Real Estate Broker/Agent Functions Relating To The Buyer
Develop a thorough understanding of requirements:
- What architectural style is preferred
- How many bedrooms and how many baths are optimal
- Minimum and maximum acreage
- Square footage
- Environmental precautions
- Right of ways (ROW)
Other Relevant Factors Include Options Pertaining To:
- Water features
- Type of heat
- Type of hot water system
- Type of electrical system
- Plumbing systems
- Septic system
- Municipal water and sewer
- Type of road
- Road frontage
- Parcel dimensions
- Proximity to shopping
- School systems
- Community activities
- Worship services
- Zoning requirements
- Texture and feel of the neighborhood
- Recreational availability
- Emergency services
- Professional service contractors
- And More
Negotiating and expediting, coordinating and presence combine so that the buyer realizes a good deal. Achieving the best and fairest price for the current market is perhaps the most important function agents provide.
Agents will generally be present for home inspections, appraisals, and various other duties associated with the entire process. Even if you, the client cannot be present, most good agents will be on hand to insure the process moves in your best interest.
A good real estate agent has the knowledge base and experience to cover almost any questions buyers have. In essence, your Realtor® is a go to resource. Like a general contractor when building a home, your real estate person discovers what you really want, finds it, shows it, negotiates the best price, and looks after your interests so the deal gets done in a competent and professional manner.
Please note the difference between an agent and a realtor®. Not all agents are realtors®; but generally speaking, all realtors® must be licensed agents for the state in which they work. Realtors® follow an ethics code and subscribe to a value-based set of principles helping the real estate consumer realize better and more professional service.
Real Estate Broker/Agent Functions Relating To The Seller
Job number one – a Seller’s Agent finds a willing and able buyer to purchase the seller’s property at the most advantageous price. Many factors are taken into consideration so that a successful sale is concluded. Pricing the property correctly is perhaps the most important criterion in the process. Poorly conceived pricing, too high or too low, creates substantial headwinds going forward.
An objective analysis of sold properties, generally called comparables (“comps”) is the norm for price discovery. Properties selling within a six-month time frame and within a 5 miles or less radius of the subject property are the general parameters used when assessing pricing value. An experienced agent will proceed to find the most appropriate situations to apply to the pricing model. Art and science are involved.
Marketing presents a whole another set of challenges for the realtor®. Effectively disseminating full information on a property is critical. Today’s world demands full integration of the Internet for this purpose. It’s widely known almost all consumers now begin property searches online.
The local MLS board and aggregation sites like Trulia, Zillow, and Craigslist should be integral parts of the marketing plan. Print media and various other appropriate marketing choices should be discussed.
Suffice it to say a broad range of skills and experience are required to sell property. Some duties and functions of the selling agent include: document preparation, neighborhood awareness, key and home security, home showing schedule, tax research, zoning research, environmental awareness relating to property condition, scheduling coordination with home inspectors, appraisers, attorneys, surveyors, title companies, professional service providers like electricians, plumbers, HVAC, septic system companies, carpenters, general contractors, and more.
The seller’s agent requires broad knowledge and the ability to apply a number of skill sets so that a sale moves forward in an orderly and efficient manner thereby effecting a successful sale.
Note: Real estate transactions involve large sums. Most doctors don’t recommend you set your own broken bones. I don’t recommend attempting to buy or sell property on your own. Find a competent realtor® you like and can work with effectively. You’ll save money and walk straighter by using a professional.