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. If, on the other hand, you want to buy a property, then you need a buyer’s agent. Either way, as soon as you sign your contract with a real estate agent, they have a legal obligation to represent you.
Firstly, you should find out how experienced your realtor is. Usually, realtors with more experience are also better at their job. If you find someone who was operating before the financial crisis and is still in business today, you are on to a really good one. You also need to make sure that the experience they have is relevant to you. Someone who wants to flip properties, for instance, will have very different needs to someone who wants to find a home to raise a family in. You also need to know that your realtor understands your demographic and geographical requirements. 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, on the other hand, you want to purchase a listed building or a historic property, you will need someone that has a very different type of experience.
You must also avoid a few things. Don’t choose a realtor that you know as a friend or a relative. Doing so would be a conflict of interest for both of you, preventing you from really being able to work honestly together. Additionally, there is a chance you will endanger your relationship if you are not entirely happy with the end result. You should also not work with a realtor that is already representing the other side as well. If things go wrong, then don’t be afraid to walk away and find a different realtor. If you find you do want to leave your current realtor, do so respectfully. Do not tell any realtor that they will represent you if you are only asking for information. You need to be honest with them and tell them at which stage you are. You cannot expect a realtor to be honest with you if you are not honest with them.
Usually, seller’s realtors will ask you sign an exclusive agreement with them. It is completely normal to do so but does not affect any regular rights you have. For example, if you realtor does not represent you properly, you can always terminate the contract. All the contract really prohibits is for you to work with more than one agent at the same time. You are not obliged to sign this type of contract if you want to buy. However, there are now more and more realtors who do request it. The final thing you must look into is how your realtor earns their living. 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. It is vital that you know which one of the two constructions your potential realtor uses before you decide to sign your contract with them.