1) Education & Experience
You don't need to know everything about buying and selling real
estate when you hire a real estate professional that does. Many realtors
have advanced business degrees and consistently attend training that
keeps them up to date on the latest market or legal news relating to
real estate. Henry Ford once said that when you hire people who are
smarter than you are, it proves you are smarter than they are. As all
real estate agents cost about the same for their services, you should seek out
an agent with the best level of education and experience. Using a real
estate agent does more than just sell your home, it allows you to have more
precious time in your life to take care of the things most important to
you..
2) Agents are Buffers
Agents take the spam out of your property showings and visits. If
you're a buyer of new homes, your agent will whip out their sword and
keep the builder's or seller's agents at bay, preventing them from
biting or nipping at your heels. If you're a seller, your agent will
filter all out all the phone calls that lead nowhere and help to induce
serious buyers to immediately write an offer.
3) Neighborhood Knowledge
Agents either possess intimate knowledge or they know where to find
the industry buzz about your neighborhood. 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 $600,000, but an agent will know it had upgrades and
sold at $550,000 after 75 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 to guide clients to make
the right choices for themselves based on a variety of factors. Selling
agents will ask buyers to weigh 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) Knowledge of Market Conditions
Real estate agents can disclose market conditions, which will heavily
influence the 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 and developed high level negotiation skills. It's part of
their job description. Good agents are not messengers, delivering
buyer's offers to sellers and vice versa. They are professionals who are
trained to present their client's case in the best light and agree to
hold client information confidential from competing interests.
8) Handling Volumes of Paperwork
Today's purchase agreements run 10 pages or more. That does not
include the federal and state mandated disclosures nor disclosures
dictated by local custom. Most real estate files average from one 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
disclosures.
9) Answer Questions After Closing
Even the smoothest transactions that closes without complications can
come back to haunt. For example, taxing authorities that collect
property tax assessments, doc stamps or transfer taxes 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. A
professional real estate agent works hard to maintain their level of
respect in the community and will not abandon a client.
10) Develop Relationships for Future Business
The basis for an agent's success 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 sure 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 market
updates to you to keep you informed and to stay in touch.
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