CAN A REAL ESTATE AGENT REALLY HELP ME IN BUYING AND SELLING PROPERTY?

When you’re ready to think about buying or selling your property, you need to ask yourself the following questions: Do you have the time, energy, sources of information, and contacts to do the job yourself? Read the following information and learn how a real estate agent can help you understand everything you need to know about a real estate transaction.

The Buying Process - The process of buying a home or investment generally starts with determining your buying power: that is, your financial reserves plus your borrowing capacity. If you give a real estate agent some basic information about your available savings, income and current debt, they can refer you to lenders best qualified to help you.

Finding - Once you know how much you can and want to invest, the next step is to find the properties that most nearly fits your needs. When picking an agent for this process, look for one who is also a REALTOR®. A REALTOR® is a member of the NATIONAL ASSOCIATION OF REALTORS® who agrees to abide by a Code of Ethics. A REALTOR® has many resources to assist you in that search.

Selecting - Your job is to make the final selection of the right property for you. This is when excitement and emotion run high. 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.

Negotiating - There are a myriad of 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. These are all factors with which you agent can assist you.

Due Diligence - With a negotiated agreement in hand, it is time to complete 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 agent can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports.

Closing - Finally, there is the closing. Again, your REALTOR® can guide you through this process and make sure everything flows together smoothly.

The Selling Process

Pricing - This process generally begins with a determination of a reasonable asking price. 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.

Marketing - The next step is a marketing plan. Marketing includes the exposure of your property to other real estate agents and the public. In many markets, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your agent acts as the marketing coordinator, disbursing information about your property to other real estate agents through the 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.

Advertising is a part of marketing. The choice of media and frequency of advertising depends a lot on the property and specific market. For example, in some areas, newspaper advertising statistically has minimum effectiveness in selling a specific property. Overexposure of a property in any media may give a buyer the impression the property is distressed or the seller is desperate. Your agent will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. Studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends and family, and personal contacts.

Negotiating - The negotiation process deals with much the same issues for both buyers and sellers, as noted above under the buying process. The initial agreement is only the beginning of a process of appraisals, inspections, and financing—a lot of possible pitfalls.

Monitoring, Renegotiating and Closing - Between the initial sales agreement and closing, 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 agent is the best person to objectively help you resolve these issues and move the transaction to closing.

Why Use A REALTOR®? - 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 their business cards 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.

THE ANSWER IS YES

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