Why Work with a Realtor?
Only real estate licensees who are members of the National Association of Realtors (NAR) are properly called Realtors®. When you begin your home search, consider using a member of the Greater Las Vegas Association of Realtors® and the National Association of Realtors®.
Determine Your Buying Power
Your Realtor can help you determine your buying power. If you give a Realtor some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders – banks and mortgage companies – offer limited choices.
Resources for Home Search
Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.
Finding Property Information
Agents who are Realtors® have access to a variety of informational resources. Realtors® can provide local community information on utilities, zoning and schools. There are two things you’ll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
How Do You Negotiate?
There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs, furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to what is recommended or required.
How You Know What You’re Buying
Your Realtor® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your Realtor® can assist you in finding qualified, responsible professionals to do most of these investigations and provide you with written reports.
Up-To-Date Selling Information
You will need up-to-date selling information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
Marketing Your Property
Often, your Realtor® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your Realtor® markets your property to other real estate agents and the public. In many markets across the country, over 50 percent of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your Realtor® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks or open houses for agents, etc. The Realtor® Code of Ethics requires a Realtor® to utilize these cooperative relationships when they benefit their clients.
How to Advertise Your Property
There is a misconception that advertising sells real estate. The National Association Of Realtors® studies show that 82 percent of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your Realtor®, you do not have to allow strangers into your home. Your Realtor® will generally prescreen and accompany qualified prospects through your property.
Evaluate the Buyer’s Proposal
This initial agreement is only the beginning of a process of appraisals, inspections and financing – a lot of possible pitfalls. Your Realtor® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.
Closing the Deal
Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a problem with the title is discovered. The required paperwork alone is overwhelming for most sellers. Your Realtor® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).