1.) Being Understood
Being “represented” by a REALTOR® means that you have an advocate who is putting themselves in your shoes. They will listen intently to you. They want as much information about your situation as possible so that they can best help you. They will do everything they can to earn your respect so that you will use them again in the future. Understanding our clients needs and wants is essential for success in this business.
We work hard to understand you and your needs. Each of my home buying and selling clients are different. Some may want to list their house for sale and need advice on staging and adding upgrades to get the best value. Others may be relocating due to military orders and need to find a house in the next 7 days. Everyone’s situation is different. They all require special attention to make sure that their needs are met and their expectations are exceeded. If your REALTOR® truly understands you and your situation, you are in good hands!
2.) Being Protected
Being “represented” by a REALTOR® means that your interests are being protected. If you tell your REALTOR® that you want a house within a certain price range, they’ll make sure to keep you grounded if you start to venture off looking at higher priced homes. They will also remind you of your main home search criteria points if you start to get distracted by less practical homes. They will protect your information and only communicate details to other 3rd parties as you direct them. They will step in anytime there is a problem and resolve it as you advise, protecting you from direct conflict. Good REALTORS® dedicate their time to learn about their clients. They are serious about protecting their clients interest.
3.) Insider Knowledge
A good REALTOR® is an experienced professional with many years of insider knowledge. If you have already bought and sold a home before, then you probably learned a lot about the real estate process. Imagine doing that over the course of many years. Can you image the amount of knowledge you would acquire with each transaction? This is the benefit of having an experienced REALTOR®. They have insider knowledge from helping hundreds of home buyers and sellers. Ask as many questions as possible and utilize this resource as much as you can. It’s one of the greatest benefits to hiring a good REALTOR®.
Many think of “insider knowledge” as knowing which neighborhoods have the lowest crime rates, or which schools are best. This is a common misconception. REALTORS® are not supposed to comment on their opinions of neighborhoods or schools. It’s considered “steering” by the Federal Fair Housing Act. We can direct you to resources to find all the information that you would need to best answer those questions. Our knowledge of the transaction processes, contract preparation, and local real estate statistics are our most valuable assets to you. Understanding how to put a fair offer together to get the best deal is invaluable. Knowing how to negotiate specific details into a transaction are essential. Helping our clients understand current market statistics and what it means for their situation is crucial in our business.
4.) Mediator Leverage
Having someone “represent” you means that you can sit back and direct them as you choose during negotiations. It’s much easier to make important real estate decisions when you don’t have to deal with the stress and emotion of delivering the information. This is your negotiating leverage when you have a REALTOR® representing you. Your REALTOR® will be delivering all the details as you direct them to, using their experience to gain you the best outcome. They are your personal spokesperson for your negotiations and transaction details.
REALTORS® will also prepare you for the different scenarios that you might expect from the other party, based on your requests. As a home buyer, it’s easy to over reach and want both the best possible price, along with other items in the property that belong to the sellers. As a seller, it’s easy to give in and accept the first offer that comes out of pure exhaustion form the home selling process. A good Realtor will keep you grounded and help you understand your true negotiating position. They will help you to predict how the other party will respond to your requests. They will also package and deliver your requests in a way that helps in getting your offer accepted. It’s a delicate balance that takes years to perfect. Having the leverage of a good Realtor to mediate your transaction may save you thousands of dollars and some unnecessary lost sleep.
REALTOR® “representation” was created because people both needed and wanted the service. It will always be a service that people need, whether they know it, or not. Like many consumers, I did not know that I needed these things when I first worked with a REALTOR®. Real estate is a tricky business that requires constant learning, serious dedication, and a true heart for the people we work with. If you are being represented by a REALTOR®, take notice of the four benefits mentioned above. It will help you to know how to best respond to your REALTOR® throughout the process. When you know what our job is all about, you can use us to your greatest advantage.
Excerpts from an article by Andrew Fortune of Great Colorado Homes.com