The concept of realtor appeared since the moment when it became possible to privatize housing. Nevertheless, back in the early 90s there were people engaged in such matters: for the most part there was a direct exchange, brokers were engaged in such things. It was an illegal profession, which was not talked about much and they could only be found through friends. And there was not even the very concept of “real estate agency”, only a few people were engaged in it.
However, it should not be forgotten that they were able to accomplish the almost impossible – to create almost endless series of exchanges, and as a result of these clever schemes, people realized their dreams, moving to the places they dreamed of. It took a long time to get where they wanted to go: sometimes it took years. The price for all this came from the complexity of the whole exchange. There were, of course, options to simplify these conditions – joining a housing and construction cooperative (HCC) and the state queue. In the first case required much more solid capital investment and waiting, in the second – you had to wait quite a long time. And that to bypass such things turned to brokers.
But everything changes with time and now the housing market has seen a lot of changes. In this case, the help of realtors has not ceased to be in demand, on the contrary, the demand for them has only increased and is increasing to this day. Let’s try to understand what powers realtors have now, what rights he has and how much you need to pay him.
What services a realtor provides?
Even if it is necessary to carry out a relatively simple task – say, to sell an apartment without buying another – it is necessary to perform a number of actions. And to formalize everything and receive funds will be the last element, and before that there is quite a long list of things to do.
Cooperation with the firm begins with consultation. During this stage, the real current price and the approximate terms of the transaction are established. The agent finds out what papers the owner has, learns the terms of the contract to be concluded. There are different types of sales, including “pure” sale or with the subsequent purchase of one or a couple of residential properties. And everywhere you need an estimate of the scope of work with a personalized approach. The price for the work done is made up of these components.
Do not forget about advertising, it also belongs to the competence of the realtor. There are offices where all new information is always poured into an internal database, as well as posted on various sites, it helps to find more interested people. In the duties of the realtor, as in the demonstration of housing, includes negotiating and taking into account the client’s interests. Along with this, he will take care of the formation of the necessary package of papers, taking into account the specifics of the situation, due to which also contributes to its speedy registration. Many people use mortgages, and having all the required certificates, bank approval is much easier to obtain.
Registration of the advance payment, coordination of the sequence of execution of the procedure with all the parties involved, maintenance of monetary settlements, execution of the contract, transfer of the latter for state registration – this is also done by the realtor. And this is not all: he will follow the receipt of the proceeds and the signing of all the papers. As a result, everything will pass without any delays, practically without bothering you.
What are the pros of working with a realtor?
Of course, now in the network a lot of information on completely different topics, in particular, on the realization of sales transactions. Agree, and to realize everything with their own hands seems quite possible. It would seem, what a problem – to advertise, agree with the person you like, sign a contract and take the money. All, of course, in the right to act on their own free will, but do not underestimate the advantages of turning to agencies. Firstly, you will find out the adequate value of your house. If you think that the price is more expensive, it will avoid “down time”, if you underestimated it, you can avoid losing money.
In the course of collecting the necessary documents there is a possibility of missing or unknowingly not getting some paper, and without it the transaction will be impossible. With a realtor this will not happen, he will definitely collect everything that is necessary without your participation. You may be distracted by constant calls from people who are considering options. They will call you when it is convenient for them not caring about your options. All these moments agents completely take over, it will free up your time and save your nerves. Actually, there are many such offers in the usual set of services offered.
At the same time, knowledgeable professionals know that finding an apartment that meets the questions is not everything. It should also be free of legal problems, which will ensure both the safety of funds and further peace of mind of the owner. Sometimes it happens that you like the apartment so much that you agree not to notice all its shortcomings. These include unclear facts of privatization or inheritance, violations in the transfer of ownership in previous times and many other circumstances. In such moments, the realtor necessarily gives an explanation of all those reasons, because of which the choice of any place can be extremely difficult for you. Unwanted options will be eliminated, which will exclude at least an aimless waste of time with the prospect of loss of prepayment, and maximum – the loss of an amount equal to its value.
A vacant apartment where the owners do not have to look for another option is much more attractive compared to one where they have to wait for the owners to find another place to live. There are situations when such queues last for a long time. In fact, it is all the same chain that were in the past, only in a modern wrapper. When selling through a realtor, all this is reduced, but there are still extra participants, and each extra participant – it’s even more work. It is quite obvious – at such times a painstaking process is needed, and it will cost more than supporting a “clean” option.
In addition to all of the above, this includes issues of negotiations with likely sellers and counterparties, drafting and preparation of documents, coordination with the bank of regulations on its registration, work with financial affairs, booking a safe deposit box. If the client uses a mortgage, assistance is provided in the selection and execution of the loan on good terms. The realtor will fully defend the interests of the client at all stages of preparation. All this reduces the preparation time and provides good benefits.
Who most often resort to realtors?
The majority of transactions are conducted by professionals, often both parties are represented by the company. About 5 transactions out of 100 are conducted without the participation of a third party. Most likely, these 5% will be added to the statistics of judicial practice: contracts concluded with non-compliance with the requirements of current legislation will be challenged and terminated. This can await anyone who is not fully aware of all the laws of the market, and the possibility of running into fraudsters is not even worth mentioning.
Despite having experience of such problems in the past, it is advisable to seek professional help if you require real estate action. It does not matter whether it is a simple consultation that will clear up any confusing issues. You will be provided with full legal assistance covering almost the entire range of concerns from start to finish, not counting the selection of offers. In this way, the solution to the apartment dilemma becomes very efficient, which allows you to remove the risks.
What is the difference between an agency and a private realtor?
Realtors work both independently and in firms, and both have their advantages and disadvantages. A private realtor has more personal connections and experience in a particular market segment, which allows him to structure deals favorably. However, his client base is usually smaller and the number of orders is limited. At the same time, firms have more employees and offer partnership programs with developers and banks, this is beneficial to you. However, the risk that the company’s employee will have insufficient experience also increases. When choosing one, it is important to pay attention to its reputation and trust the feedback of acquaintances.
At first glance, the opportunity to pay less seems attractive, but saving is associated with risk. An individual agent has the right to announce any dumping price, but he will not be able to cover the work of an entire department and staff involved in the work of the real estate company, the actions of which take place “behind the scenes”. Payment for their labor is included in the commission and, of course, justifies itself: a well-oiled mechanism of professionals contributes to a productive answer to any housing question.
Is it expensive to get help from a real estate agent?
Turning to such places, one question arises: “How much do your services cost?”. The answer here is ambiguous, as each major agency offers several types of services. The main ones are assistance in acquisition and sales. The commission for this is usually from 1 to 5% of the total amount and varies from region to region. It is worth considering that the costs increase with complex legal points, such as litigation or interaction with state authorities. If the client himself finds a buyer, it is possible to order separately mortgage execution and legal support. Not in all cases agents take a commission, for example, when buying a new building. In this case, the amount of benefit exceeds the amount of commission.
