RES Luxury Group - 3/18/2024 12:01:44 PM

The Role of a Real Estate Agent in Buying or Selling a Property

When it comes to buying or selling a property, a real estate agent plays a crucial role in guiding and assisting clients throughout the entire process. However, it's important to note that not all agents offer the same level of service. There are transactional agents who focus solely on closing the deal, and there are fiduciary agents who prioritize the best interests of their clients even after the closing. At RES Luxury Group, we pride ourselves on being fiduciary agents, ensuring that we provide our clients with the utmost care and support before, during, and after the transaction.

The Timeline of a Sale

On average, a real estate sale takes anywhere from three to six months to complete. This duration includes various stages, such as preparing the home for sale and the time spent under contract. When we meet with sellers, we conduct a thorough listing presentation and offer different packages tailored to their needs. We also provide consultations to help sellers prepare their homes for the market. This initial stage can last from a few weeks to several weeks, depending on the seller's readiness to list the property officially.

During this period, we develop a specialized marketing plan that fits the unique needs of the property and the client. Our goal is to sell the home efficiently, with minimum hassle and the shortest possible time on the market. In fact, in 2023, our team averaged 65 days on the market for our listings, outperforming the local market average of 81 days.

Furthermore, our fiduciary agents have consistently earned our sellers 4.45% more on the sale of their homes compared to the average sale in our local MLS. This significant difference showcases the value that comes with having a skilled agent who excels in marketing strategies and negotiation techniques.

Pitfalls to Avoid with a Strong Agent

An experienced and knowledgeable real estate agent can help sellers navigate potential pitfalls and make informed decisions. One common concern for sellers is the condition of their roofs, especially if they are reaching the 15-year mark or older. Insurance companies often scrutinize older roofs for insurability. While some sellers may feel compelled to replace the roof before selling, we approach this issue pragmatically. We aim to find reasonable solutions, such as obtaining a four-point inspection that validates the roof's remaining lifespan. In many cases, this negates the need for proactive roof replacement, saving sellers thousands of dollars.

Another potential pitfall involves negotiating repairs or replacements of HVAC systems. Some buyers may demand that sellers replace the air conditioning system after feeling dissatisfied with the price negotiation. As fiduciary agents, we thoroughly evaluate the efficiency of the HVAC system before agreeing to any replacements. If the system is functioning optimally, sellers should not be burdened with the cost of a new unit.

These are only a few examples of how a strong agent can help sellers sidestep potential financial pitfalls. With their expertise and commitment to client interests, fiduciary agents protect sellers' assets as they would their own, ensuring a smooth and successful transaction.

Unusual Circumstances and How Agents Handle Them

As listing agents, we encounter various unusual circumstances that require creative problem-solving and expertise. Some examples include unpermitted modifications, encroachments on neighboring properties, and improvements made in deed-restricted communities without proper approvals.

For instance, if a seller has converted their garage into living space without obtaining a permit, we assist in finding a solution that addresses the issue without causing last-minute complications. By contacting the relevant county authorities and following their guidelines for retroactive permits, we can resolve the situation smoothly and maintain the integrity of the transaction.

Hiring a real estate agent with a wealth of experience and knowledge is crucial for effectively dealing with these unusual circumstances. An experienced agent can provide guidance and assure sellers that any unforeseen issues can be resolved without jeopardizing the sale.

Conclusion

When it comes to buying or selling a property, the role of a real estate agent is invaluable. Whether you're a buyer or a seller, it's essential to work with a dependable agent who will act in your best interests and navigate the complexities of the transaction.

At RES Luxury Group, we take pride in being fiduciary agents, going above and beyond to serve our clients before, during, and long after the closing. We offer specialized marketing plans, negotiate skillfully, and handle any unusual circumstances that may arise, all with the aim of achieving the best possible outcomes for our clients.

Frequently Asked Questions

1. Should I hire a transactional agent or a fiduciary agent?

It's highly recommended to hire a fiduciary agent who will prioritize your best interests and provide comprehensive support throughout the entire real estate transaction and beyond.

2. How long does a typical real estate sale take?

Average real estate sales generally take anywhere from three to six months, including the time spent preparing the home for sale and the duration of the contract.

3. What is the advantage of working with a fiduciary agent?

A fiduciary agent will not only handle the transaction but will also be there to provide assistance and support even after the closing, ensuring the relationship with the client extends beyond the confines of the transaction.

4. How can a strong agent help me avoid financial pitfalls?

A strong agent will provide expert advice and guidance, particularly in situations where costly repairs or replacements may be demanded. Their objective is to protect your money and ensure that you are not burdened with unnecessary expenses.

5. What unusual circumstances can a listing agent help me navigate?

A listing agent can assist in resolving issues related to unpermitted modifications, encroachments, or improvements made in deed-restricted communities without proper approvals. Their experience and connections enable them to find suitable solutions while maintaining the integrity of the transaction.