10 Things An Experienced Real Estate Agent Can Help You With
The terms real estate agent and real estate broker mean the exact same thing; only the first will be used in this article. (In Great Britain they use the term estate agent. When somebody wants to buy a house, the agent serves as a go-between for the buyer and the seller, finding someone who is willing to sell to a prospective buyer and someone who is willing to buy from a prospective seller. Traditionally, he represents the seller, and everything that he or she does is in the interests of that person; it is both unethical and illegal in every province for an agent to practice what is called “undisclosed dual agency,” implying that he will help the buyer to negotiate the best price. He can, however, act in a dual agency, representing both the buyer and the seller. All real estate agents must be licensed. Below are ten things that an agent can help you with.
1) Getting the right price and kind of house
Obviously the person who wants to buy a new house needs to do so at a price that lies within his or her budget. The type of house is also important — an individual who has a large family will need a different size house than one who is going to be living alone, at least for the foreseeable future. Location is another important factor — a buyer might want to get a house or apartment that is close to the place where he or she works, for instance, to avoid having to drive long distances, or to the beach or some other attractive setting. Whatever it is that you are looking for, an agent can help you get it.
A word needs to be said about prices here. Many people have the mistaken impression that agents select prices, either for the sellers or for the buyers. They do not do this, but they can guide the buyers into choosing the house that is the best buy for them by giving them all the data that they need. They then come up with a negotiation strategy based on market supply and demand.
2) Seeing the house
Anyone looking to buy a house naturally wants to have the opportunity to actually see what it is like before making the final decision to purchase it; no one wants to buy “a pig in a poke.” However, houses for sale are almost always locked, and only with the help of an agent can you arrange to have a tour of the property.
3) Learning about the neighbourhood
A real estate agent also has extensive knowledge of the neighbourhood in which you want to purchase property. He can also tell you where to get further information on such pertinent things as crime rates and the schools.
4) Recommending others
Like all professionals nowadays, real estate agents form networks with colleagues everywhere. Many of those who form part of the networks of your local real estate agent can provide the kind of services that you require. The possibility of legal liability often makes agents hesitant to recommend a particular source over another, but they can provide you with a list of those with whom they have worked and guide you towards the best choice.
5) Handling large amounts of paperwork
In the early 1970s, the typical deposit receipt consisted of but a single page. Things have changed greatly since then — now the same kind of document will usually need more than ten pages; and then there are those disclosures that are required by federal and state laws and by local custom. And the authorities are very strict about these types of things, so that even the slightest mistake could result in a year or more in court for you. You really do need to have an agent to help you with this part.
6) Answering questions you might have after closing
No matter how smooth and free of complications the closing process turns out to be, there will inevitably be things that “come back to haunt you.” Confusion can result, for instance, if documents collected by tax authorities get mixed up, and this can also happen with document stamps and the like. If you make a call to your real estate agent, you might be able to avoid this kind of hassle.
7) Marketing your house
So far we have been discussing the ways in which a real estate agent can help you in your quest to buy a house. If you want to sell your current house, an agent can help you with that, too. He can create an advertisement that works best for you.
8) Coordinating the work of other professionals
Many people are involved in the work of transactions involving real estate, from bank employees to tax assessors, and an agent can coordinate the work of all these people.
9) Negotiating factors
Besides prices, an agent can negotiate matters involving repairs, equipment and deadlines.
10) Inspection
A house must be inspected before it can be lived in, for such dangers as termites, mould, faulty wiring and loose attachments that could fall and hurt or kill someone.