Twelve good reasons to use a real estate professional

While putting together a column on how different local markets are across the country based on the average selling I came across a good piece by the Newfoundland and Labrador Association of REALTORS® on why to use a REALTOR®. Whether in St. John’s or Winnipeg, the following 12 reasons to use a REALTOR® apply equally in both cities despite different local market conditions applying to MLS® market activity and pricing.

As an aside, REALTORS® in Manitoba will be sharing their expertise on all aspects on buying and selling a home at the upcoming 2015 Home Expressions Show from March 27 to 29 at the RBC Convention Centre. WinnipegREALTORS® and the Manitoba Real Estate Association are the presenting sponsor of this year’s show.  

REALTORS® will be on hand at a 600 -square-foot exhibit on the third floor to answer any questions people may have on real estate. One important point that will be covered at this show is: What are you doing to maintain your most important investment, so that when it does come time to sell you are well positioned to get top dollar for your home?

Since today's complex market demands expertise and resources not available to the average consumer, there are many compelling reasons why you should enlist the professional services of a REALTOR®:

1. Your REALTOR® has many resources to assist you in your home search. Sometimes, the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

2. Your REALTOR® can help you determine your buying power; that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders — banks and mortgage companies — offer limited choices.

3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning, schools, etc. There are two things you’ll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.

6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.

7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.

8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace. This includes the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service® or other co-operative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these co-operative relationships when they benefit their clients.

10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. Studies show that a large percentage of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.

11. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing — a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.

12. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).