Homeowners' Associations (HOAs) are organizations that manage and govern planned communities, condominiums, or subdivisions. When you purchase a property within a community governed by an HOA, you
What Does A REALTOR® Do For Me?
Dated: December 11 2023
A Realtor plays a crucial role in helping you buy or sell a property. Here are some key things a good realtor should do for you:
1. Market Knowledge:
- Stay updated on the local real estate market trends, prices, and inventory.
- Provide insights into the neighborhood, schools, amenities, and future development plans.
People commonly talk about good or bad neighborhoods. A Realtor cannot ethically group neighborhoods that way. What your Realtor should be able to do is listen to your needs and wants and recommend neighborhoods or areas that have the amenities and support the type of lifestyle you are looking for. When selling the Realtor should be able to tell you the most similar neighborhoods to yours and know the sales stats for those neighborhoods and areas.
- Maintain open and transparent communication.
- Keep you informed about the progress of your transaction.
- Respond promptly to your calls, emails, and messages.
In our connected world, it is easy to text or email - but look for real substantive responses. Organized with useful meaning answers. Updates through the process are not too much to ask for or expect.
3. Negotiation Skills:
- Negotiate on your behalf to get the best possible deal.
- Handle offers and counteroffers with professionalism and skill.
This will probably not happen in front of you and honestly, there will be little you can do to find out how good they are. If they are the listing agent ask them how many listings they took and what the list price to sales ratio is.
4. Paperwork and Legal Assistance:
- Assist with all necessary paperwork and documentation.
- Ensure compliance with legal requirements and regulations.
No Realtor can provide legal advice but they can use the correct forms (usually provided by their brokerage or the state Association of Realtors, correctly filled out to protect you. Buyer or seller, it matters that your agent knows their forms.
5. Property Valuation:
- Help you determine the appropriate price for a property based on market conditions and comparable sales.
Be sure they show you in writing the comparable sales, existing inventory and 3rd party data on market conditions coupled with their professional opinion.
- Leverage their network to connect buyers with sellers and vice versa.
- Have access to other professionals such as inspectors, mortgage brokers, and attorneys.
The secret sauce in Real Estate is right here. How many contacts does your agent have? The more the better. Longevity in an area is important but so is their connectivity to the community. When it comes to referrals they should offer you two or three for any service or profession.
7. Problem Solving:
- Identify potential issues and provide solutions.
- Navigate challenges that may arise during the buying or selling process.
In the event a challenge arises during a sale or purchase watch for your agent to present fact-based solutions. They should be able to explain what the problem is and the options to fix it.
8. Client Education:
- Educate you about the real estate process, market conditions, and potential challenges. Each market is different, your Realtor should be able to explain what the unique things about your market are. Suggestion: Ask your agent to name the top five "big" issues in Real Estate in their service area.
- Guide you in making informed decisions. (For example: in Some areas, certain pests are an issue an inspection for those might be crucial while in another area the pest may not even exist)
- Be available for showings, meetings, and discussions.
- Accommodate your schedule as much as possible.
While each Agent can set his or her schedule it is reasonable to expect regular phone or in person meetings while searching and then during the sale or purchase.
If it becomes less than once a week, something is wrong.
10. Ethical Conduct:
- Adhere to a high standard of ethics and professionalism.
- Prioritize your best interests and maintain confidentiality.
This is a hard thing to judge about anyone. A good suggestion is to Listen carefully to how your agent talks about other transactions, professionals and service people.
- Stay adaptable to changing market conditions and client needs.
- Utilize modern technology and marketing strategies effectively.
Each month that goes by in your search or the marketing of your home will bring new challenges. Your agent should be updating you with specific things they are seeing. At the very least market statistics.
12. After-Sale Service:
- Assist with any post-sale concerns or questions.
- Provide resources or recommendations for services related to your new property.
There are many parts to home ownership. Your Agent should be able to provide you with a roadmap of the steps you need to take to get them all organized.
Remember, it's essential to communicate your expectations clearly with your realtor and establish a good working relationship to ensure a smooth and successful real estate transaction. For the Realtor to help you meet your objectives and effectively advocate for you they need to know what you want.
Coming into Real Estate from a background of Public Relations and real estate investing has made a world of difference. Both for my clients and myself.....