To accompany Home Buying in Six Steps, this article examine the role of the real estate professional behind the scenes. Share this with your clients to help them understand the value of using a REALTOR® when purchasing a home.
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1) Listens to Your Needs and Finds Opportunities to Match
- Determines whether you need to sign any contracts or agreements in order to work together
- Starts a file that details your requests, preferences, concerns, and expectations
2) Gives You an Overview of the Market
- Offers insight into the real estate market, both locally and nationally
- Informs you of the sold price for similar properties
- Helps you identify the reasons for home price variations—e.g. “homes located within a specific school district or proximity to public transit go for a premium over others”
- Shares details about neighborhood amenities, traffic statistics, and more (in compliance with the Fair Housing Act, and other federal and state laws)
- Sends updates based off housing, finance, and economic reports, and much more
3) Searches Far and Wide for the Right Property
- Finds property listings that match your needs by scanning the Multiple Listing Service (MLS), driving through neighborhoods, looking at classifieds, soliciting home owners, and contacting other real estate professionals
- Sets up appointments, researches listings, confirms appointments, follows up on opportunities, obtains lockbox codes
- Drives you to appointments and informs you of opportunities
- Guides you towards experts who can help identify property land use codes, deed restrictions and zoning requirements
- Compiles research on listings
- Maintains a record of your meetings and listing reviews
4) Helps You Place a Competitive Offer
- Informs you of the sold price for similar opportunities
- Recommends experts to help you ensure inspections and disclosures are in order
- Assists you with determining the property’s fixtures versus real property (i.e. what stays with the property and what goes with the seller)
- Guides you in negotiating a competitive offer and determining whether a counter-offer is warranted
- Assists you with negotiating the terms of the contract
- Guides you to experts for help with reviewing the terms of any neighborhood or home owner’s association covenants
5) Makes Sure the Contracts Are in Order
- Verifies tax, utility, and home owner’s assessments
- Helps obtain property inspection reports and necessary disclosures
- Ensures that the seller completes property disclosure documentation
- Assists you in pursuing title clearance and ensuring the property is in good standing
- Works with attorneys to ensure contracts follow the signing and approval process
6) Connects You to the Resources You Need to Settle in to Your New Home
- Helps you identify and connect to neighborhood amenities
- Reminds you to pull together paperwork, warranties, and set up utilities bills
- Reminds you to keep closing documents in a safe off-site location
National Association of REALTORS – October 15, 2014