If you need a realtor, you must first learn to understand what representation actually is. Those who want to sell a property may need a specialized seller’s agent. On the other side, buyer’s agents represent those wanting to purchase a property. As soon as you have signed a contract with one of these agents, they have a legal duty to represent you properly.
The experience of your realtor is perhaps the most important thing. The more experience they have, the better they are likely to be. The best ones are the ones who started working before the economic crisis and are still going strong. Next, make sure that the experience they have is relevant to your own needs. For example, if you are trying to become a property investor, your needs will be very different than if you are looking to downsize after retirement. Secondly, you need to find out how your realtor can help you in terms of your demographic and geographical needs. For instance, if you were to purchase a farm, you need to work with a realtor that is very different from one that only works with apartments in major cities, as your requirements will be very different. If, on the other hand, you want to purchase a listed building or a historic property, you will need someone that has a very different type of experience.
There are also some things you absolutely shouldn’t do. Do not work with a realtor who is a friend or a member of your family. This would represent a huge conflict of interest and it could also mean that you struggle to be honest with each other. Furthermore, if you find that the result is not entirely to your satisfaction, you could place your relationship in jeopardy. Also don’t work with a realtor who is also representing the other party. Also, if things don’t go the way you want them to, then don’t be afraid to go elsewhere. If you find you do want to leave your current realtor, do so respectfully. Don’t let realtors think they will definitely represent you if you are still doubting yourself. Simply be honest with your realtor and tell them what stage of the process you are at yourself. After all, you expect honesty from your realtor as well.
If you are selling, you are likely to have to sign an exclusive realtor agreement. This is a common procedure but it does not mean you lose any rights. For instance, if you are unhappy with the service, you are within your rights to terminate the contract. The contract, essentially, just means that you can only work with a single realtor at the same time. As a buyer, you do not have to sing such an agreement. However, some realtors are starting to insist on it. Finally, you must work out just how your realtor makes their money. Different realtors do this in 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. It is vital that you know which one of the two constructions your potential realtor uses before you decide to sign your contract with them.