Expectations for your Realtor

I was recently in the market to purchase a bicycle. At first, this purchase seemed like a no-brainer. On my way over to one of the national chain stores that carry everything from baby food to big screen TV’s, I stopped in a local bike shop. While there, the sales person took some measurements and asked me a few questions about what type of bike riding I had in mind. He then made some recommendations and adjusted a couple models for me to take around the block. Thanks to this sales person, I never even made it to the national chain and made an excellent purchase.

So what does all this have to do with real estate? I never expected the salesperson to teach me about bikes or take the time to make sure I was getting the best bike possible for my budget and needs. And if purchasing the right bike requires a specialist, then what does the purchase of a new home require? Knowing what to expect from your local Realtor will help you in the buying process. This article will help a buyer understand what to expect from their Outer Banks Realtor.

A good sales person wants to make sure the buyer is happy with their purchase. Similar to purchasing a bike, a real estate agent can not help you find the right property until they know something about your wants and needs. At a minimum, an agent will want to spend an hour or so talking with you. This process may involve looking at a few properties before a Realtor can get a good feel for a specific buyer’s interests.

Part of this process is a discussion about agency as well. Agents are required to provide you with a brochure that outlines the different agency relationships available. Joanne Hanks, Broker/Owner of Four Seasons Realty in Duck recently stated, “I present this brochure along with other valuable market information when I first meet each buyer.”

You can expect most agents to ask you if they can represent you. Having an agent look out for your interests should not cost you any additional money. Most agents require just a verbal commitment before they begin to work for your interests. In North Carolina by law, agents represent the seller until the buyer agrees to allow the agent to represent them. Once both agree, the Realtor can help you obtain a property for the best price and terms possible as well as look out for your specific interests.

A buyer should expect their agent to provide them with all the facts, figures and information necessary to make an informed buying decision.

What does this entail? For starters, it involves getting as much information about a property as possible, from expenses and income to the number of occupants the septic system accommodates. There is a wealth of information available on each property if you know where to get it. Realtors are experts at getting this information and will save you a tremendous amount of time collecting this data. Buyers should also expect their agent to help them interpret this information. For example, how a specific property compares to other available and recently sold homes. Most Realtors will complete a market analysis of the prospective property prior to writing an offer so you have a target price in mind.

Realtors are also expected to have some knowledge of other real estate related subjects. They should have a general working knowledge about insurance costs, erosion, financing, zoning ordinances, tax implications of owning a home, vacation rental regulations, construction and contracts, just to name a few. You should expect the agent to use their expertise in these areas to save you time and money.

A buyer should expect an agent to follow through with the tasks necessary to close the transaction. This starts prior to making an offer on a property. After it is clear what features you are looking for, the agent will begin contacting you with new listings that meet the criteria. Michael Davenport, a Senior Broker Associate with Sun Realty, stated “Once a property is listed that meets a client’s needs, we contact them immediately so they won’t miss out on an opportunity. We also let them know when similar properties sell to keep them informed of market values.” The agent can also be expected to coordinate each activity after you have a contract so the closing occurs on time.
In return for their efforts, Realtors also typically expect a few things from buyers. As a prospective buyer you should be straight forward with the Realtor. When calling about a property when you already have a relationship with another Realtor, tell the agent on the phone you are already working with a Realtor. The agent on the phone will then give you the needed information and not try to sell you on their services.

This will save time for both parties. Sharing your wants and needs with the buyer’s agent allows them to quickly pinpoint those properties which would work best for you. Agents do not want to bother a client with properties that do not meet their needs. Being specific about the type of property wanted allows the agent to focus their search on those properties that might work. Agents also expect you to work exclusively with them. The real estate sales industry is set up so that only one person can be compensated for working with the buyer. If more than one agent is actively looking for an individual then all but one will be working with no chance of compensation.

Having realistic expectations is the first step towards a successful and happy transaction. Take the time to talk with your Realtor about expectations and enjoy a mutually beneficial relationship that should last long past the closing day.

Simply email dearjeff@oneboatguides.com and Jeff will respond to your question. Questions that would best benefit the public will be published in an upcoming issue of the Real Estate Outer Banks magazine.