Many people who are looking to either buy or sell their home usually get overwhelmed with the inquiries and tasks at hand, and searching for the ideal home can be quite a hassle. This is why many prefer to use reputed real estate companies in Sri Lanka for their property needs.
Who is a realtor and what do they do?
A realtor is a professional, experienced real estate agent who has a licence or other necessary credentials in the real estate industry. These licenced professionals help people to buy, sell and rent real estate, and they help land buyers in Sri Lanka find the best-suited properties according to their specific requirements and budget.
There are many different activities that a realtor will perform, for both buyers and sellers of Sri Lanka real estate. Whether you are a first-time buyer, home buyer or multi-property buyer, here are some of the activities they assist buyers with:
• Meeting with buyers and getting their requirements.
• Discuss financing options.
• Helping buyers find a mortgage lender or loan lender.
• Carry out searches for suitable properties according to the buyer's requirements.
• Handle home inspections with the buyer.
• Gathering buyer feedback following a home inspection.
• Educate buyers regarding the local neighbourhood.
• Explain what factors may affect real estate pricing.
• Negotiating with the seller on pricing with the buyer's offer.
• Ensure the property purchase documents are done accurately.
• Assist the buyer with financing needs.
Activities that a realtor will carry out for a home seller include:
• Preparing listing presentations.
• Research market values and come up with possible pricing.
• Carry out a home inspection to get familiar with the property.
• Check property documentation to ensure they are in order.
• Offer advice regarding repair and maintenance to be done prior to carrying out an open house.
• Get house or land dimensions and check them for accuracy.
• Check on any outstanding liens or unpaid taxes on the property.
• Offer advertising options for the property on sale.
• Screen buyers and share this list with the seller.
• Carry out inspections with prospective buyers.
• Ensure the seller's interests are satisfied.
• Ensure documentation is done accurately for the sale to proceed.
What kind of fee does a realtor charge for selling a property?
Realtors generally charge 3% of the sale price as their fee or commission, when selling any kind of property, whether it is bare land or a house or a villa. Some sellers who use the help of realtors to sell their homes or land will generally try to up their price to include this agent commission so that they will get the price they were looking for themselves.
Buyers generally do not have to pay anything to the realtor, since their fee is solely made from the properties they sell.
What are the benefits of using a realtor to buy or sell real estate?
Some people may feel that paying a realtor a commission or fee to sell their property is an unnecessary expense, however, when you actually get into the task of trying to sell your home or land, you will realise what a hassle it can be. It is generally well worth the payment you make to a realtor to handle the nitty-gritty of selling real estate. For buyers, it is far more beneficial to go through a realtor and find a suitable property rather than trying to go it alone. These people are professionals, with years of experience in the real estate industry, and they have the right contacts and expertise which you and I do not.
Here are some of the benefits of using a realtor.
• Ethical conduct: Because realtors work under a licence to a national body, they are bound by the code of ethics associated with their licence, and hence are expected to work accordingly. You can be assured that you will not get played out of your money if you look to buy or sell a property through a realtor.
• Pricing expertise: These professionals know the value of a home just by looking at it because they have years of experience in the industry. They can help a seller to get the best possible price for their house or land while assisting them to allocate a realistic and achievable price for it.
• Requesting repairs: Most times when buying a home, you may not be able to get minor repairs done through the seller, and sometimes you may not even notice some of the issues. A realtor will be able to detect issues in a home immediately when they see it, and they will also be able to push the seller to carry out such repairs prior to putting the house on the market for sale.
• They can easily find a suitable property: Realtors have a lot of contacts in the industry and as such have access to a number of homes and land that is available for sale. They will be able to find the ideal homes according to your requirements, rather than you going to each and every house available for sale.
• Paperwork: One of the most daunting tasks of buying a house is handling the paperwork involved with it because the sheer volume of it can be quite overwhelming. A realtor can help you by handling all the required paperwork seamlessly and efficiently.
• Negotiating skills: It is a fact that buyer and seller will never come to an agreement easily on the price of a house or land. While buyers want to stick to their budgets and get the best price possible, sellers want to make a good earning from their sales. The best way to come to an agreement on price is through a realtor because they have great negotiating skills which can help both parties to come to a mutual agreement.
• Record keeping: Realtors keep internal files on each and every property sale that they conduct, hence if there is any issue down the line you can always refer back to them for information.
• Deal closing: Most times after everything is sorted some problems may occur at the last minute when the deal is about to be closed. There could be title issues with the deed or other legal problems, which can put a damper on a happy event. Realtors generally check all property documents etc prior to putting them on their for-sale list, hence such issues can be detected early and sorted out.
As you can see there are many benefits to using a realtor or real estate agent for buying or selling a house or land. In the long run, using one of these professionals can help you save money and headaches that are imminent with deals f this nature. If you are looking to buy or sell your home, contact a reputed realtor today and get their assistance.
