What Does Your Realtor Do?

In this fast paced world of the internet, and with so many websites in which to view homes for sale, the question always comes up; “Why use a REALTOR when buying or selling a home?” Many buyers and sellers only look at what they perceive as the cost of hiring an agent and overlook the real benefits the agent brings to both sides of the sale. Typically, the seller pays the commission to the listing agent for listing, marketing, and selling the property and the listing agent then shares a portion of that commission with the Buyers’ agent. 

In most cases, the commission is the only fee that is charged and keep in mind; they are only paid upon the closing of the property. 

An experienced agent is trained in the complexities of the transaction and generally is knowledgeable in the market area where the home is located. The fiduciary allegiance owed by the agent to the client is first and foremost. The agent must represent their clients best interests at all times. The negotiating skills of that agent is critical and must include strong communication skills, strategies, problem solving, being creative and maintaining a rapport with the agent on the other side of the transaction. 

Unfortunately, locating a buyer and then putting the property under contract is only half of the equation. The early period of the contract (Option Period) is when the buyers hire inspectors to inspect the property and go over its ‘overall health’.  In many cases, the buyer will ask for repairs to be made by the seller, which reopens negotiations as to what the seller is willing to do and the buyer is willing to accept. The agent is more than likely also involved in assisting the buyer in the type of that will best suit them, and referring great lenders to them. With all of the choices now available from the internet and what we have heard about the issues with the large national (big box) banks, the process of selecting a lender has become a lot more complicated. As an agent, I believe that using a smaller, local community lender is the best. It doesn’t matter how great the terms are that the buyer is offered, if the lender cannot deliver as promised, then it is probably too good to be true. Lastly, the liability in selling real estate if NOT handled correctly can be great, and the agent potentially assumes that liability along with the client. The state of Texas is a consumer state and requires the seller and agent to disclose any known defects in the property. Part of the job of the agent is to advise the seller of the great importance of disclosure and make sure that the proper forms are provided to any potential buyer. After the sale, any issues that arise are usually concerning the condition of the property. 

A real estate transaction is very complex and requires expertise. An agent, an experienced agent, will help you through the pitfalls. 

Jim Trump is one of the rare licensed REALTORS that is a Certified Negotiation Expert. For professional real estate services, contact The North Texas Home Hunter, Jim Trump, at (214) 609-7123 or jtrump@kw.com

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