You must learn about representation before you start searching for a realtor. A seller’s agent will represent you if you are looking to sell your property. Those who want to buy, however, are looking for a buyer’s agent. Both buyer’s and seller’s agents are legally bound to representing you properly as soon as you have signed a contract with them.
Your realtor’s experience is one of the most important things to look into. Usually, those with the most experience tend to deliver the best service. The best ones are the ones who started working before the economic crisis and are still going strong. You also need to make sure that the experience they have is relevant to you. After all, if you are looking to move up the property ladder due to family expansion, your needs will be very different than if you were to look for a first home for your college-going child. The second important thing is that they understand your demographic requirements and are able to deal with those. 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. Should you be interested in purchasing a property that is historic or listed, for instance, you will need the services of someone very different.
It would be a mistake to work with the realtor whome the sellers of a property have already hired if you are looking at making a purchase. This is because that realtor would be legally obligated to tell their other client your highest budget and other information that could damage your negotiation position. The same is true if you are looking at selling. You should work with someone that represents just you. Firstly, ask your friends and others whether they can refer you to a realtor. You can also contact the NAR (National Association of Realtors) in order to find a professional for you. Finding a NAR realtor means that you are guaranteed to be represented ethically and professionally. Always make sure you contact a range of different realtors before making your decision. Make sure they have a great understanding of your needs, so they an start making suggestions too. Doing so will make sure that you can learn how much a realtor knows about prices, neighborhoods and so on. If you want to sell your home, find out how the realtor has done in the past. You need to find out their track record in terms of selling above or below the asking price.
Usually, seller’s realtors will ask you sign an exclusive agreement with them. 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. You are not obliged to sign this type of contract if you want to buy. However, there are now more and more realtors who do request it. Realtors have to earn a living and you need to understand just how they do that. Realtors can earn their money in a variety of different ways. Most commonly, they work on commission although there are also some that charge a flat fee. You need to work out which of the two constructions your realtor will use before you agree to work with them.