Today's real estate market has many complexities, timelines and constant changes. It's hard to stay on top of it all. If you don't have a trusted, experienced broker on your side you are potentially putting yourself in a compromising position.
So how do you choose the right real estate broker for your needs? A good place to start is asking the right questions.
When interviewing brokers, be sure to ask how long they have been in the business and how many transactions they have facilitated. Ask them to tell you what they think is going on in the market currently and how it will affect you. You should also ask them to explain the sale agreement, especially what the timelines mean and any potential consequences around earnest money if the transaction is canceled. Having a clear understanding of the process before you get into an agreement is key.
Next, be sure to understand your property's complexities. I would be cautious when interviewing a broker and make sure they are experienced in selling properties that are aligned with your specific property type. There are a lot of brokers who pick specific areas or communities and become the experts in those areas and know them well.
Why is all of this so important? If a seller chooses the wrong broker, they have a lot to lose. For instance, you may have a property with a well and/or water rights. If you choose a broker who does not have experience in these areas, it could be an extremely challenging and potentially compromising sales process for either the buyer or seller, or both!
We are currently experiencing a shift in our market. No, the sky is not falling, but we are seeing our days on market longer, and prices are beginning to level out. Pricing is everything. You have to make sure the price you put out there on the market the very first day is the best price possible based on market demands. If you price too high, you risk your home sitting on the market much longer, even if you do price reductions. It's a psychological thing.
Bottom line? No matter whether you are buying or selling, or both, an experienced broker who understands inspection reports, pricing, lending complexities, how to properly navigate these things as well as ensure you are staying within timelines and contract requirements, is critical.
