Friday, August 26, 2016

Buying or Selling a Home on a Handshake


Our world continues to become exceedingly complicated.  There was a time when business transactions were sealed with a handshake, particularly when buying or selling a home.

Those days are far behind us and handshake purchases are a thing of the past.

Today, few would engage in such a financial venture without the advice and guidance of an experienced real estate agent.

The National Association of Realtors reports that if you are selling a home you will receive 19 percent more money if you use the services of a qualified real estate agent.

If you are a buyer, your personal real estate agent (whose fiduciary obligation is to you) will ensure you’re not overpaying for a property or lose the opportunity to purchase by offering too little.

For most people, the sale or purchase of a home is the largest investment they will make in their lifetime.

For the Seller

Once you are satisfied that you have found a qualified real estate agent, consult with them personally before making any decision. From experience, they will know how to prioritize improvements to your home that will increase its value and what changes that will render nothing. Your real estate agent’s main responsibility is to make certain your house is sold for a fair price by marketing it correctly.

The first question many sellers ask potential real estate agents when deciding who to represent them is, “What is your fee?”

Real estate is the only profession that does NOT require any payment unless your home is successfully sold. However, in order to accomplish that, many thousands of dollars are invested in marketing your property. Essentially, you are really engaging the services of a marketing firm to promote and ultimately sell it.

First, the real estate agent would develop a specific strategy for your property employing a number of marketing tactics. For example, a professional description with accompanying photos of both the interior and exterior will be created and posted on the agency’s website as well as other popular social outlets.

Experienced real estate agents also belong to several multiple listing services and databases to share information about properties with other real estate agents. These agents may represent potential buyers or wish to cooperate with another agent in finding a buyer of the property. Additionally, your real estate company will advertise in the many local and regional publications showcasing your property, which are avidly read by buyers, sellers and other real estate agents.

The next question sellers pose when seeking a real estate agent to represent them is, “ Do you have a buyer looking for a house like mine?”

Once you have made the decision to engage the services of a real estate agent, they will hit the ground running by first reaching out to their own customers to see if there is someone who may be seeking a home like yours. Additionally, real estate agents collaborate with their colleagues from other firms and will communicate their client’s needs to them as well as examine the existing inventory in the region.

For the Buyer

If you’re buying a home in an area with which you are unfamiliar, working with a personal real estate agent is crucial for success.

Make sure the agent you are considering listens carefully and understands your wants and needs. An experienced, knowledgeable real estate agent should know the area very well and be able to recommend professional vendors who are fair and responsive. These may include lawyers, inspectors, appraisers, insurance agents, tradesmen (carpenters, excavators, electricians, plumbers, landscapers, roofers), and lawn service and snow plowing companies.

Your real estate agent may be the only person you know in the area. Confirm that they are indeed experienced and well informed.


The Intangible Factor

Finally, before choosing a real estate agent determine whether you have a feeling of comfort, confidence and ease of communication with them. Can you confide in them and would you listen to their counsel? Are you convinced of their expertise and professionalism?


When you hire a real estate agent; you are now a team. Make sure you are on the same page; working toward the same goal.  

Call Stephanie Samuelsohn, Principal Broker of VantagePoint Realty at 518-392-8484 or e-mail at Stephanie@ColumbiaCountyHomes.com

Check out our Website:   http://ColumbiaCountyHomes.com