Tips on Finding Real Estate Brokers' The Cream Of The Crop
Thursday, February 16 2006 @ 09:24 pm UTC
Contributed by: jron
With over a million and a half brokers out there, it's not hard to find a broker, the challenge lies in finding a good one. Buying or selling a home is one of the biggest transactions an individual could make.
To improve one's standing on the real estateinvestment here are 5 to keep in my mind tips:
# CATER TO YOUR NEEDS
It is known that real estate brokers are the ones to rely on when it comes to finding a home to purchase. Well the truth is without real estate brokers, an individual can be just fine and could likely end up having a good deal.
One reason is, save on commission fees that is now 5%, a percent lower than 6% a few years back. Websites are one big help when getting the lowdown on home prices.
For Buyers: it will help you scope out home values, compare selling trends in the area.
For Sellers: you'll be able to get an idea of what your home is worth and review nearby comparisons of houses that have sold.
Using tools such as that on homevalues.com, is a good way to get a keen sense on the market. But it's still cool to check a weather report on the market, one can do that by taking atrip to these market places and take note on the homes that has been checked.
# SEARCH FOR TOP BROKERS
First step should be talking to friends or neighbors and asking for recommendations. Make sure you find a real estate agent who is very familiar with your area. Look for agents who either live in your area, or who make a lot of sales in your community. That is one way to find reputable brokers.
Using agents who were realtors could really help, realtors are licensed by the state and also by the National Association of Realtors.
According to Inman, expecting more from a real estate agent is the number one mistake people make. Make sure you're clear on what services you're getting.
# KNOW WHAT YOU WANT
Brad Inman a real estate expert said "You want someone who has a large number of listings and who is actively matching buyers and sellers," An individual would go for the top dog in the area.
You'll also want to find a real estate agent who has a reliable and appealing Web site. But make sure the Web is not the only marketing plan they've concocted. You want a variety of ways that your home will be marketed, including local newspaper ads and community postings, because market insights is also impostant.
While brokers are legally required tell you about every offer that comes in, in reality, some brokers don't, let them know what you want to know about.
Ask to see the details of the homes they've sold recently in your area. You can also check to see if your agent is licensed and has any complaints against them by checking out the Association of Real Estate License Law Officials at arello.com. This is a collection of state regulators and agencies that issue licenses to brokers. And be sure to get a sense of their success.
# BE CAUTIOUS
Always negotiate, In very expensive areas, like Boston or San Francisco, rates tend to be lower, while in lower cost areas, commissions are higher according to Walter Moloney of the National Association of Realtors. Keep in mind that commissions are negotiable, While a 5 percent fee may seem like it's written in stone for some real estate agents, price-fixing is illegal.
If you can cut that rate down to 3 percent, you've just saved $6,000 off the bat. And just think of the savings: a 5 percent commission on a $300,000 home works out to $15,000. You can uncover many a red flag by going to the agent's Web site. Since you won't be swayed by a nicely designed site, dig right into the details.
# OPEN EYES FOR RED FLAG
Since you won't be swayed by a nicely designed site, dig right into the details. See if any of the broker's listings have been sold a long time ago. See if any of the broker's listings have been sold a long time ago. This could be a sign of negligence, or it could be a ploy to whet your appetite for a property that isn't even on the market anymore. You can uncover many a red flag by going to the agent's Web site.
And of course, make sure the Web site has substantial information too. You'll want to have research on the neighborhood, including transportation, schools and parks. But of course, don't rely wholeheartedly on the Web alone. Another red flag is when your broker starts appealing to your "creative vision" and starts to talk about removing trees, adding a deck or converting the garage. Most real estate agents don't necessarily have much knowledge of zoning laws. Keep checking in with the Web site to see if they update their pictures every week.
You should also note whether or not your agent spends enough time on your needs. Don't go with a broker who has to rely on creative thinking to get you to lay down your money.