Thinking about buying a home? After about a year of operations, we have found out that for some homebuyers, having a realtor can be a really helpful resource. So what are the benefits of having a realtor and what should you keep in mind when working with them?
Realtors have access to more information than you do and they filter the information for you so you can see what is relevant to you. They are familiar with the homebuying process. They know the current market trends. They can help you negotiate a contract that will benefit you. And the best part is that if you are a homebuyer, then for all their services, you will pay almost nothing. That’s because a realtor’s services are generally paid for by the seller.
If you are currently working with a realtor or plan to do so, we hope the following advice can help you make the most out of it:
1. Find a realtor that you trust. Referral plays an important part in this business. Ask friends and/or family members who have had interaction with realtors whether they have someone they can refer you to.
2. Some key traits to look for in a realtor is someone who is very knowledgeable about buying a home; someone who is responsive and gets back to you quickly; and someone who is willing to answer all of your homebuying questions in detail rather than giving you a quick answer. Remember, your realtor should be a wealth of information for you. Also, consider looking for someone who has worked with your “demographic” before. If your realtor is accustomed to working with buyers purchasing $800,000+ townhomes in Georgetown, they may be less skilled at helping you find the $200,000 home of your dreams.
3. Don’t be scared of revealing yourself. You may be concerned that realtors will take advantage of what you share with them. But the truth is they need to know what you are looking for, what is the price range you are comfortable with, what you like and dislike most about a property, etc. to be able to find a perfect home for you.
4. Agree on a basic timeline before signing the contract with your realtor. Based on that timeline you and your realtor can come up with a more specific plan.
5. You don’t need to have a realtor to use our program to buy homes in DC, but in case you do, don’t forget to put him or her in touch with us to learn about the City First Homes loan assistance program.
- Anlan Zhang
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