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Step 2 : Hiring a Realtor®.

by Nouman Mirza

Hiring A Buyer's AgentBuying a home is not as simple as checking online sites and finding the perfect home at the right price. It involves a complex maze of forms, financing, inspections, pricing and negotiations. A Realtor is a licensed professional that can take the complexities of one of your largest and most emotional investments and make them quickly disappear.  Last week, I wrote about the first step to home ownership in our weekly mini-series called “10 Steps to Home Ownership!” Now that you’ve made the decision that you’re ready to buy, it’s time for the next step.

STEP 2 : HIRING A REALTOR®!
Realtors are great sources of information and assistance in the housing industry.  They have a responsibility to serve the real estate market with integrity but not all Realtors are created equal.  Make sure to ask the following questions prior to enlisting the help of any real estate agent:

  1. How many homes have you sold in the last 12 months? There are over 1 million practicing real estate agents and some work full-time while others work part-time. The number of years one has been licensed has little correlation with the amount of experience they have. Some Realtors continue to repeat their first year mistakes every year while others gain 20 years of experience in a few months. Each real estate transaction is unique and provides a great amount of learning experience for the agent and the number of transactions they did will really help shine the light on their experience.
  2. How many times were you a Buyer’s Agent in the last 12 months? The representation ratio is as important to the agent’s ability to help you as their overall sales experience. Ask your Realtor how many times they have represented the buyer only in a real estate transaction because buyer representation and seller representation are two very different concepts.
  3. Where do you sell homes the most? When you begin looking for a home you will need to narrow down where your ideal living areas will be. Using an agent with extensive knowledge of the area will aid you in finding the right home much faster.
  4. Do you have a network of contacts? A well renowned Realtor will have a list of loan officers, home inspectors and appraiser that he can recommend to you. They should be able to provide you with network of contacts that will make the home buying process much smoother and faster.
  5. How quickly can I expect a response from you? A big concern for home buyers is what will happen once you do start the home buying process. Will your agent be available by phone, text or email? Will you have to wait days to get a response? The home buying process has a strict timeline and failure to complete things according to deadlines could have a negative impact. Make sure your agent is readily available when needed.
  6. Do you have any references? You can always search for any agent online and read their testimonials but a true professional will have no problem letting you talk to some of his/her past clients. Ask to see references and find out if you can contact them? Whether they’re a new or seasoned Realtor, they can provide references from past clients or employers. You can also contact your local real estate board and find out if there are any active or past complaints against the Realtor.
  7. What are the TOP THREE things that set you apart from the competition? A good Realtor won’t hesitate to answer this question and will be ready to fire off why he/she is the best suited for the job. A professional is the one that is honest, assertive, analytical, available by phones/text/e-mail, friendly and able to maintain a sense of humor under trying circumstances.
  8. How much do you charge? Typically a buyer’s agent will get paid by the seller but there are some circumstances where they may charge a fee. Such fees typically include administrative fees charged by the Realtor’s firm or in some rare cases when they sell you a home that is “for sale by owner.” Ask if the fees are fixed or based on a percentage and remember that all fees are negotiable!
Once you select a Realtor you will want to establish a proper business relationship. You likely know that some Realtors represent sellers while others represent buyers. Each Realtor will explain the options available, describe how he or she typically works with individuals and provide you with complete agency disclosures (the ins and outs of your relationship with the agent) as required in your state.

So if you’re ready to hire a Realtor, contact one or all of the awesome agents at Prince William Realty so they can help you with Step 3 : Getting a Loan Pre-Approval!

List with ME! (A Realtor®)

by Nouman Mirza

FSBO vs RealtorSo you’ve decided you want to sell or rent your house?  When such a big decision is made, make sure you get a Realtor that is working for you!  Selling or renting a home is a complex process that can be stressful and time consuming.  A professional Realtor has a check list and does things that will get the listing sold or rented in the shortest time possible.  Consider the following benefits before you decide to sell or rent your home yourself:

PRICING
A Realtor will help you determine the selling or renting price of your home that accurately reflects it’s current market value.  Remember there is nothing worse than an overpriced home.  An overpriced home will help your competition and let your house sit on the market for a longer time.  Realtors have a pulse on the current real estate market and will ensure that potential buyers are made aware of the great price of your home.  A well priced home will get you many offers in a short time frame.

MARKETING
Marketing a home means more than just putting it on the Multiple Listing System (MLS).  A Realtor can provide you with many useful suggestions on ways to improve marketability of your property, including cosmetic repairs and other items that will create a lasting impression so your home stands out against the competition.  In addition, Realtors can tap into the highly productive and extensive industry network and advertise your property to other professionals, newly qualified buyers and tenants and former clients.

NEGOTIATION
Realtors serve many functions, but perhaps the most important is their role as primary negotiator on your behalf.  A Realtor realizes your goal is to sell or rent your home as quickly as possible and for the most money and will work closely with you to facilitate this goal.  Realtors bring the knowledge and skills to draw up legally binding contracts, to assist in negotiating offers and counter-offers, and to offer counsel and perspective during negotiation.  Realtors can provide valuable input that is objective, unemotional and professional to help you quickly meet your goals.   Also, buyers or tenants will often feel more comfortable dealing with a Realtor than with the owner, specially when they decide to make an offer.

PROFESSIONAL EXPERIENCE
With knowledge and training in marketing strategy, negotiation tactics, and the workings of the current real estate market, a Realtor will be able to guide you through the selling or renting process and be able to explain exactly what to expect.  A Realtor will maneuver you through the minefield of potential problems associated with appraisals, inspections, financing process, credit verification, escrow account and make you aware of your rights and responsibilities.  A Realtor can work with you to strategize the best moves according to your own goals and point you in the direction of other specialized professionals who will aid you in different stages of the process.

An experienced Realtor can provide a sudden calm and euphoric feeling during the stressful process.  So when you're ready to sell or rent your home, contact me and get ready to be amazed!