If you want to purchase a property or sell your own, you should consider hiring the services of a realtor. Although most of us know at least one person who works as a realtor, don’t be tempted to automatically go to them as they may not be the best to represent your needs. Let’s review two issues of importance when it comes to choosing a realtor.
Firstly, you should find out how experienced your realtor is. Usually, those with the most experience are also the best ones. The best ones are the ones who started working before the economic crisis and are still going strong. Next, make sure that the experience they have is relevant to your own needs. For instance, the needs of a first time buyer are very different from the needs of a national property developer. The second thing you need to know if how much of an expert they are in terms of the geography and demographics you require. For example, if you want to become a rancher, you need to find a realtor that is able to understand the different types of land, how it has been produced and what the homestead is like. Similarly, if you were hoping to purchase a listed or historic property, you will need someone that understands the laws and regulations surrounding those properties.
It would be a mistake to work with the realtor whome the sellers of a property have already hired if you are looking at making a purchase. This is due to the fact that any information you give you realtor will be passed on to the seller by the realtor, as it is their legal obligation to do so. The same is true if you are looking at selling. You should be looking for a realtor that only represents your needs. To start your search, ask people you know whether they have any recommendations. You can also look through the NAR (National Association of Realtors to find good representation. Finding a NAR realtor means that you are guaranteed to be represented ethically and professionally. You should always try to contact different realtors before choosing one. When you speak to them, be clear on your needs so they can make suggestions. It is an opportunity for you to find out how much a potential agent knows about neighborhoods, prices and more. If you want to sell, you also need to know what the realtor’s track record is. What you must find out is whether they tend to sell below, on or above the asking price.
In most cases, if you want to sell your property, your agent will require you to sign an exclusivity agreement. It is completely normal to do so but does not affect any regular rights you have. If, for instance, you feel that the representation you are receiving is not proper, you able 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. Realtors have to earn a living and you need to understand just how they do that. Realtors can earn their money in a variety of different ways. Most commonly, they work on commission although there are also some that charge a flat fee. You need to work out which of the two constructions your realtor will use before you agree to work with them.