A Multi-Family Home

Working With a Realtor on Your Next Property Transaction

by Arnold Gomez

Everyone needs a little help when they're ready to make a property transaction. You could be buying your first home, or perhaps you're into commercial real estate and need to find tenants. There are a lot of Realtors available that can assist you with any sort of property deal that you're seeking. The tips in this article will help you learn how to find and work with the right Realtor, in addition to handling several other steps that come with the process.

1. Start figuring out what you want the Realtor to do for you

Like any other job, Realtors have specialized areas of their industry that they participate in. It's in your interest to find a real estate agent that addresses whatever kind of transaction you're looking for. Some Realtors help match up renters with landlords. Others might focus on commercial property, as opposed to residences. Think about what kind of property transaction you're seeking so that you can take the next steps toward finding a Realtor that can work with you.

Real estate agents are trained to help you with your transaction, so scheduling a free consultation with them to break down what you are hoping to accomplish. They earn about 5%–6% commission on the deals that they create, so you can relax knowing that you don't have to pay them out of your pocket for their services.

2. Come up with a game plan for finding the property that you'd like

It's also important that you have a gameplan for any property transaction that you're thinking of. For example, think about the timetable for when you'd like to buy, rent, or sell a property, and express this to your Realtor. They can help you work backward and make sure that you are on track to accomplish it. You'll also need to handle your accounting and finances when you're ready to sign onto a property transaction. No matter which side of the agreement you are on, you'll want to furnish the financial records that are applicable and make sure that all of your details are aligned.

It makes sense to also hire a real estate lawyer that can look over or create your contracts. Do some independent research into the property before buying or renting it. If you're selling or renting the property to someone else, make sure to run background checks on the buyer or renter. The more thorough you are with the transaction, the more secure you'll be once it's time to close and sign.

Use these tips and start working with some Realtors.