What To Expect From Your Realtor

I recently sat down with Courtney Botelho, Real Estate Advisor for Engel & Volkers East Greenwich and Engel & Volkers Barrington East Bay, Rhode Island. She had this to say about what buyers and sellers should look for when hiring a realtor:

For the majority of buyers, purchasing a home is the largest financial transaction they will make in their lifetime. Selecting the right agent to guide home buyers throughout their purchase can make or break the ease of a transaction.

Over the years, home buyers have often begged the question “When assisting in the purchase of a home - what exactly does a real estate agent do?” Often times the list of what your real estate agent does not do proves much shorter in comparison.

We expect about 50 various professionals to be involved in any given transaction - from your real estate attorney who assists from title to closing, to your home inspector who provides a detailed analysis regarding the structure and safety of your new home. With dozens of professionals involved in a home purchase, comes over 175 steps, built into every real estate transaction by default.

Your real estate agent exists to guide home buyers, sellers, and real estate professionals through a successful transaction from start to finish. As master multi-taskers, your agent will serve as your main point of communication throughout your transaction and beyond.

Here is a quick breakdown of what you should expect from your realtor.

Buyer Consultation: Prior to beginning your home search agents and clients meet to discuss the wants and needs of the home buyer. During this first meeting, your agent will gain an understanding of what you are looking for in a home to better assist in your search.

Setting Up a Home Search: Many agents will set their clients up on a home search through the Multiple Listing Service otherwise known as MLS. This service is the most up-to-date housing information and is only available through buyer-agent relationships. You can expect a great agent to pull and send specific properties to you as a buyer.

Buyer Showings: Once you and your agent have created a list of homes to view, it is time to begin showings! Real estate agents serve as an arsenal of knowledge and can assist in forecasting potential benefits and drawbacks of a property while in the home before offer submission.

Submitting an Offer: Submitting an offer is arguably the most important reason to hire a real estate professional. While a handshake would secure a purchase many years ago, the legality of real estate has only increased since. When writing an offer, it is vital to have a licensed professional working with you to ensure you are protected. Due to increased competition within the market working with an agent to craft a winning offer can increase your chances of landing your dream home.

Negotiations: Any great real estate agent understands that negotiations are an integral piece of a real estate transaction. Working with your agent to negotiate terms such as closing costs, inspection repairs and timelines, closing dates, financing terms, mortgage contingencies etc. can lead to an accepted offer that benefits the client and keep buyers out of legal troubles that can arise from unknowingly signing a binding contract.

Offer Accepted: Upon an accepted offer the benefit of having a real estate agent presents once again. As your main point of contact, your real estate agent is responsible for managing communication will all involved parties, setting appointments, and managing paperwork among a host of other pertinent tasks. Their job is designed to keep the transaction moving forward while you enjoy the process.

And just like that - you are a homeowner! While purchasing a home is not as simple as this 5 step process, having an agent by your side will offer ease into the unknown world of real estate - and keep you and your team on track for a successful closing.

How can you choose a great realtor? Interview them! It is important to understand your agent’s availability, communication style, and flexibility with your personal schedule.

Here are a few great questions to ask when selecting a potential real estate agent:

What is your preferred method of communication?

Are you a full-time real estate agent? If not, between what hours may I contact you with questions?

How many properties have you sold in the past 12 months?

Do you have a network of licensed real estate professionals such as inspectors, contractors, and attorneys?

How are you able to help me write a competitive offer?

Do you have a cancellation policy/contract?

Do you have any references? Reviews from past clients?

Unknown territory can be difficult to maneuver in any foreign field. Choosing the right real estate agent to assist with your home purchase will save a lot of time and potential headaches down the road to home.