What To Expect When Working With A Realtor
Posted on: 30 July 2018
The process of buying or selling a residence can get very involved, and a home realtor agent can be an asset while trying to manage it. In fact, nearly 9 out of 10 home sales are handled with the support of a professional representative. If you're curious about what to expect when dealing with home realtors, this list can help.
Who Pays What
One of the biggest concerns folks tend to have when working with a home realtor agent is what it is going to cost. Unless the buyer makes a point of offering to pay the agent, a sweetener that some people throw into deals in order to win over tough sellers, the realtor's commission is expected to be paid by the seller. This usually works out to somewhere between 2% to 5% of the closing value. Bear in mind that buyers often have to pay a number of additional items, such as appraisal fees, tax servicing costs, and notary fees.
Market Knowledge
Knowing everything about a property and a neighborhood is simply a hard job. Someone who has familiarized themselves with a listing's details, however, will be able to quickly hit all the key points you want to learn about. A home realtor agent will also know a lot about the surrounding area and be able to answer questions about schools, taxes, and amenities. Sellers can benefit from the knowledge of recent closing prices and the current state of the local housing market, too.
Representation
The legal distinction of who a home realtor agent represents matters. The simple answer is that the agent represents the interests of the seller. As a buyer, you should be aware that the realtor has a responsibility to relay all credible offers. Intriguingly, realtors are also allowed to come into sales they personally like as buyers, although they're required to still cover commissions and other buyer costs. Many buyers now seek to have their interests represented by bringing in their own agents.
Work
A major advantage of dealing with a home realtors is that they're ready to put in plenty of work. If a buyer wants to see a property but the seller is on vacation, for example, the realtor can show the house and speed the process up quite a bit. An agent can also provide standardized paperwork for transactions, and they'll even work with both parties to iron out little details.
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