Seven Advantages you Must Have in Every Real Estate Transaction In Real Estate when you sell or purchase property, these are the things you must do to give yourself an advantage in a smart transaction: 1. Have a comparative market analysis prepared before you list your property for sale or make an offer to purchase. It is absolutely necessary for you to know the current market conditions. The market prices are determined by what similar properties are actually selling for compared to list price and the days on the market. Your agent can research and analyze what the asking and the actual sold prices are for similar properties, and can help you with strategies and adjustments in price when selling or making an offer. Your agent's expertise can save or gain for you thousands of dollars. 2. Have the home or property inspected by a competent home inspector and review an accurate survey. Buying a home or property is large financial transaction. Sellers and buyers need to be aware of the major issues, conditions, property descriptions, easements, lake regulations and boundaries on every piece of property. Sellers should present the property with full disclosures and as free from major defects as possible. Buyers must know what they are buying. Your agent can suggest the proper wording that will protect sellers and buyers from legal misunderstandings. 3. Know who the agent is representing. Georgia law requires that each agent have a written agreement with the party they are representing before offering any advice or counsel to either a buying or selling party. A listing agent represents the seller and a buyer's agent represents the buyer. An agent should be working for you. Working directly with the other party or not having an agent representing you is a “do it yourself” project where one overlooked issue or mistake is often expensive, causes missed opportunities and costs one or both parties time, money, and grief. The damage is sometimes not even discovered until years later. Georgia law also allows Designated Agency when two agents from the same company represent different parties. Georgia law allows for Dual Agency when the same agent is representing both parties and in some transactions this is a satisfactory arrangement. Regardless, all agency relationships are required to be in writing and are for your protection. If you do not have a written agreement with an agent to represent you, then that agent is not working for you. 4. Recognize and adjust to different negotiating styles. Buyers and sellers often think that it is best to offer low and ask high. This simplistic approach often stalemates negotiations, causes missed opportunities and shows a lack of knowledge and understanding of the many complexities and terms of a transaction. An experienced agent can help you with an approach that protects you, helps to you make the best deal possible and takes into consideration the many ways to arrive at an agreement that works well for each party. Every situation is different and is as dependent on the personal motivations and circumstances of the individuals as it is dependent on the qualities of a specific property. Your agent will facilitate the successful closing of a transaction which would have otherwise not been possible. 5. Be sure that the buyer is financially qualified to purchase. Whether selling or buying, it is essential that the buyer have the ability to complete the transaction. This requires that the buyer be pre-qualified to purchase before shopping for a property. A buyer who is financially able to close is able to make a more competitive offer on a property. For sellers it is essential that buyers be pre-qualified before serious negotiations. An agent can help buyers and sellers determine the ability of a party to buy. Top agents are only working with financially able buyers whether representing sellers or buyers. 6. Remain emotionally removed from the transaction. Buying and selling a home or land is an exciting and emotional experience as well as a financial decision. It is important that the emotions are backed up by facts and reason, especially when in the middle of negotiations. Clear options and alternatives need to be explored and explained so you can make the best decision. Your agent can remain emotionally grounded, objective and factual when helping you consider all the aspects, complexitities and stages of the entire transaction. Your agent will often save you from an irrational or impulsive reaction or decision that is not in your best interest. 7. Have the services of an experienced REALTOR®. A REALTOR® subscribes to a higher code of ethics and level of training which ensures that you and all parties are treated with honesty, fairness and expertise throughout the entire transaction. A REALTOR® is your advocate and consultant and is actively involved in transactions and the current market place every day. For many buyers and sellers a real estate transaction is an occasional activity and they are not as well informed or experienced as an active REALTOR®. Hire a professional to protect you and show you how to accomplish your goals. You will save money and make better investments. Copyright 2007 Tom Schlesser, Century 21 Minchey Properties Inc.