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Aikens Only Weekly Real Estate Product

Hunter
Sunday, January 6, 2013

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Home Hunter

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Home Hunter

Top 10 Reasons to Hire a Real Estate Agent

1. Education & Experience
You dont need to know everything about buying and selling real estate if you hire a real estate professional who does. Henry Ford once said that when you hire people who are smarter than you are, it proves you are smarter than they are. The trick is to find the right person.2 For the most part, they all cost about the same. Why not hire a person with more education and experience than you? Were all looking for more precious time in our lives, and hiring pros gives us that time. Agents take the spam out of your property showings and visits. If youre a buyer of new homes, your agent will whip out her sword and keep the builders agents at bay, preventing them from biting or nipping at your heels. If youre a seller, your agent will filter all those phone calls that lead to nowhere from lookie loos3 and try to induce serious buyers to immediately write an offer. Agents either possess intimate knowledge or they know where to find the industry buzz about your neighborhood. They can identify comparable sales and hand these facts to you, in addition to pointing you in the direction where you can find more data on schools, crime or demographics. For example, you may know that a home down the street was on the market for $350,000, but an agent will know it had upgrades and sold at $285,000 after 65 days on the market and after twice falling out of escrow. Contrary to what some people believe, agents do not select prices for sellers or buyers. However, an agent will help to guide clients4 to make the right choices for themselves. If a listing is at 7%, for example, an agent has a 7% vested interest in the sale, but the client has a 93% interest. Selling agents will ask buyers to weigh all the data supplied to them and to choose a price. Then based on market supply, demand and the conditions, the agent will devise a negotiation strategy. Real estate agents can disclose market conditions, which will govern your selling or buying process. Many factors determine how you will proceed. Data such as the average per square foot cost of similar homes, median and average sales prices, average days on market5 and ratios of list-to-sold prices, among other criteria, will have a huge bearing on what you ultimately decide to do. Real estate agents network with other professionals, many of whom provide services that you will need to buy or sell. Due to legal liability, many agents will hesitate to recommend a certain individual or company over another, but they do know which vendors have a reputation for efficiency, competency and competitive pricing. Agents can, however, give you a list of references with whom they have worked and provide background information to help you make a wise selection.

7. Negotiation Skills & Confidentiality

Top producing agents negotiate well because, unlike most buyers and sellers, they can remove themselves from the emotional aspects of the transaction and because they are skilled. Its part of their job description. Good agents are not messengers, delivering buyers offers to sellers and vice versa. They are professionals who are trained to present their clients case in the best light and agree to hold client information confidential from competing interests.

2. Agents are Buffers

8. Handling Volumes of Paperwork

3. Neighborhood Knowledge

One-page deposit receipts were prevalent in the early 1970s. Todays purchase agreements6 run 10 pages or more. That does not include the federal- and statemandated disclosures nor disclosures dictated by local custom. Most real estate files average thicknesses from one to three inches of paper. One tiny mistake or omission could land you in court or cost you thousands. In some states, lawyers handle the disclosures, thank goodness!

9. Answer Questions After Closing

4. Price Guidance

Even the smoothest transactions that close without complications can come back to haunt. For example, taxing authorities that collect property tax assessments, doc stamps or transfer tax can fall months behind and mix up invoices, but one call to your agent can straighten out the confusion. Many questions can pop up that were overlooked in the excitement of closing. Good agents stand by ready to assist. Worthy and honest agents dont leave you in the dust to fend for yourself.

10. Develop Relationships for Future Business

5. Market Conditions Information

The basis for an agents success and continued career in real estate is referrals. Few agents would survive if their livelihood was dependent on consistently drumming up new business. This emphasis gives agents strong incentives to make certain clients are happy and satisfied. It also means that an agent who stays in the business will be there for you when you need to hire an agent again. Many will periodically mail market updates to you to keep you informed and to stay in touch.

6. Professional Networking

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Why use a REALTOR ?

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS are properly called REALTORS. They proudly display the REALTOR logo on the business card or other marketing and sales literature. REALTORS are committed to treat all parties to a transaction honestly. REALTORS subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR again. Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR. But if youre still not convinced of the value of a REALTOR, here are a dozen more reasons to use one: 1. Your REALTOR can help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a REALTOR some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices. 2. Your REALTOR has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties. 3. Your REALTOR can assist you in the selection process by providing objective information about each property. Agents who are REALTORS have access to a variety of informational resources. REALTORS can provide local community information on utilities, zoning. schools, etc. There are two things youll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell? 4. Your REALTOR can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Your REALTOR provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR, title company or attorney can help you resolve issues that might cause problems at a later date. 6. Your REALTOR can help you in understanding different financing options and in identifying qualified lenders. 7. Your REALTOR can guide you through the closing process and make sure everything flows together smoothly. 8. When selling your home, your REALTOR can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle. 9. Your REALTOR markets your property to other real estate agents and the public. Often, your REALTOR can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR Code of Ethics requires REALTORS to utilize these cooperative relationships when they benefit their clients. 10. Your REALTOR will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR, you do not have to allow strangers into your home. Your REALTOR will generally prescreen and accompany qualified prospects through your property. 11. Your REALTOR can help you objectively evaluate every buyers proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your REALTOR can help you write a legally binding, win-win agreement that will be more likely to make it through the process. 12. Your REALTOR can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).

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Sunday, January 6, 2013 |

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The Aiken Standard is pledged to the letter and spirit of the U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtain housing. All real estate advertising in the Aiken Standard is subject to the Federal Fair Housing Act, which makes it illegal to advertise any preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status or national origin, or intention to make any such preferences, limitations or discriminations. We will not knowingly accept any advertising for real estate that is in violation of the law.

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