How to Find a Good Realtor
With the real estate industry in a tizzy due to foreclosures and downsizing of family homes, it is more important that ever to make sure that you make the right choices when it comes to trusting the sale of your home through a realtor.
There are several things to think about before signing a commitment with a realtor. Going with the wrong person or company can end up costing you more money that you ever anticipated. Selecting a realtor will require a little work on your part. It may be necessary to essentially interview several before making a final decision.
Before you talk to a realtor, make sure to have a good mortgage (conventional, rural home loans, vha, fha etc). Checkout USDA Loan Guide for more information about mortgages.
Here are some things to look for in a realtor:
Reputation – If you live in a smaller community, it may be a little more cut and dry to evaluate a company on personal reputation. You may have family, friends, or business associates that can recommend someone that is good. You may also have the advantage of knowing who to avoid.
Exposure – If you live in a larger area that may have access to many realty companies, you may have to base your choice on advertising. There may be certain companies that are all over the television, radio, or billboards but it doesn’t mean they are the best. Pick two that are very high profile and two from the phone book and compare them before making a decision. Those companies who can afford large scale advertising may be able to bring more attention to your home quickly with the right resources.
Operation – Evaluate how much commission the realtor will take after the sale. Typically, the realtor is looking for 6-7% of the sale but it may be worth your while to negotiate one or two points lower in order to get more money back in your own pocket. If you must also find a realtor to help get you in a new home, find out if the realtor will give up some more of their commission if you agree to use them to buy a home as well as sell one.
Track Record – Do not be afraid to ask for their statistics. Find out how many homes they have sold that is similar to yours. Ask if they specialize in a certain price range that is similar to yours. Inquire about the amount of homes the realtor currently has under contract at the time.
References – You should also not be afraid to ask for referral names and then make sure you check a few of them out. Check out the realtor’s membership with the local and national realtor associations.
Overall, you want to have a great working relationship with your realtor and personality does matter. Signing a contract will commit you to working with that person or company many times until the house is sold. Read all contracts thoroughly before signing anything and make sure there is a stipulation that allows you to cancel in the event you are not happy with their efforts after a certain period of time. Do not get suckered in to a long term contract and opt for a 3-6 month initial time period. If the realtor will not allow such negotiations, you may want to reconsider your commitment. While it is okay to get some advice on selling your home and setting the price, ultimately the decision should be yours and your realtor should not force you into anything.
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