Working With Real Estate Agents Part 2

By
Real Estate Agent with A Team Real Estate Professionals

Working With Real Estate Agents Part 2. In Part 1 I introduced this series and gave you some background blogs to check out. What I want to accomplish is giving you a better understanding of the different responsibilities that a real estate agent has depending on whether they represent the buyer or seller. This information should be useful whether you plan to be a For Sale By Owner (FSBO), investor buying properties without an agent, or the more traditional consumer having an agent represent their interests.

The Birds and the Bees. In North Carolina a real estate agent is required BY LAW to explain and review this document with you. This should happen pretty early on in your "relationship". I put "relationship" in quotes because at this point you may still be dating around trying to find that special someone to call your agent. You need to understand the rules before you begin to play the game. Because what you do while fluttering around could get you stung later on!

Playing the field. It is OK to play the field before choosing an agent. You need to interview several people to find out what you really want and need out of your relationship. You may even have to take some time to understand what is common practice if you are new to the area. Since this is early on you should let the agents do the talking and you size them up to see if you want to take them to the dance. If you don't trust them or feel like you can work with them then don't commit your time OR your confidential information.

Always use protection. That last point is REALLY important. We are required by law to review Working With Real Estate Agents so that we protect you as the consumer. This discussion should happen before you reveal any confidential information to an agent.

Your reason for moving, the amount of money you need from the sale of your home, etc. is all confidential information that could harm your negotiating position later on. For example, if you reveal that you are willing to take $200,000 for your home to several real estate agents (who may all bring potential buyers for your home) then you may never get an offer for the $275,000 list price!

Disclosure: The most effective form of protection. In order for everyone to have an equal footing we are required by law to disclose who we are working for (buyer, seller, or both). That way everyone's confidential information remains intact and no one can have an upper hand or a weaker position during negotiations.

Watch out for STDs. Sanity, time and dollars are the three things that you want the agent to watch over during the transaction. All real estate transactions are their own special little roller coaster of emotions. Having someone that you trust, respect, and that can make it all less stressful will help you keep your sanity. Time on the market or the timeframe that you need to buy or sell the home is very important. Your agent should be able to counsel you about different techniques to employ in order to reduce and effectively use time. Dollars should be self-explanatory. A good negotiator will ensure you maximize the dollars in your pocket!

I want to be EXCLUSIVE. When you are through interviewing agents it will be time to make The Big C. Committing to one agent is an important decision. After reviewing their market strategy, understanding the lising/buyer presentation, asking questions about service options, and even making each one explain Working With Real Estate Agents (this will let you see if they can speak so that you understand what they are talking about) you have do decide who is best for you and your situation. This is part gut feel and part understanding. I hope that I am providing you the knowledge to begin the understanding.

Working With Real Estate Agents Part 2. This post describes some intricate topics. Most people really don't think about how a real estate agent works to keep confidential information CONFIDENTIAL. For sale by owners and consumers who just use the agent listed on the sign in the front yard may be doing themselves more harm than good. That is some of what we will talk about in Part 3. I hope this is helpful to you no matter what path you choose. Please feel free to contact me or your real estate agent with any questions or for more clarification.

(Donnie Worley is a licensed REALTOR® with RE/MAX Real Estate Service. He is a husband and father living in Sanford, NC and serves Lee, Harnett, Chatham and Moore counties. If you have any questions or comments send them to donnieworley@ymail.com or call/text 919-478-4967)

Comments (3)

Brad Rachielles
CENTURY 21 Peak, Ca BRE# 01489453 - Upland, CA
REALTOR, CDPE, Upland, CA

This series should become part of your introduction packet and your web page too for client reference. Best of success.

Oct 01, 2010 03:01 PM
Tish Lloyd
BlueCoast Realty Corporation - Wilmington, NC
Broker - Wilmington NC and Surrounding Beaches

Donnie ~ This is extremely well written.  Thank you so much for sharing all your hard work.  I agree with Brad; this should be printed on nice stock and included in your Intro Packet.

Oct 01, 2010 03:12 PM
Donnie Worley
A Team Real Estate Professionals - Johnson City, TN

Brad-I had not thought of that but it is a GREAT idea.  Thank you for stopping by!

Tish-I was wondering if I was getting a little too long with the description.  You know how going through this can be sometimes.  If you can't hold the clients attention you start to lose them as their eyes glaze over.  Thank you for your feedback it was greatly appreciated!

Oct 02, 2010 01:49 AM