There’s always a notion afoot that goes something like: How hard can that be? From running a restaurant and writing a best-selling novel to growing your food and selling your own house to avoid the commission of a real estate professional, people without in-depth knowledge of any of these jobs tend to view them lightly. In fact, any one of these things is monumental in time, energy and financial commitment, plus myriad details on the specifics of marketing, management, production, legal ramifications and much more.
No one wakes up some morning, for example, and thinks he or she will become a REALTOR® next week. There’s a lot of work, some expense and copious time involved in becoming licensed to represent buyers and sellers in the real estate business.
In Texas, six 30-hour courses are required by the Texas Real Estate Commission to meet just the educational requirements:
- Principles of Real Estate 1
- Principles of Real Estate 2
- Law of Agency
- Law of Contract
- Real Estate Finance
- Promulgated Contract Forms
A novice might even have to look up the word “promulgated”, and others could be put off by the amount of legal comprehension required. Someone on the weak side of math might balk at a class in real estate finance. Additionally, future REALTORS® must be a U.S. citizen or lawfully admitted alien and 18 years of age minimum. Each person completing the coursework and then the exams is fingerprinted and subject to a background check. Then, the new REALTOR® must work under the sponsorship of a licensed broker. Many real estate agents go on to become a broker, as well.
Networking can be an extensive part of getting established, and word-of-mouth accounts for many a client, whether buyer or seller. Real estate professionals are known to have thousands of contacts, go to many networking events, and join a Chamber of Commerce and other professional organizations.
Real estate agents offer experience, knowledge and expertise that’s invaluable to both a buyer and a seller in a marketplace which involves usually the largest investment of someone’s lifetime. Documentation alone is worth a REALTOR®’s commission as errors, omissions and confusing terms can cost thousands of dollars to the unaware. Home inspections, financing approaches, escrow, timing, privacy concerns and fiduciary responsibility to the client are simply a few areas where real estate professionals bring home their worth in spades.
Because of their extensive education in all facets of real estate, they serve as advisors and advocates for every client throughout the entire transaction process. Residential agents for sellers have experience in home renovations that they know will improve the sales timing and price potential prior to listing a property. They have connections with home inspectors, contractors, photographers, staging experts, appraisers, painters, lawyers, flooring folks and many others. They can generate a list of comparable homes which have sold and advise on asking price, closing costs, filing fees, escrow, etc.
Many folks are uncomfortable negotiating – for anything, thinking the other party will think them cheap, offensive, unable to afford a property or something else. Real estate agents are well-known for superior negotiating skills and knowing where and how to bargain for what. This is true not only in the residential market, but for commercial property as well. Vast experience in market analysis gives them an edge that a homeowner simply does not have. The REALTOR®’s job is to get the best price for either the buyer or the seller, and that almost always involves strategic negotiation.
For buyers, a REALTOR® can spend beaucoup time learning about the lifestyles, wishes, hopes, dreams and financial position of someone relocating to Austin and the surrounding area. They can be a valuable tour guide and insider resource on schools, shopping, medical facilities, parks, bike trails and coffee shops.
REALTORS® bring a thorough understanding of market conditions and exclusive data on comparable properties to secure the highest and best price and terms. This knowledge proves very useful to educate out-of-town buyers on property values in different neighborhoods. They are knowledgeable about HOAs, zoning, traffic and commute options.
From advertising and marketing to open houses, showing, copious paperwork and trekking around subdivisions, back roads and town streets, the professional REALTOR® can be your new best friend when you are ready to sell or intent on buying. Homeownership is not for the faint of heart, and getting connected to an experienced Habitat Hunters real estate agent at the outset of the journey to sell or to buy is the first smart move.
