The real estate business is not simple. It is not like buying or selling retail whereby the transaction is complete at the time of negotiation. The real estate process is more than just buying and/or selling a piece of something. The role played by a professional realtor is more complex. Documents need to be prepared. Terms, conditions, clauses and proper wording must be understood. Processes have to be properly completed before the sale is successfully completed at the time set for closing. Omitting one of the processes can jeopardize the successful completion of a transaction and could be costly to both buyer and/or seller.
On the average, closings will occur 30-60-90 days from the date of acceptance of the offer and in many cases, longer based on the negotiations. Understanding the real estate industry requires understanding of the people or entities involved and their specific roles. These include the professional realtors, lenders, insurance brokers, home inspectors, termite inspectors, and lawyers. The professional realtor will co-ordinate your contact with the service providers required to ensure smooth process. At any point in time, if there are problems with a transaction based on the findings of one of the service providers, a professional realtor becomes involved with the resolution.
A professional realtor serves as the mediator between the buyer and the seller. A buyer will contact a professional realtor to help the buyer find the house according to the buyer’s criteria and negotiate the lowest possible price. Similarly, a seller will utilize the services of a professionl realtor to find a buyer to negotiate the the highest price possible.
Professional realtors facilitate the offer process between a buyer and seller and mediate during the negotiation process, understanding and protecting the interests of their clients. When the transaction is completed, the professional realtor, just like the lawyer, bank, home inspector, mortgage/insurance broker and doctor receives his fee for service. A sales price can and will be negatively affected by the lack of or unprofessional provision of services required to complete a transaction. Professional realtors play their part in maximizing the results.
To successfully market and negotiate a property a professional realtor must be aware of real estate law including Consumer Protection Act; Competitions Act: GST soon to be HST; Home Owner Grants; Insurance Requirements; Municipal/Provincial Zoning etc. Awarenss of real estate language and other regulations that protect both buyers and sellers can be vital to any transaction. A professional realtor makes a major investment of time to ensure he is educated, prepared and qualified to work in the market place. Familiarity with the terms, conditions and language that are part of every real estate transaction is important to protect and maximize the seller’s interests and those of the buyers?
As with most other regulated professions, the focus of the press and the public should be on the values provided to buyers and sellers by professional realtors. The knowledge, experience, protection, systems, effective marketing, and administration provided by professional realtors should not be down played. The reality exists……due to the lack of training, knowledge and expertise in real estate, sellers may compromise their own interests and the maximized returns they deserve on the sale of their properties as well as the interests of the buyers.
What do you think?
