Why Should I Work With a Realtor?
- A realtor will guide you through the whole buying process
- A realtor will recommend conditions, prices, and things to look for in the process
- A realtor will always look for your best interest- LEGAL OBLIGATION
- A realtor will seek appropriate properties for your search and ensure the soundness of such properties
- A realtor will negotiate for your benefit
- A realtor will create enforceable contracts for your benefit
- A realtor is at no cost to a Buyer: The Seller plays the flat commission rate regardless of the buyer having a representative
What is Agency and How Does it Affect a First Time Buyer?
Agency and representation are synonymous with each other. To have an agency relationship with a realtor as a buyer is indicative of their representation for you. As a first time buyer, it is crucial to have this agency representation as it is impossible for a buyer to understand real estate contracts and the important aspects of it without a legal or industry background. The following is a standard form document that all realtors are responsible for having their clients sign indicating exactly what type of relationship exists. This is NOT a legal contract but rather an expression of understanding by the client and realtor.
Working with a Realtor is at No Cost to the Buyer
When someone lists their property for sale, they have contractually agreed to pay a set amount of commission as a result of the sale. This commission is “split” between the listing realtor and buyer representative if there is one. If there is not a buyer representative, the listing realtor is entitled to the entire commission.
Why wouldn’t you have your own representation as it does not come out of your own pocket?
What is the Process of Working with a Realtor?
- Meet with your Realtor to discuss your wants and needs
- Find out how much you are qualified to spend- talk to your mortgage broker. For more information on mortgages, look here.
- Realtor will send you properties that match your criteria in your desired area
- Realtor will book appointments to show you the properties that you would like to see
- Once you have found your desired property, your Realtor will draft up an offer and negotiate this offer on your behalf.
- Once the offer has been accepted by the sellers, the property is now yours and your Realtor will help you with all the final details.