If you’re looking to buy or sell property, 9 times out of 10, you’re going to need a real estate agents. Lots of people may try to convince you that you don’t need an agent and that you can do it on your own, and that’s true to an extent. It is technically possible for you to buy or sell property on your own. Whether or not you should is another question altogether.
I can do my taxes on my own, be my own lawyer or even my own accountant. But I would be much better off leaving this job to the professionals. Now the question becomes, what type of professional do you need?
First time homebuyer
Some realtors love working with first time buyers. Other agents won’t go near them. First time buyers have a lot to learn. Require a lot of patience and will typically use up a lot of an agents’ time.
For this reason, you should seek out an agent with a lot of patience who is comfortable, even excited, about answering questions about the homebuying process.
They will help you make sure that you’re working with the right type of mortgage lender who is matching you with the right type of loan product – FHA, VA or conventional loan.
Perhaps you have questions about the home inspection report, homeowners insurance, or the appraisal. A good realtor can calm your nerves and answer all of your questions.
Maybe you’re an investor and you need to work with a realtor who understands numbers and the investment side of the business. You may be surprised to learn that most realtors don’t really know how to work with investors as they’re used to working with individual buyers who may just be families looking to buy a primary residence.
A realtor who is investor friendly typically owns investment properties themselves so they know how to spot a good deal.
- They know what types of properties in different areas may offer great appreciation rates or cashflow.
- They know the local property management companies.
- They can connect you to good contractors.
- They know lenders who offer additional loan products that may work best for investors.
- They are used to making aggressive offers and not afraid of being rejected multiple times.
Again, only a small number of realtors have experience selling luxury properties. These types of properties will naturally only appeal to a smaller audience due to the price point. Simply put, most people can’t afford to buy this type of home.
- The luxury realtor will know how to properly market and advertise your property.
- They will know how to stage your property so that it is appealing to potential buyer.
- They will be expert negotiators because every seemingly small percentage point can be the difference between thousands of dollars.
This type of realtor focuses on one niche and dominates it because of their mastery of said niche.
Perhaps they focus on a particular zip code and know that neighborhood better than anyone else. They have sold homes there and helped many of the current residents buy in that neighborhood as well. It is their territory.
Perhaps they focus on seniors. They know which communities are walkable, quiet, offer services to like minded senior adults etc…
Perhaps they focus on military buyers. They are the go to specialist for buyers with VA loans who may frequently relocate due to multiple deployments and relocation across numerous cities.
Regardless, if you have unique requirements, you may want to seek out the help of a realtor who specializes in your particular niche.
The last piece of advice we would offer is that the fundamentals remain the same. Location, location, location. Regardless of the type of real estate agent you choose, it is imperative that they know the neighborhoods in which you’re looking to buy. Follow these guidelines and you’ll be well on your way to a successful real estate transaction.
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