What’s the value in hiring a real estate broker for your real estate transaction? Many people are not aware of the expertise, professional knowledge, and hard work that is necessary for a successful real estate transaction.
The process requires coordination and implementation of many services and steps to make it happen. Without those steps, the transaction may not be completed and may not close. The NATIONAL ASSOCIATION OF REALTORS® estimates there are nearly 200 typical actions, research steps, processes, and review stages necessary for a successful residential real estate transaction. Those are the things that are provided by a full service brokers in exchange for their sales commission. Some of those steps may take only minutes and some may takes hours or even days to complete.
Some transactions may not require all 200 steps; however, depending on the nature of the transaction, additional services may need to be necessary – due to unexpected complications that occasionally show up! (Those unexpected happenings are another reason to hire a professional for your real estate transaction- someone to help guide you through the unexpected and make wise real estate decisions!)
In today’s real estate industry, there are a variety of options to choose from when hiring a broker or brokerage firm – ranging from full service, limited service, and fee for service (kind of like an a la carte – pay as you go). No matter which option you choose, you should understand exactly what services will or will not be provided before engaging the services and agreeing to compensation.
Something else you should consider, is the broker a REALTOR®? All real estate agents must have a state issued license but not all are REALTORS®. All REALTORS® have taken an oath to subscribe to a stringent enforceable Code of Ethics that promotes the fair, ethical, and honest treatment of all parties in a transaction. For peace of mind, ensure that the individual you choose to represent you a REALTOR® because of the professional commitment to ensure that both seller and buyer are brought together in an agreement that provides each with a transaction that is fair and equitable.
When hiring someone to represent your interests, it is not just about the cost- it is what services will be provided in exchange for that cost. One should also consider the agents commitment to maintaining top notch skills, keeping up industry knowledge, attention to detail, and their ability to communicate with you. If you can’t communicate effectively, those 200 plus actions and processes required for a successful real estate transaction could be painful and stress inducing.
Bottom line- hire someone you like that possesses the right skills and tools for the job with the tenacity to stick with you and represent your interests all the way to closing!