No matter whether it is your first home purchase or selling property, real estate agents are there to make the process smoother – not to mention fun! They know all the right people in order to help make this a rewarding experience.
When selecting an agent, it can be useful to compare their industry statistics with local or national averages. Here are five interesting facts about real estate agents you might find valuable.
1. They’re Licensed
Real estate agents are licensed by their state to assist people with purchasing and selling real estate (homes, buildings or land). To become licensed real estate agents they must take classes and pass an exam; some also join the National Association of Realtors(r), though membership isn’t mandatory.
An excellent real estate agent should have access to an expansive and up-to-date database of homes available for sale in their region. This will allow them to assist you in finding an accessible, pool home that fits within a great school district, among other features that meet your criteria. Furthermore, they can refer you to mortgage lenders and home inspectors should any other professionals be needed during your search for an ideal home.
When it comes to selling property, realtors will help you determine the most competitive market price by analyzing recent home sales in your area. They’ll then advertise and promote it before holding showings and open houses – before helping close on it all together.
Real estate agents who serve both buyers and sellers in a transaction are called dual agents; these professionals represent both sides in an exchange. Some states prohibit this practice; if you choose a dual agent, be sure to ask for their disclosure of this fact to you before engaging their services.
If you’re buying property, your real estate agent will make sure you are preapproved for a mortgage and have access to sufficient financing in order to close on it. They’ll coordinate between other professionals involved – like mortgage lenders, title or escrow officers, real estate attorneys – as well as meetings or contract signings in order to represent your interests adequately before finally celebrating with you on closing day!
2. They’re a Resource
A quality real estate agent should have a list of professionals they trust they can recommend or work with, from mortgage brokers to interior designers. Furthermore, they know all of the ins and outs of selling or buying property – even experienced homeowners could benefit from having someone guide them through this complex transaction process. When closing day comes around they are there with you celebrating your success as much as they love helping people realize their dreams!
4. They’re a People Person
Pop culture often depicts real estate agents as outgoing salespeople with little patience for client requests or any kind of negotiation, often using fast talking, overbearing tactics to close deals and push themselves as hard as they can in their pursuit of deals. Unfortunately, real estate doesn’t just involve selling houses; there is much more involved with this career and requires specific personalities in order for success.
Real estate agents’ primary responsibility is to connect with prospective clients and explain the process of buying or selling homes, while building trust and rapport. Furthermore, agents must be available to answer questions from all parties involved and address concerns from all involved in transactions – something which may prove challenging when clients only hear what they want to hear.
Real estate agents must be comfortable dealing with various people and situations, from various personalities to managing multiple projects simultaneously. Real estate agents typically perform functions such as marketing, accounting, paperwork, prospecting and client services besides showing properties and negotiating contracts.
Many agents operate as independent contractors, meaning that they’re effectively running their own small businesses. To stay at the top of their market and remain connected with clients while keeping abreast with changing regulations can be daunting at times, especially during slow seasons or if a sale doesn’t go according to plan – yet successful real estate agents know how to persevere even when odds seem stacked against them.
5. They’re a Trusted Advisor
As an essential financial decision, selecting a real estate agent requires trustworthiness. Effective communication between yourself and the agent should help create this environment; your real estate agent should always be honest with you about their experience and qualifications, market conditions, as well as any surprises along the way in order to provide you with an optimal deal.
When making decisions about an agent, it’s always prudent to conduct some preliminary research before making your choice. Read reviews both general and industry specific sites; consumers tend to trust businesses with multiple positive reviews more than those with fewer ones; as well as asking friends or family members for their recommendations.
Real estate can be an intimate community, and agents tend to know each other intimately. Because of this, switching agents without consulting them first may seem like an expedient solution but can prove detrimental in the long run for both parties involved.
Remember that real estate agents are independent contractors rather than employees of their broker; this means that they’re often responsible for their own marketing, so they may try to trick you into believing they have more listings than they actually do. Being aware of this will enable you to remain skeptical when an agent claims they have homes available on the market.
Due to commission structures, real estate agents often prefer quick sales in order to move onto their next listing quickly.