Working with an Agent

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime.  Transactions today usually exceed $250,000.  If you had a $250,000 legal question, would you deal with it without the help of an attorney?  If you had a $250,000 income tax problem, would you attempt to deal with it without the help of an accountant? Considering the small upside cost and the large downside risk, it would be foolish to consider a real estate transaction without the professional assistance of a Real Estate Agent.
 
If you're still not convinced of the value of a REALTOR®, here are ten more reasons to use one:

1.   Assist you in determining your buying power.  By providing your agent with some basic information about your 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 Agent has many resources to help 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.   Provides objective information about each property to assist in the selection process.   REALTORS® can provide local community information on utilities, zoning. schools, etc.  There are two things you'll need to know.  First, will the property provide the environment you want for a home or investment?  Second, will the property have resale value when you're ready to sell?

4.   Professional negotiation.  There are many negotiating factors, including price, financing, terms, possession date and often the inclusion or exclusion of appliances, repairs and furnishings.  The purchase agreement should provide a period of time for you to complete appropriate inspections of the property before you are required to complete the purchase.  Your agent can advise you as to which inspections are recommended or required.

5.   Due diligence during the evaluation of the property.  Depending on the area and home, this could include home inspection, well and septic inspection, environmental assessments, roof inspections, just to name a few.  A REALTOR® can assist you in finding qualified responsible professionals to do these inspections 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 a confusing state of past owners or rights of access.  The title to most properties will have some limitations; for example, easements for utilities.  An Agent, title company or attorney can help you resolve issues that might cause problems later.

6.   Give you current 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 or buying a property at the best price, quickly and with minimum hassle.

7.   Markets your property to other Realtors® and the public.    REALTORS® must market your property twice, once to other real estate agents and secondly to the general public.  Acting as the marketing coordinator, your Realtor provides information about your property to other real estate agents through a Multiple Listing Service (MLS®) or other cooperative marketing networks, open houses for agents, etc.

8.   A REALTOR® knows when, where and how to advertise your property.  There is a misconception that advertising sells real estate.  Most 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 an Agent, you do not have to allow strangers into your home.  Your REALTOR® will generally prescreen and accompany qualified prospects through your home.

9.   Objectively evaluate every Buyer's offer without compromising your marketing position.  The initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls.  A REALTOR® can help you write a legally binding, win-win contract that will be more likely to make it through the process.

10.   Help with closing the sale of your home.  Between the initial sales agreement and closing, hurdles may arise.  For example, unexpected repairs may be encountered, difficulty in obtaining financing or a title issue is discovered.   A REALTOR® is the best person to objectively help you resolve these issues and get the transaction closed.

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