back to archiveThe benefits of using a Real Estate Agent in the Current Market
By Heather Chilvers, Coldwell Banker Bermuda Realty.
Getting a purchase closed in today's market is complex. The real estate market has changed greatly from only a few years ago. Buyers and sellers face many more hurdles including stricter financing, metric boundary surveys, structural surveys, risk of a house not selling if it is part of a chain, complex ownership structures and many other unknown factors.
To negotiate today's challenges, it is advisable to have a real estate sales professional to help you close the deal. A good real estate professional understands current market conditions. He or she has house-by-house neighbourhood experience and can help you buy a home at a price you can afford on sensible terms.
Your agent can help you find a home quickly. Not only do real estate agents have access to the properties in their database, they also share knowledge of homes coming onto the market with their colleagues. Your real estate professional will tell others about your requirements for a home so they can also be on the lookout for you.
If you want to be the buyer positioned to make first and best offers on the most desirable homes, make certain your agent knows you are committed. How do you show you're serious?
There are several ways; but here are 3 key indications
- Get prequalified with a lender. Share your financial parameters so they know exactly how much home you can buy. Your agent won't go over your limit because it would be a waste of time to show you homes you can't afford to buy.
- Don't shop for homes without your agent. If you want to look at open houses or builder homes, invite your agent to go along. If your agent can't go, make sure you register your agent's name with open house sellers' agents.
- Be loyal. Real estate professionals work only on commission. If the deal of the century is about to come on the market, who do you think your agent will tell first - the buyer with five other agents or the buyer who is loyal? If you're playing agents against each other thinking you'll get people to work for free and that you'll have your pick of homes to choose, you're wrong. Agents talk, and they'll find out they're working for the same buyer. If you want great service, show appreciation, confidence, and commitment.
Once you find the house you want, the work really begins. You'll have to navigate negotiations, loan approval, seller's disclosures, inspections, structural reports, and so on. From helping you make a reasonable offer, to providing for the discovery and disclosure of material facts, your agent can be a huge asset on your property team.
Buyers and sellers are natural adversaries. Agents must be skilled negotiators and problem solvers, as well as anticipate problems before they happen. Pride, naiveté, or stubbornness can get in the way of a fair deal for both sides, it’s imperative to bring a neutral party to the table.
Your agent will share your risk, and will make sure you go into any home negotiation with your eyes wide open. Take advantage of the greatest home buying resource available . . . your own real estate agent, their knowledgeable advice will pay off.
Heather Chilvers is amongst Coldwell Banker Bermuda Realty’s Leading Sales Representatives. She has been working in Real Estate for 25 years. If you have a question for Heather, please contact her at hchilvers@brcl.bm or 332 1793. All questions will be treated in confidence
