The hiring of a real estate agent or realtor is an important step in the process of selling property. An important consideration any buyer/seller must keep in mind when selecting an agent is that while their realtor is given a great deal of responsibility, they ultimately risk very little besides their time, effort, or, to often a limited degree, their reputation. The financial risks are placed on the customer, thus it is important that the customer selects a realtor that will be most effective for the needs of their transaction, and simply be most in tune to what the customer wants.
Primarily, it is important to understand what a real estate agent will do for the customer in most general circumstances. The realtor will likely run open houses to show the property to as many individuals at a time, and will work as the point person for the property. Nearly always, the realtor will place a sign outside the property advertising its sale price and providing the realtor’s contact information.
Advertising a property usually represents the realtor’s largest expenditure of resources, and in making this risk they are entitled to exclusivity in brokering the eventual sale of the property. To fortify this relationship, a contract is usually drawn up between the realtor and the seller to insure the exclusivity. These contracts can later be dissolved if the relationship is not beneficial to either party, but time wasted in using an ineffective realtor can be costly. In real estate sales, lost time is often lost money; the longer a property is on the market the more it becomes necessary for a seller to lower their asking price.
It is the realtor’s responsibility to negotiate on behalf of the seller, and also to perform background checks on potential buyers, The realtor traditionally receives a commission of the sale, usually five percent, but that is commonly open to negotiation.
As can be seen, a realtor is a demanding and important job in s real estate transaction. While one certainly does not want to pay an exorbitant commission, it is important to note that a fair commission is important, for it will ultimately be the realtor’s source of revenue.
In the modern Internet era,has expedited the research capabilities and subsequent services their a realtor’s office can provide. But also traditional means, such as perceived success, word of mouth, and initial impressions are important as well.
