• Real Estate Professionals

WHAT DOES THE SELLER'S REALTOR DO?

1. Tours the seller's property (land, house and/or commercial property) and makes recommendations for repairs or cosmetic improvements that are designed to comply with local building codes and to make the property more attractive to potential buyers.

2. Researches recent sales of similar properties in the area to help the seller determine a fair sales price for the property.

3. Enters into a listing agreement with the seller setting a listing price (the initial asking price for the property), the length of time (listing period) that the realtor is authorized to attempt to sell the property and the commission (a percentage of the sales price) which the seller will pay the realtor if the house is sold within the listing period.

4. Lists (advertises) the property for sale, generally using a combination of advertising techniques, including the "multiple listing service" computerized data base that shows properties for sale in your area.

5. Shows (gives tours) of your property to other agents and potential buyers (although many buyers will prefer to tour with their own realtors).

6. Presents written or verbal offers to you from potential buyers, advises you as to whether the terms of the offers seem fair and reasonable, and negotiates the terms of sale with the buyer and/or the buyer's realtor.

7. Makes sure the terms of the sale comply with local, state and federal regulations and laws.

8. Guides you through the paperwork needed to "close" or complete a sale, once you and a buyer have reached agreement.

9. May assist you to find an appraiser (a professional who sets a price for the property that can be used by a potential buyer or by a mortgage company or bank for purposes of granting the buyer a mortgage or obtaining insurance), a home inspector, a decorator, landscaper or repair contractor as needed to prepare the property for sale. May also assist you to find a mover and, if needed, may assist in your move.

9. If you move prior to the sale, your realtor may oversee the property for you in your absence, if you wish.

10. Your realtor may help you buy a new property.

WHAT DOES THE BUYER'S REALTOR DO?

The buyer's realtor does many of the same things as the seller's realtor, but acts on behalf of the buyer. The buyer's realtor searches for properties that fit the buyer's guidelines, helps the buyer determine a fair price for a desired property, assists the buyer to make an offer, negotiates the terms of sale, and helps with inspections, closing paperwork, and even the buyer's move, if needed. The buyer is also usually paid by commission, which can be negotiated separately or may be agreed upon by the realtors as a share of the selling agent's full commission.

CAN THE SAME REALTOR HELP BOTH THE SELLER AND BUYER? Usually not, because this could be a conflict of interest. The seller wants to get the highest price possible for the property and to pay as little as possible to repair or decorate the property in preparation for sale. The buyer, on the other hand, wants to pay as little as possible for the property and wants it in tip-top shape, beautifully landscaped and decorated, at the time of sale. It is very difficult for one person to represent both parties well under those circumstances. In the rare instance when one realtor tries to assist both buyer and seller, the realtor must disclose (tell) both the buyer and seller that the realtor is working for both, and both buyer and seller must agree to the realtor's dual representation. Realtors generally avoid this situation. If the buyer does not have his or her own realtor, the buyer should realize that the seller's agent, who may show the buyer the property and answer all his or her questions, still works for the seller and has the seller's best interests at heart, not the interests of the buyer.

WHAT IS A SENIOR REAL ESTATE SPECIALIST (SRES)? A Senior Real Estate Specialist is first a licensed real estate agent. In addition, he or she has taken additional training and earned a specific designation (the SRES) that signifies that the realtor has specialized knowledge about the needs of buyers and sellers 55 years of age or older. This knowledge involves an understanding of the seller's possible need to sell a large home and buy a smaller one ("downsizing"), to sell or dispose of some household contents as part of the downsizing process, to sell the home and perhaps look for regular rental or senior independent living developments instead of rebuying, or to find appropriate residential care facilities if the seller's health requires that level of help. SRES realtors usually can advise clients about movers, senior move managers (individuals trained to help sort and organize household items, pack and assist individuals with a move) and residence options in the area. They are familiar with reverse mortgages, which can allow some homeowners to stay in their homes a while longer but to borrow money from the equity in their homes to help with living expenses, and can help homeowners find reverse mortgage brokers. Senior real estate specialists have a good understanding of the tax consequences involved in the sale of a home and can direct sellers to tax specialists as needed. In general, senior real estate specialists not only understand the specifics of selling or buying a property, but have a good sense of the changing needs and lifestyles of older adults and a desire to help their clients meet those needs.

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