Why You Need a Real Estate Agent (And What Your Agent Should Do for You)
Whether you're buying a new home or selling your existing property, working with a licensed real estate agent will ensure that your transaction is handled quickly, efficiently and with a good end result.
A real estate agent can either be a buyer's agent or a seller's or listing agent, depending on their client's need. Although a single agent may list property for sale and also work with buyers, each role will be a little different. To understand why you need a real estate agent and what your agent should do for you, let's take a look at each agent type.
In either event, you will want to work with a REALTOR® -- a real estate agent that carries the designation by the National Association of REALTORS®. While many people use the terms interchangably, there are differences. Both are licensed to sell real estate, however a REALTOR® is required to adhere to a strict code of ethics as defined by the National Association of REALTORS®. The Code of Ethics is strictly enforced. It contains 17 Articles and various underlying Standards of Practice, which are much more restrictive and confining as to conduct than those governing agents who simply hold a real estate license.
Buyer's Real Estate Agent
When you're ready to buy a home, getting help from a real estate agent will expedite your search. Your buyer's agent represents your interest during the entire real estate transaction and will work hard to make sure you get the best bang for your mortgage buck.
Your REALTOR® is an absolute asset when it comes to researching available homes for sale. She should have geographic knowledge and neighborhood familiarity, along with school information and other insider info. He will also have a network of related professionals to assist you in completing your real estate transaction, including mortgage lenders, title companies and inspectors.
When you are ready to make an offer on a home, your REALTOR® will generate the paperwork to present to the seller and will negotiate on your behalf until you are either satisfied with the terms of the sale or are ready to continue looking.
Once your offer is accepted, your REALTOR® will help navigate each step in the closing process. If you weren't pre-qualified for a home loan, she will also work with you to gather the necessary elements to obtain a mortgage.
In short, your buyer's agent will walk you through each step of the buying process while handling more details that you could ever imagine.
Seller's Real Estate Agent
When you're ready to sell your home, finding a listing agent is the first step toward success. Your listing agent will evaluate the market and help you price your home accordingly. He will also make suggestions for improving the exterior and interior of your home to make it more appealing and saleable.
Your agent will list your home for sale on the Multiple Listing Service and get the word out about your home to other agents. She may hold an open house for other agents and host events to attract potential buyers. She will market your home via all available traditional channels (like newspapers) along with various Internet resources. Like a buyer's agent, your seller's agent should have neighborhood familiarity, school information and other insider info to share with prospects.
While marketing and selling your home, your REALTOR® will accentuate the positive aspects of your property and downplay its shortcomings. He will ceaselessly show your home and stay in constant communication with you. And when an offer is made on your home, your REALTOR® will provide experienced advice on whether to take the offer, submit a counter-offer or reject the offer completely.
When an offer is made on your home, your agent will show her true value by negotiating every detail to your advantage. At this point, you should have enough faith in your agent to trust his recommendations regarding the close of your sale. Then, put the paperwork in your agent's capable hands.
Although some homeowners do put their house on the market for sale by owner, paying the associated fees to have a professional REALTOR® handle your sale makes a lot of sense in today's competitive market.
The Bottom Line on Real Estate Agents
As you can see, the role of a buyer's agent and a seller's agent are distinctly different, yet their paths intersect with each real estate transaction. Whether you are buying or selling, a professional real estate agent will be your best ally from start to finish.
