In our last blog, A Super Simple Guide to Buying and Selling Real Estate in 2023, we discussed some of the factors that impact the real estate market when considering buying or selling. Another factor that has just as much influence and importance on your overall experience in buying and selling, is your choice of a real estate agent.
Many people don’t know what to expect from a real estate agent. A valuable resource, great Realtors© have the experience and insight to simplify the process of buying and selling property. In this blog, we’ll cover everything a real estate agent is responsible for when you’re represented as a buyer and a seller.
Seller Side Responsibilities
Once you find the right Realtor©, you’ll never understand why anyone would choose the “For Sale By Owner” route. With an awesome track record, knowledge of the area, and a consistent communication system, a real estate agent can help you net the most from the sale of your home and protect you from legal risks.
Multiple Listing Service (MLS)
The Multiple LIsting Service (MLS) is an online database where licensed Realtors© upload details about property that is available for sale. This database is the source for hundreds of home search websites like Zillow. Digital syndication is a powerful tool in getting the best value for your home.
Advertising your property is a complicated necessity. You’ll need professional photos to best represent your home to online shoppers. Getting the most exposure for your home requires a strong social media presence now. When you’re interviewing agents, be sure to ask about their marketing plan.
While homeowners ultimately determine the listing price, your real estate agent can provide insight into the current housing market conditions. They’ll recommend a price based on a data-driven strategy. Comparing your asset to recent sales in the area, pricing your home correctly has a huge impact on the days on market.
Negotiating and Evaluating Offers
When negotiating a contract, your agent will have experience setting expectations early and consistently. With a solution-focused agent, the goal is a win-win scenario. Having a great reputation and healthy relationship with the real estate community, your agent will have the authority and leverage to reach a winning consensus.
Are potential buyers requesting concessions? What is their timeline to relocate? What contingencies are included? Receiving purchase offers is exciting and a seasoned agent is vital to understand the nuanced advantages of each one.
Buyer Side Responsibilities
The best real estate agent will take the time to ask the right questions and understand your unique situation. No wasting time on property that isn’t in your budget, your agent will help you find new neighborhoods that fit your lifestyle.
Your agent understands exactly what to evaluate in a property before making an offer. Lot size, noise pollution, and flood zones could be make or break. The age and condition of major appliances is important because they can be expensive to replace.
Especially in hot markets where bidding wars dominated early 2022, your agent knows how to craft a winning offer. With proof of pre-qualification and the right price, you’ll have a competitive advantage. With the right Realtor©, you can limit contingencies and focus exclusively on important requests instead of nitpicking minor repairs. The most valuable element is making a real connection and establishing rapport with the seller.
A home inspection will provide a complete picture of any structural issues. Expect to spend around $300-$500 in fees for the home inspector. This inspection will show the current condition of things like roofing, exterior doors, visible plumbing, electrical service equipment, and more.
Your Realtor© is keenly aware of the essentials when negotiating your contract. Focused on a research-backed market price, your agent can influence your closing costs, home repairs, and timeline. Even when you encounter impossible odds, a great agent is prepared with a back up plan.
Don’t put your pre-approval in jeopardy. When you’re ready to close on a house, you shouldn’t make other major purchases or open new lines of credit. Until closing day, you want to maintain your finances as close as possible to the time of pre-approval.
A final walk-through is your last chance to address any issues before you take responsibility for the home. Once you’re satisfied, it’s time to make it official. You’ll receive a closing disclosure with all the details of your loan. At the closing, you’ll review and sign the contract. Finally, you’ll wire your closing costs and down payment. Then you’ll receive the keys to your new home.
Timing is key when deciding to buy or sell a home. The circumstances are ultimately unpredictable but this year might be your best move yet. Considering moving in 2023? Make a plan for your unique situation with our expert real estate professionals. Contact us today!