Thinking of buying or selling a property? You should consider working with a real estate expert to help ensure each element of the transaction runs smoothly. There is not just a single type of realty expert- there are many, and which ones you will need depends on your situation and goals.
The Different Types of Realty Experts
Here are the realty experts that you are most likely to come across when buying and/or selling a property:
- Real estate broker
- Real estate agent
Both of these experts are legally licensed to assist sellers and buyers in the sale of a property. However, while a real estate broker can choose to either work independently or to employ real estate agents, a real estate agent may only act under the authority of a real estate broker.
- Realtors – are hired to advise, guide, and help their clients to buy, sell, or rent a property (residential or commercial)
- Listing agent – represents the home seller in the sale of property
- Buyer’s agent – represents the buyer in the purchase of property
- Dual agents – represent both the seller and the buyer in the same transaction
- Broker associates – are real estate brokers who have chosen to work for another real estate broker
As you can see, some realty experts work on behalf of the buyer, some the seller, and some both. Depending on your situation, you can employ the services of the relevant professional(s).
The Benefits of Using a Realty Expert
There are lots of benefits to using a real estate expert. Most importantly, if you try to go it alone in terms of a property sale or rental, you may find yourself on the wrong side of various legal requirements. The entire transaction may even be rendered invalid.
These are not the only reasons to use a realty expert. Even if you are confident and knowledgeable in the various legalities and terms around property transactions, realty experts have the network, resources, experience, and expertise to help you negotiate favorable terms.
Realtors can also save you time, helping to find your perfect property and filtering out ones that may have looked suitable but do not fit the bill. And, with the help of a listing agent, the home you are selling will get a great deal more exposure than otherwise – meaning more chance of a quicker sale.
What to Remember When Buying a First Home
If you are on the journey to buy your first home, this is a super exciting time – but also a very busy (and sometimes stressful) one. As well as making the most of realty experts’ services, there are a few other important things to consider:
Closing Costs
When budgeting for the purchase of your new property, don’t forget to factor in closing costs. In the past, this has ranged from 2% to 6% of the mortgage loan amount – so start saving for this as soon as possible.
Assistance Programs
Some cities, states, and counties offer first-time buyers assistance programs, so find out whether this is the case where you are planning to buy. This assistance could be in the form of help with down payments and/or closing costs, low-interest rates loans, vouchers, or tax credits.
Pre-Approval Letters
Before home-hunting in earnest, be sure to get a pre-approval letter from your lender. This demonstrates that you have passed the pre-screening process and is a form of insurance for the seller that you are financially eligible to purchase the property. Remember, though, pre-approval letters are usually only valid for 60 to 90 days.
Home Insurance
Once the property is officially yours, it is vital to take out home insurance. Do not worry, though- as well as being relatively affordable, you can get an online quote for home insurance for added convenience at this busy time. Do not be tempted to skip getting this coverage; home insurance can provide protection should your home be structurally damaged, if your belongings are stolen, if your home becomes unlivable, or if you are sued for liability. In short, you get a lot of bang for your buck.
Final Thoughts
Realty experts are an intrinsic part of the process of buying, selling, and renting property. The different real estate professionals that come under this umbrella offer a range of services designed to ensure property transactions are completed properly and efficiently. If you are in the market to buy or sell a property, their services are vital. Their experience and expertise are invaluable, and these individuals can be a key part of selling your home as quickly as possible or finding your perfect property.
