolve issues that might
cause problems at a later date.
6. Your REALTOR® can
help you in understanding different financing options and in
identifying qualified lenders.
7. Your REALTOR® can
guide you through the closing process and make sure everything
flows together smoothly.
8. When selling
your home, your REALTOR® can give you up-to-date information
on what is happening in the marketplace and the price, financing,
terms and condition of competing properties. These are key factors
in getting your property sold at the best price, quickly and
with minimum hassle.
9. Your REALTOR® markets
your property to other real estate agents and the public. Often,
your REALTOR® can recommend repairs or cosmetic work that
will significantly enhance the salability of your property. Your
REALTOR® markets your property to other real estate agents
and the public. In many markets across the country, over 50%
of real estate sales are cooperative sales; that is, a real estate
agent other than yours brings in the buyer. Your REALTOR® acts
as the marketing coordinator, disbursing information about your
property to other real estate agents through a Multiple Listing
Service or other cooperative marketing networks, open houses
for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to
utilize these cooperative relationships when they benefit their
clients.
10. Your REALTOR® will
know when, where and how to advertise your property. There is
a misconception that advertising sells real estate. The NATIONAL
ASSOCIATION OF REALTORS® studies show that 82% of real estate
sales are the result of agent contacts through previous clients,
referrals, friends, family and personal contacts. When a property
is marketed with the help of your REALTOR®, you do not have
to allow strangers into your home. Your REALTOR® will generally
prescreen and accompany qualified prospects through your property.
11. Your REALTOR® can
help you objectively evaluate every buyer's proposal without
compromising your marketing position. This initial agreement
is only the beginning of a process of appraisals, inspections
and financing -- a lot of possible pitfalls. Your REALTOR® can
help you write a legally binding, win-win agreement that will
be more likely to make it through the process.
12. Your REALTOR® can
help close the sale of your home. Between the initial sales agreement
and closing (or settlement), questions may arise. For example,
unexpected repairs are required to obtain financing or a cloud
in the title is discovered. The required paperwork alone is overwhelming
for most sellers. Your REALTOR® is the best person to objectively
help you resolve these issues and move the transaction to closing
(or settlement).
*information
provided by realtor.com
