|June 25, 2018
Hatteras Island Real Estate:
How Real Estate Agents Help Buyers and Sellers
By TOM HRANICKA
Associate Broker, Outer Beaches Realty
For most individuals and families, buying and selling real estate is an
event that takes place only a few times over the course of a lifetime.
I thought it might be helpful to provide a brief overview of some of
the ways in which real estate agents assist buyers and sellers when
these important events occur in their lives.
Agents’ interactions with owners usually begin when a decision is made
to sell a property. The first question that usually arises is - “What’s
my property worth?” At this point, the agent will prepare what is known
as a probable sale price analysis. Similar properties that are
currently for sale, those that are under contract to be sold, and those
that have been sold during the past six months to a year will be
studied to develop an estimate of the price at which the owner’s home
or lot might be listed for sale. Overall market conditions are taken
into account as well as the location of the property, its condition,
and any amenities or special features that might influence both its
marketability and its value.
If the owner decides to sell, the agent then starts the marketing
process with a heavy emphasis placed on Internet exposure and promotion
to other Realtors. The agent will coordinate showings of the property,
and once an offer is received, the agent will assist the owner with
negotiations until a contract is reached between the buyer and the
seller. The agent then helps the seller to develop responses to
inspection related requests and to navigate other activities that might
arise between the time that a contract is established until the deed is
recorded, and ownership of the property is transferred to the buyer.
Agents’ relationships with buyers usually start with a phone call or an
e-mail inquiry concerning properties for sale. During the initial
contact, the buyer will express a general interest in purchasing
property, or the buyer will request information about a specific
property. With increasing frequency, buyers will have already completed
a preliminary property search on the Internet. National statistics show
that about 90 percent of buyers start their property searches online.
Whatever the source of the contact, the opening conversation focuses on
clarifying the buyer’s wants and needs in terms of location, number of
bedrooms, and price range.
After a thorough search of available properties that meet the buyer’s
criteria, an appointment is scheduled, and the agent and the buyer
visit a number of properties. Once the buyer has narrowed their
selection to the cottage that most appeals to them, the agent assists
the buyer in the construction of an offer and helps the buyer with
contract negotiations. After a contract has been agreed upon by the
buyer and the seller, the agent works with the buyer to identify a
lender, a variety of inspectors, an insurance agency, and a closing
attorney. Later in the transaction, the agent will guide the buyer
through the utility transfer process and will deliver the keys to the
home after the deed has been recorded.
As you can see, real estate agents do a lot more work than just putting
a sign on a property that is for sale and showing buyers a variety of
homes. Whether you are a buyer or a seller, it is important that you
select an experienced agent who is familiar with the local real estate
market, and one that has an extended network of service providers to
support you throughout your real estate transaction.
comments or suggestions for future articles may be sent to Tom Hranicka
at P. O. Box 280, Avon, NC 27915, or e-mail to [email protected].
Copyrightę 2018 Tom & Louise Hranicka. All rights reserved.