Different Types of Representation in Real Estate
There are many different types of representation used in the Real Estate World! With the ability to access different listings through Google and MLS today's average consumer has become more aware of the Average Home Value, Sale Price and overall Market Knowledge.
However what we see is not always how it is! It is very important to take the information provided for you at face value. Often consumers working on their own through the Real Estate world miss key points to the transaction or information about the home.
Working with a Buyer Agent can be crucial to a successful Real Estate Transaction. Real Estate Agents have access to different information about listing, and listings before they even hit the public sights! Ever wonder why a home sold so quickly? Well it is because an Agent working for their clients is able to see new listings, price changes, and status changes to a listing before the public sees it. Having a Buyer Agent working for you is very important to a successful transaction because they stay up to date on new listings coming onto the market, as well as price changes. They are able to inform you before you can see what is available on the market and which prices have changed. Not only are they able to see this but they also have access to comparable listings, possession dates, and other important factors affecting a successful transaction in order for someone to obtain their dream home!
A few things your Buyer Agent can do for you:
- Explain the Agreement of Purchase and Sale- The Agreement of Purchase and Sale can be a very overwhelming document filled with legal jargon that can be confusing and difficult to interpret. An agent can explain everything to you in simple terms in order for someone to understand flawlessly every facet of the agreement
- Provide advice on Lawyers, Home Inspectors and Mortgage Brokers- With these types of professionals at their close access they are able to advise you on the best route to take in order to assist you in a successful home purchase. A good Realtor will have these people at your finger tips!
- Inside Information- Quick Access to Property Information. Realtors have knowledge of the home market inside and out. They are able to provide you with access to Comparable Listings currently on the market and listings that have sold. They have access to this information 48 to 72 Hours prior to the public for new listings and price changes. They help to guide you through the Real Estate Transaction to figure out which home is best for you and where the best value is!
- Pricing- At the end of the day no two homes are a like. Often depending on the upgrades of a home the price can be different- they can help to provide you with the knowledge of different price strategies and determine what a fair market value is for a particular home.
- Contractor and Repair Knowledge- Working in this industry you develop quite the knack for construction and repair knowledge. As Realtors with this knowledge we are able to explain to you what the potential repair cost of certain projects will be!
- Walk you through the Process Start to Finish- As Realtors our job is not finished when the deal has been accepted. After that there are Financing Waivers, Home Inspection, and other conditions placed into an agreement. A good Realtor will be by your side every step of the way through these obstacles. They will advise you and be at your access for a smooth and enjoyable transaction. An agents job is not done until after closing!
- Competing Offers- Going through competing offers can be challenging and over whelming- Often homes are lost in competing offers because Buyers are not educated on the tricks of the trade to WIN that home! Many factors affect a winning deal when in competition. Your agent will advise you on what to do and how to present your offer in order to win!
Overall working with a Buyer Agent is important because they are working for YOU! They are working with your best interest to find you the perfect home at the best price! They stay up to date on Market Knowledge and Listings and work for you from start to finish through the entire transaction!
Listing your home can be tricky. Listing Agents know that not only does the Listing Price affect your home but there are many other factors such as; presentation of your home, marketing, open houses etc... Which will bring Buyers through the door!
A few things your Listing Agent can do for you:
- Price your home properly- Pricing is the most important factor of your homes sale. Overpricing or Under pricing a home can be detrimental to your home sale success. It is very important to listen to your Agent on the advice they provide to you about how to price your home.
- Marketing- With today's technology the Marketing world has become more advanced and tricky. Real Estate Marketing needs to be done properly in order to gain your home the most exposure and the PROPER exposure. Different types of advertisements are great-however if they are not seen by consumers and the right consumer they will not bring in buyers!
- Presentation of your home- Every home has its flaws! Proper Staging and Presentation can make a major difference on a room to room basis of the overall presentation of your home. Presenting your home properly is absolutely crucial for buyers. Showcasing the room for the beauty itself is the #1 thing which can work in your advantage. Listen to your agent when they provide you with staging and decor tips!
- Updates- Often a home could be priced at a different level had it had simple updates done to it. In order to reach that next level your Realtor may suggest a few simple quick fixes which can make your home more salable and demand a higher price. Always something to consider! On the flip side- If you are thinking of selling contact your Realtor for advice on just WHAT upgrades will get you to that next level!
- Open Houses- Open House's can be a great tool to have buyers walk through the door. Not only do they showcase your home in a laid-back manner they also provide feedback! Even the non serious buyer will have something to say! Both positive and negative feedback are essential to a good sale! Also Agent Open House's allow for fellow Realtors to come through the home and showcase it before bringing buyers in- If your home is priced properly and presented well Realtors will be more incline to show it after they have seen it!
Overall an effective Listing Agent will keep you up to date on the Market around you and the feedback from Agents and Prospective Buyers! They will Market your home accordingly to get the best possible exposure, and will price it accordingly to have it sold fast! Working with an effective Listing Agent is crucial to a successful sale!
Multiple Representation- What is it and How does it affect my Transaction?
Multiple Representation is when the Listing Brokerage is representing both parties. Many people think that they will get a better deal if they go through the listing agent on the home- however this may not necessarily be the case! It is very important to be aware of the following when in a Multiple Rep Scenario:
- How does that Agent handle a Multiple Rep? Have the agent explain to you exactly how they or their team handle a Multiple Rep Situation!
- Where do my needs fall- You fall under a "Customer Service Representation" Where your needs and wants are kept confidential between both parties- The Agent acts as a "Middle Man" representing both parties however interests and motivation are kept confidential
- Knowledge of the agent- Ask the agent their success rate in Multiple Rep- Have them explain to you exactly how it works inside and out so you are aware of where you fall in the transaction
Although Multiple Representation can work for some for other people they are better using their own representation. Be sure to ask the proper questions and have a full knowledge and understanding of the situation at hand! For more information on this topic feel free to contact one of our agents for a better understanding!
Purchasing a Home can be overwhelming and tricky. It is important to trust your agent and to understand every aspect of your deal! At The Fresh Approach Real Estate Team we focus on obtaining a client not a sale. We work with our clients to ensure that they receive the best home for them and at the best price! Working with both Sellers and Buyers we have a very broad and in depth understanding of the market place and the different obstacles each can have. If you are looking to purchase or sell your home feel free to contact one of our team members today for more information!
Make Your Approach-The Fresh Approach!
The Fresh Approach Real Estate Team with Keller Williams Realty Solutions,
Allana Thompson, Christy D'Oliveira, Kyrsten Feere
Allana- email@example.com 416-567-2018
Christy- firstname.lastname@example.org 647-261-8910
Kyrsten- email@example.com 905-577-2608