Should I Work With a Realtor?
There’s a common misconception that realtors don’t really do much for a whole lot of money, and I’ll admit this concept jumped my curiosity to work in the industry. It’s probably why you know about 10 other realtors, as well. But, boy—were we wrong! After working in the industry for a few years, there’s much more to our jobs than you & I think, and it takes a lot to maintain our license (but that’s another topic for another day).
Here’s what Realtors actually do and why you should definitely consider working with one.
The Buyer’s Agent
Purchasing a home is both very exciting and incredibly stressful. The rollercoaster of emotions you come by on a daily basis can be overwhelming for most, and that is setting the bar low. My question is, why would you not work with a realtor as your guide through the home-buying process? How would you know where to start?
Here’s what a good buyer’s agent will do for you:
Schedules appointments to go over “the plan” & your goals.
Prepares the buyer’s guide & presents it to you.
Explains the buyer & seller agency relationship.
Answers questions and points you in the best direction for financing options specific to you.
Introduces you to best mortgage lender should you choose to work with one.
Guides you through the pre-approval process.
Provides an overview of current market conditions and guides you to make the best decision on where and what to purchase in your local market.
Provides value by who and what we associate with; for example, where we hang our license and who we work with are very important connections to you and your future.
Discusses Earnest Money.
Explains the home inspection process, what you should do and when.
Educates you on your local neighborhood and market.
Discusses foreclosures & short sales.
Gathers needs & wants for your next home.
Explains all the various variables like school districts, etc. that can effect your future home’s value.
Manages paperwork and your transaction file for your home purchase.
Coordinates the home search based on your criteria and keeps you up-to-date on available properties when they become available, as well as off-market listings and “pocket” listings.
Schedules and manages all showings, including mapping out the best optimal tour when viewing 2 or more properties in a day.
Gathers showing instructions for each listing, and manages the showing duties for that particular home including turning on & off the lights, unlocking and locking all doors, getting answers to your questions in real time from the list agent, making sure our showing is on-time and that we have enough time in-between showings to travel to each one.
Explains proper etiquette when touring homes. There are things you should be respectful of like recording devices, pets, other structures, pools, etc. that are important to the seller and important that you don’t do anything that can negatively impact the transaction.
Sends showing schedule to buyers.
Searches for possible repair, lot, neighborhood, etc. issues while showing.
Gathers buyer feedback after each showing.
Finds out showing activity information on homes you visit.
Updates buyers on any new market data.
Shares knowledge & insight on homes.
Guides buyers through their emotional journey.
Shares feedback from showings with the list agent and sellers.
Finds information on the neighborhood or condo Home Owner’s Association and discusses them with you.
Estimates expected utility usage costs.
Researches the utilities for your county and shares the contact info for each business so you can set up your utilities by the appropriate date.
Confirms water and sewer source and status and how you should go about inspecting them if need be.
Discusses transferrable warranties.
Explains the property appraisal process—what it is, why it exists, and what you should do about it.
Discusses multiple offer situations and manages the multiple contracts.
Goes over a practice offer and the process of submitting one so you understand how to read it, what you’re signing, and knowing your contractual obligations.
Goes over all other paperwork involved in a home purchase, including disclaimers, disclosures, due-diligence, etc.
Provides updated housing market data.
Updates you on any price changes for homes you’ve visited or are interested in.
Discusses the MLS and its data.
Determines property inclusions & exclusions.
Prepares sales contract when you are ready to purchase.
Educates buyer’s on sales contract options.
Explains the home warranty and options.
Discusses loan objection deadlines and manages sending the pre-approval letter to the right parties.
Helps you choose the best closing date.
Verifies listing data is correct.
Goes over the “comps” to determine value—what they are, how we analyze them, discusses what they tell us about pricing, and helps you submit and negotiate the best price to get the best value for your future home.
Prepares and submits “the offer” to the list agent.
Negotiates the offer with the list agent.
Executes a sales contract and disclosures under the correct deadlines.
Coordinates the transaction once the offer has been accepted and we go “under contract.” This includes sending paperwork to the title company, the lender, the list agent, and managing all the necessary duties and their timelines.
Coordinates how and when the earnest money is delivered.
Obtains copies of sellers disclosures for buyers to sign.
Delivers copies of contract and all addendums to buyers.
Gathers copies of HOA Bylaws.
Coordinates inspections for buyers.
Meets the inspector at the property with you.
Reviews the home inspection with the buyers.
Negotiates the inspection objections with the list agent and write-up the repair proposal, followed by any amendments to the contract in lieu of repairs.
Verify any existing lease agreements.
Periodically checks-in with lender to verify the loan status.
Confirms the appraisal date and when it has been satisfied.
Negotiates any unsatisfactory appraisals.
Coordinates closing time and location.
Makes sure all documents are present and are fully-executed.
Verifies title company has everything needed to close the deal.
Sends reminders to schedule utilities and will help you do it if you don’t know how.
Solves any title problems before closing time.
Receives and reviews closing documents prior to closing to make sure everything looks good.
Sends and reviews the ATLA or final closing settlement statement with you before closing.
Confirms any and all repairs have been made by the sellers prior to closing at the final walk through.
Resolves any last minute issues that will arise prior to closing.
Attends the closing.
Provides home warranty paperwork.
Gives keys and accessories to buyers at closing.
Submits final paperwork to the brokerage and closes out the file on behalf of the buyer and maintains file for up to 7 years per rules and regulations.
All this and most likely a lot more. At least I go above-and-beyond and will help you with whatever you need during the transaction. Considering becoming a Realtor and have questions? Ask away in the comments! I’m here for you.
