Before you start looking for a realtor, you need to understand what representation actually is. Those who want to sell a property may need a specialized seller’s agent. If, on the other hand, you want to buy a property, then you need a buyer’s agent. Both buyer’s and seller’s agents are legally bound to representing you properly as soon as you have signed a contract with them.
First of all, always ask for recommendations. However, you need to look for more as well. Make sure you do your research therefore. Make sure you find a realtor that has a specialization in the properties you are interested in. If you have a $200,000 budget, for instance, then you shouldn’t work with a realtor that sells $2 million properties. Always take the time to interview a potential realtor. Ask anything that is relevant, such as how they will represent you, what they can do for your, what experience they have, how much they cost and so on. Also discuss your expectations with your realtor. Your realtor must understand your needs. Last but not least, make sure that your realtor is someone you like. You cannot trust someone you don’t like, after all. Lastly, try to find a realtor that has a lot of experience. Most of us would like to help people to get their foot in the door and climb the professional ladder, but it can be hard to trust someone inexperienced when you are talking about thousands of dollars.
If you are looking at making a property purchase, you shouldn’t work with the seller’s realtor who is already involved in the sale. 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. The same is true if you are looking at selling. What you need is a realtor that only works with you. The first thing you should try is ask people you know whether they can recommend anybody to you. You can also look through the NAR (National Association of Realtors to find good representation. The greatest benefit of working with a NAR agent is that you know they are both professional and ethical. Don’t choose the first and only realtor you speak to, however, but look around at a few different ones first. You should discuss your needs with them, finding out what kind of suggestions they offer. It is an opportunity for you to find out how much a potential agent knows about neighborhoods, prices and more. If you want to sell, you also need to know what the realtor’s track record is. You need to find out their track record in terms of selling above or below the asking price.
In most cases, if you want to sell your property, your agent will require you to sign an exclusivity agreement. This is completely normal, but it doesn’t mean you don’t have rights. If, for instance, you feel that the representation you are receiving is not proper, you able to terminate the contract. The contract stops you from enlisting the services of a different agent at the same time, but is otherwise non-restrictive. As a buyer, you do not have to sing such an agreement. However, there is a changing facing in the world and many now ask their buying clients to sign a contract as well. The final thing you must look into is how your realtor earns their living. Realtors can earn their money in a variety of different ways. In most cases, realtors will work by charging a commission on the final sale or purchase price of a property, but there are also those who charge a flat fee. You need to work out which of the two constructions your realtor will use before you agree to work with them.