1. Education & Experience
Why not hire a person who has invested the time and money to learn and practice the things required to maximize your dollar and make the transaction as quick and painless as possible? For the most part, realtor fees in our area are about the same so interview several realtors and decide who fits your needs with regard to professionalism, experience, market knowledge and marketing services. Professional realtors can also give you more exposure to qualified potential buyers through the marketing resources available to them as members of national and local organizations - such resources are already included in the commission. The same level of marketing exposure would take a signifacant investment for an individual if left to pay for these marketing tools on their own - many of which are only available to licensed realtors. If you're a buyer, hire an agent who is versed in negotiation and is very familiar with the markets where you are looking to purchase. Give them your criteria and let then do the legwork for you in your search, There are special buyers designations that can be obtained at additional time and cost to realtors such as ABR - Accredited Buyer's Representative. Look for this type of commitment in your buyer's agent. We're all looking for more precious time in our lives, and hiring pros gives us that time regardless of whether you're a buyer or seller.
2. Agents are Buffers
Agents take the spam out of your property showings and visits. If you're a buyer of new homes or condominiums, your agent will represent your interest while the site agent is hired to protect the builder's interest. If you're a seller, your agent will filter all those phone calls that lead to nowhere and try to induce serious, qualified buyers to immediately write and offer.3. Neighborhood Knowledge
Agents either possess intimate knowledge or they know where to find the industry buzz about your neighborhoods. They can identify comparable sales and hand these facts to you, in addition to pointing you in the direction where you can find more data on schools, crime or demographics. For example, you may know that a home down the street was on the market for $350,000, but an agent will know it had upgrades and sold at $285,000 after 65 days on the market and after twice falling out of escrow.4. Price Guidance
Contrary to what some people believe, agents do not select prices for sellers or buyers. However, an agent will help guide clients to make the right choices for. If a listing is at 7% vested interest in the sale, but the client has a 93% interest. Selling agents will ask buyers to review all the data supplied to them and to choose a price. Then based on market supply, demand and the conditions, the agent will devise a negotiation strategy.5. Market Conditions Information
It is an extremely volatile time in the real estate industry and real estate agents' livelihood depend on their ability to keep on top of the latest market conditions. A realtor can disclose these market conditions which will govern your selling or buying process. Many factors determine how you will proceed. Data such as the average per square foot cost of similar homes, median and average sales prices, average days on market and ratios of list-to-sold prices -- among other criteria -- will have a huge bearing on what you ultimately decide to do. 6. Professional Networking
Real estate agents network with other professionals, many of whom provide services that you will need to buy or sell. Due to legal liability, many agents will hesitate to recommend a certain individual or company over another, but they do know which vendors have a reputation for efficiency, competency and competitive pricing. Agents can, however, give you a list of references with whom they have worked and provide background information to help you make a wise selection. 7.Negotiation Skills & Confidentiality
Top producing agents negotiate well because, unlike most buyers and sellers, they can remove themselves from the emotional aspects of the transaction. It's part of their job description. Good agents are not messangers, delivering buyer's offers to sellers and vice versa. They are professionals who are trained to present their client case in the best light and agree to hold cloent information confidential from competing interests. It is your home and you are emotionally attached to what's happened inside. It is the agents job to give you solid advice on your home as a viable, marketable product. 8. Handling Volumes of Paperwork
One-page deposit receipts were prevalent in the early 1970s. Today's purchase and addendums agreements run 20 pages or more. That does not include the federal - and state- mandated disclosures dictated by local custom. Most real estate files average thickness from now to three inches of paper. One tiny mistake or omission could land you in court or cost you thousands. In some states, lawyers handle the paperwork. In Kansas City, we depend on realtors to make sure all the complicated details are attended to on our behalf. 9. Answer Questions After Closing
Even the smoothest transactions that close without complications can come back to haunt you. For example, taxing authorities that collect property tax assessments, doc stamps or transfer tax can fall months behind and mix up invoices, but one call to your agent can straighten out the confusion. Many questions can pop up that were overlooked in the excitement of closing. Good agents stand by ready to assist. Worthy and honest agents don't leave you in the dust to fend for yourself. 10. Develop Relationships for Future Business
The basis for an agent's sucess and continued career in real estate is referrals. Few agents would survive if their livelihood was dependent on consistently drumming up new business. This emphasis gives agents strong incentives to make certain clients are happy and satisfied. It also means that an agent who stays in the business will be there for you when you need to hire an agent again. Many will periodically mail or email market updates to you to keep you informed and to stay in touch. |