What does your Realtor do??
It can be quite a mystery, but most of the time your Realtor is working hard to make this process as smooth and stress-free as possible.
In the sometimes confusing, occasionally hectic, and always stressful world of buying and selling, what is your agents really doing behind the scenes?
For every hour an agent spends in your presence, he or she will spend an average of nine hours working on your behalf. Why? Because agents don't get paid if they don't close the deal! Unlike lawyers who bill by the hour, agents won't receive a penny until (or unless) a sale comes through. It's all a gamble, in which they could shoot snake eyes and come away empty-handed. This is the business.
The Beginning Process:
When you decide to call your favorite agent, or follow up on a friends referral, that's when the work begins. Typically a Comparative Market Evaluations (CMA) needs to be created so the agent understands what your property could be valued at, and what's the latest development that has happened in your community.
Your Agent is there to help and represent you, and make you feel empowered in your decisions. Which could include some negotiations between emotional and market price evaluation of the house. After the paper work is signed then the office work begins.
-Listing the property requires much research from property taxes, land titles, comparative analysis to skillfully romancing the description of the house.
-Then the sign company is contacted
The Talented Photographer is called to help professionally prep your home for the market.
If you're a Condo owner, the Realtor will help track all the Condo board documents down.
-Professional Brochures are created and highlight sheets for agent advertising.
-Then we enter the Social Media World, Marketing Video's, pic-collages, Ads, and squeeze pages are all used to advertise and attract attention to the properties.
Research Properties Online
Don't we all? It's estimated an agent spends about two hours each day researching potential properties.
This could include looking up flood zones, specific criteria like schools nearby, new construction planed, newly zoned commercial or LRT approved pathways... the list goes on for or any number of specific criteria.
Listings come and go fast in the real estate world, skip the research and you miss out on a potential dream home or a perfect investor deal. Some search criteria have Realtors searching for Years trying to find that perfect home for you.
The Fast Pace Marketing World
In addition to not getting paid until a deal is done, selling agents spend their own money on marketing: Hiring a photographer, glossy prints, and premium placements on listing sites, ads, fliers, and many hours on Social Media advertising your home.
Once Offers And Counteroffers Start Flowing...
Offers and counteroffers are an extremely important part of the transaction, as they can save or net you thousands of dollars on a sale. Yet getting to the right price requires written offers and counteroffers every step of the way.
Once the offer is accepted and signed by both parties, there is an inspection that needs to be ordered and the pre-approved financing needs to be confirmed through the banks. Once the conditions are removed from the property then the REALTOR contacts the Lawyers, and coordinate final signing of the documents with the clients.
A good agent will be there to help decipher what the inspector report finds. This gives the agent an immediate knowledge of what’s going on. Anything from leaky water tanks to an iffy foundation can be relayed to the buyer immediately. Inspections take roughly two to four hours.
They smooth bumps in the road
Not every sale goes smoothly—buyers and sellers get difficult all the time—but good agents try to shield their clients from the high drama unless there's a reason to fill them in.
Many times the realtor is putting out fires, fixing issues that a lot of times sellers don't need to be aware of.
They keep you calm when the pressure's on...
Good agents don't just hand you a house. They can also act as a therapist, making your sale much less stressful.
Selling and buying a home is an emotional process. You have to be a problem-solver and keep a positive approach and come up with a positive solution. It might not take a lot of time, but it takes emotional energy.
An Agent is there to decode the crazy world of buying and selling. There are many legal and surprising situations that come up within a transaction and many times it has nothing to do with the actual house price.
When the Actual Moving Date Arrives...
Most don't realize that when possession day arrives, it doesn't mean it's move in day. Depending what lawyers you use or how negotiations went, the keys can be released first thing in the morning or late evening. This is where the Realtor will work hard for you to make the transition smoothly, by communicating with the lawyers for funds transferring, having a walk through inspections, and checking all is in working order.
To top it off look for an agent who has a client care manager to help keep things organized and provide you with detailed list of what to expect.
If you ever have Real Estate questions our team is always hear for you.
~Will Hickey and Associates