The concept of representation is very important to understand before you look for a realtor. For those who are looking at selling their home, there are seller’s agents. On the other side, buyer’s agents represent those wanting to purchase a property. Both buyer’s and seller’s agents are legally bound to representing you properly as soon as you have signed a contract with them.
First, you need to look into your realtor’s experience. Usually, those with the most experience tend to deliver the best service. The best realtors got into the business before the recent economic crisis and are still working today. You do have to ensure they have experience that is relevant to your personal needs. For example, if you are trying to become a property investor, your needs will be very different than if you are looking to downsize after retirement. The second thing you need to know if how much of an expert they are in terms of the geography and demographics you require. For example, if you want to become a rancher, you need to find a realtor that is able to understand the different types of land, how it has been produced and what the homestead is like. If, however, your interests lie in historic or listed buildings, you will need a very different type of realtor.
Take note also of some things that should not be done. Do not work with a realtor who is a friend or a member of your family. There could be a huge conflict of interest on both sides, preventing you from working together properly. Additionally, there is a chance you will endanger your relationship if you are not entirely happy with the end result. Also avoid dually responsible realtors, meaning they represent both the buyer and the seller. Never be afraid of moving away from your current realtor and finding a different one either. However, if you do want to leave, make sure you do it properly. Don’t let realtors think they will definitely represent you if you are still doubting yourself. It is a case of being honest and telling them where you are in the process of buying or selling. After all, you expect honesty from your realtor as well.
If you are selling, you are likely to have to sign an exclusive realtor agreement. This is completely normal, but it doesn’t mean you don’t have rights. If, for instance, you feel that the representation you are receiving is not proper, you able to terminate the contract. The contract stops you from enlisting the services of a different agent at the same time, but is otherwise non-restrictive. Buyers, on the other hand, usually do not have to sign these contracts. However, it is becoming more commonplace for a realtor to ask for exclusivity. Realtors have to earn a living and you need to understand just how they do that. Not all realtors are created equally. In most cases, realtors will work by charging a commission on the final sale or purchase price of a property, but there are also those who charge a flat fee. Before you agree to work with a specific realtor, you have to find out which type of payment construction they opt for.