If you want to purchase a property or sell your own, you should consider hiring the services of a realtor. You may have a friend or relative who works in real estate, but before you automatically turn to them, you will need to think whether they truly are the best for you. Let’s take a look at the two most important things you need to know about when you choose a realtor.
Firstly, you should find out how experienced your realtor is. Usually, realtors with more experience are also better at their job. The best realtors got into the business before the recent economic crisis and are still working today. You also need to make sure that the experience they have is relevant to you. For example, if you are trying to become a property investor, your needs will be very different than if you are looking to downsize after retirement. You also need to know that your realtor understands your demographic and geographical requirements. For example, if you want to become a rancher, you need to find a realtor that is able to understand the different types of land, how it has been produced and what the homestead is like. Similarly, if you were hoping to purchase a listed or historic property, you will need someone that understands the laws and regulations surrounding those properties.
If you want to buy a property, do not work with the realtor whom the seller has employed. This is because that realtor would be legally obligated to tell their other client your highest budget and other information that could damage your negotiation position. In the same manner, if you want to sell, you shouldn’t work with your potential buyer’s realtor either. You should work with someone that represents just you. Firstly, ask your friends and others whether they can refer you to a realtor. Another place to look for a good realtor is the NAR (National Association of Realtors. If a realtor has a NAR registration, you know that they will be highly professional and ethical in their business dealings. Always make sure you contact a range of different realtors before making your decision. Explain your needs and ask what they suggest. This will give you a general idea of just how familiar the agent is with prices and neighborhoods, for instance. If you want to sell your home, find out how the realtor has done in the past. What you must find out is whether they tend to sell below, on or above the asking price.
With the above two tips, you should be able to find the realtor who best represents your needs. Whether you want to buy or sell, you should always work with a realtor. One of the things they are most aware of is whether it is a buyers’ or sellers’ market and this is vital in terms of being able to pay as little as possible for a property, or to make as much as possible on it.