Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Here is how a REALTOR® can help you: Your REALTOR® can help you determine your buying power—that is, your financial reserves plus your borrowing capacity.
If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties that meet your specific criteria.
Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are Realtors have access to a variety of informational resources. REALTOR® can provide information on utilities, zoning, schools, etc.
They can also help you decide whether a particular property will provide the environment you want for a home or investment and whether the property is likely to have a good resale value when you are ready to sell it. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.
Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few.
Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities.
Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date. Additionally, your REALTOR® can help you understand different financing options and identify qualified lenders, guide you through the closing process and make sure everything flows together smoothly. All real estate licensees are not the same. Only real estate licensees who are members of the National Association of Realtors are properly called Realtors.
They proudly display the Realtor logo on business cards and other marketing and sales literature. Realtors are committed to treat all parties to a transaction honestly. Realtors subscribe to a strict code of ethics and are expected to maintain a high level of knowledge of the process of buying and selling real estate.
1. Make sure you choose a Realtor who will provide top-notch service and meet your unique needs.
2. How long have you been in residential real estate sales? Is it your full-time job? While experience is no guarantee of skill, real estate, like many other professions, is mostly learned on the job.
3. What designations do you hold? Designations such as GRI and CRS (which require that agents take additional, specialized real estate training) are held by only about one-quarter of real estate practitioners.
4. Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction? While it is usually legal to represent both parties in a transaction, it is important to understand where the practitioner’s obligations lie. Your Realtor should explain his or her agency relationship to you and describe the rights of each party.
5. Can you recommend service providers who can help me obtain a mortgage, make home repairs and help with other things I need done? Because Realtors are immersed in the industry, they are wonderful resources as you seek lenders, home improvement companies and other home service providers. Practitioners should generally recommend more than one provider and let you know if they have any special relationship with or receive compensation from any of the providers.
6. What is your business philosophy? While there is no “right” answer to this question, the response will help you assess what is important to the agent and determine how closely the agent’s goals and business emphasis mesh with your own.
7. How will you keep me informed about the progress of my transaction? Again, this is not a question with a “correct” answer, but it reflects your desires. Do you want updates twice a week or do you not want to be bothered unless there is a hot prospect? Do you prefer phone, e-mail or a personal visit?
8. Could you please give me the names and phone numbers of your three most recent clients? Ask recent clients if they would work with this Realtor again. Find out whether they were pleased with the communication style, follow-up and work ethic of the Realtor.
Find a real estate agent using the Las Vegas Chamber of Commerce On-line Directory. Click here for listings of Chamber real estate agents.
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