You must learn about representation before you start searching for a realtor. A seller’s agent will represent you if you are looking to sell your property. For purchasing properties, on the other hand, you need a buyer’s agent. Both buyer’s and seller’s agents are legally bound to representing you properly as soon as you have signed a contract with them.
Make sure you find out whether anyone can personally recommend a realtor. However, don’t let someone else’s opinion be the determining factor. Make sure you do your research therefore. You must ensure that you find a realtor that specializes in your field of interest. If you are hoping to buy a penthouse, for instance, you shouldn’t go to a realtor that focuses in suburbia. Do make sure you actually speak to a realtor you are considering. Ask anything that is relevant, such as how they will represent you, what they can do for your, what experience they have, how much they cost and so on. You also have to make sure that your expectations are made clear to your realtor. They must understand your needs. The last thing you need to do is make sure that you actually like your realtor on a personal level. The reality is that you will struggle to trust someone who you don’t like. Finally, do work with a realtor that has a lot of experience. Although you might want to help out someone who is just starting in the world of real estate, would you really trust them with the thousands and thousands of dollars involved in these transactions?
A number of things should be avoided as well. Don’t choose a realtor that you know as a friend or a relative. There could be a huge conflict of interest on both sides, preventing you from working together properly. Additionally, there is a chance you will endanger your relationship if you are not entirely happy with the end result. Also avoid dually responsible realtors, meaning they represent both the buyer and the seller. Never be afraid of moving away from your current realtor and finding a different one either. Of course, do make sure you do this respectfully. Don’t tell realtors that you will definitely work with them unless you are sure yourself. Always honestly tell them at which stage you are. If you expect your realtor to be honest with you, you need to be truthful to them as well.
In most cases, if you want to sell your property, your agent will require you to sign an exclusivity agreement. This is completely normal, but it doesn’t mean you don’t have rights. If, for example, you feel you are being poorly represented, you are allowed to terminate the contract. The contract, essentially, just means that you can only work with a single realtor at the same time. Buyers, on the other hand, usually do not have to sign these contracts. However, there is a changing facing in the world and many now ask their buying clients to sign a contract as well. Last but not least, you need to understand the way realtors earn their living. There are a number of constructions realtors can use. Most commonly, they work on commission although there are also some that charge a flat fee. Before you agree to work with a specific realtor, you have to find out which type of payment construction they opt for.