|
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. A 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).
|
