Something to consider when buying or selling property
The first thing to consider before buying / selling property
“Should I use a property professional?” should be the first question which comes to mind before you enter the real estate market. Home owners looking to sell their houses often wonder why they should pay that extra money in commission and whether it is really worth it. This debate has gone on for years. When making the decision to make use of your local agent, here are a few things to consider:
Having an expert at your finger tips: Whether you are buying or selling, it always requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds and multi page settlement statements. Having an expert to deal with this, will help you work through these processes quickly and more sufficiently. Property specialist do not only help and ease the process but can also provide you with the correct information of a certain area such as schools zoning and more. They can also provide objective information about each property.
Negotiating experience: There are many negotiating factors like price, financing, terms, date of possession and the inclusion or exclusion of repairs, furnishing or equipment. Professionally trained property specialists are expert negotiators and will always try and negotiate the best deal. Negotiating without a professional could result in lost opportunities in a transaction.
The power of marketing: Real estate doesn’t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of an estate agent, you do not have to allow strangers into your home. Especially in today’s market where obtaining a bond is not open to everyone, it is very important that your prospective buyer gets pre-qualified ensuring that you know that each person who enters your home is a prospective buyer and that you are not just wasting your time or opening yourself up to security risks. Also remember real estate has a language of its own. If you don’t know what CMA or PUD is, then you will need a professional to explain these terms. Even if you have sold your home before one thing to remember is that each year the market changes. Property specialists keep up to date with new market trends.
Emotions in selling: Homes symbolizes family, rest and security – it’s not just four walls and a roof. Because of this emotional bond that owners have with their property, it can sometimes have an effect on the buyer or sellers’ focus. Having a concerned but objective third party dealing with the process will help you focus on the more important things. If a seller has too big of an emotional bond to a property the influence in the total sale could be disastrous.
Ethics: Every member of the EAAB makes a commitment to adhere to a strict Code of Ethics, which is based on professionalism and protection of the public. As a customer of an estate agent, you can expect honest and ethical treatment in all transaction-related matters. It is mandatory for agents to take the Code of Ethics orientation and they are also required to complete a refresher course every couple of years.
These are just a few of many factors that need to be considered when the decision arises of choosing whether or not to use a property professional. Many a time it is worth while rather paying the commission and hiring a professional than running the risk of losing even more simply because you were not informed.