Jonathan Weiss lists 8 things to look for in a real estate professional
When you want to make or sell a real estate investment, it is a good idea to look for a qualified real estate professional. Without professional help, you may not be able to take advantage of all of the potential opportunities available to you.
A trusted real estate professional will be able to walk you through the steps of investing in, managing or selling your property. The best real estate professionals take an educational approach to their business, helping investors understand all aspects of the sale or purchase before they sign on the dotted line.
Not everyone wants to use a real estate professional. Some homeowners prefer to go it alone, performing for sale by owner (FSBO) transactions. This could be a risky proposition since you could miss important paperwork. You could also be at a disadvantage when it comes to pricing your property.
Jonathan Weiss, a real estate expert, lists the eight things you should know when you are looking for a real estate professional.
1. Learn about licensing
All real estate professionals need to be licensed. Don’t be afraid to ask a new real estate professional if you can see proof of licensing. They should not be insulted that you are following up in this way. Real estate professionals have to be licensed because they deal with large transactions that could affect a person’s financial health well into the future. They must also follow strict rules and guidelines set out by the state and local jurisdictions in which they work.
2. Find someone who understands your budget
If your real estate professional does not understand your budget, they may constantly recommend properties that you can’t afford, causing frustration. Jonathan Weiss reminds property seekers that you should be upfront with your agent about your financial situation. It’s extremely important for your sales representative to understand your balance sheet and how much you can afford in monthly expenses and the price of the property as a whole.
3. Understanding what you’re looking for
A qualified real estate professional will be intimately familiar with the local area where you want to buy the property and will be able to complete a search to find you exactly what you want. If they don’t have any leads personally, they will search through their extensive database and local contacts.
4. Real estate professionals can give pricing advice
When you are trying to decide on a price to sell your property, a real estate professional can be a valuable source of information. Pricing real estate transactions is nuanced and can be a tricky proposition but is also crucial to maximizing value upon a sale. You know how much work you have put into getting your property ready for sale, and you probably have your own view on value, but it is important to substantiate property values with your real estate advisor. They can provide a comparable sales or rental analysis to support your asking price. A good real estate agent understands how the local community works and what a fair range of prices could be for your market.
Jonny Weiss recommends that you check your pricing strategy with your real estate professional before putting your property up for sale.
5. Real estate agents understand contracts
Today, buying, selling and/or owning a property of any kind requires a large amount of paperwork and contracts. Especially when dealing with closing paperwork, real estate professionals have a great deal of expertise. They also have valuable contacts, such as real estate attorneys, contractors, engineers and other professionals who can smooth your road toward property ownership.
6. Negotiating sales
No matter how much you try to divorce yourself from an emotional attachment to your property, it can be difficult to take an unbiased view of the proceedings. Jonathan Weiss believes that a real estate professional will be able to look past your emotional reactions and sell your property with logic and reason.
Real estate agents also have good working relationships with other agents in the area. They may be able to get you better prices and deals than you would be able to get on your own. This is especially true of realtors who have strong local ties. If you work with a realtor from outside the area, you might be at a disadvantage.
7. A wealth of experience
Even if you feel that you could do a job representing your own property, you should ask a professional for help. There may be important details that you could overlook. The end goal of a real estate professional is to sell your home so that you can free up cash, cut back on carrying costs or to help put you in a new home that meets all your needs. You and your real estate professional will have the same goal, but they will be able to do a better job in meeting it.
8. Attention to detail
A purchase agreement for a home can top 10 pages. This is in addition to other federal, state, and local requirements. Qualified agents are more familiar with this paperwork than you are, and they are unlikely to miss any crucial steps. Omissions or mistakes in this paperwork may cost you as much as the commission you didn’t want to pay when you decided to do a FSBO (for sale by owner) transaction.
Working with a pro makes sense
For these reasons and many others, it makes sense to work with a qualified real estate professional. Jonny Weiss believes that the advantages of working with a professional far outweigh the potential costs you would save by going it alone. If you are buying or selling a property, look into engaging the services of a real estate professional in your area.