The real estate profession is structured so that its practitioners will cooperate with one another in the buying and selling process. Through a system called the Multiple Listing Service (MLS), sales associates submit information about homes their companies have listed for sale so that all other sales associates, regardless of where they work, have the opportunity to sell those listings to prospective buyers. That way, you have access to almost all of the homes available for sale in your market. However, not all real estate companies participate in a MLS, so be sure to ask the sales associate you're working with whether they do. Although this system gives you wider access to listed properties, it also means that the sales associated you're working with may be acting as a sub-agent to the listing broker and is therefore representing the seller.
You may also be surprised to know that not all real estate sales associates are REALTORS. REALTORS and REALTOR ASSOCIATES are members of the NATIONAL ASSOCIATION OF REALTORS and follow its strict code of ethics. Ask the sales associates whether they're members or look for the REALTOR logo on the business cards and other promotional materials they give you.
Most people know that sales associates are paid commissions, but not everyone understands exactly how commissions work. The listing broker generally splits the commission with the selling brokers, and the individual sales associates who work for those brokers receive a portion of the commission paid to their brokers.
If both sales associates represent the seller, what kind of service can you, the buyer, hope to get? Plenty. As agents of the seller, real estate professionals fulfill that agency relationship by assisting buyers in all aspects of the home purchase. The law requires that all sales associates treat the buyer with honesty and fairness. In addition to the law, there is strong motivation to do so because buyer satisfaction means repeat and referral business. Sales associates want you to think of them the next time you or a friend is selling a home.
If your REALTOR acts as your exclusive or limited agent, then they may also negotiate on your behalf, representing your interests throughout the transaction. Agency laws vary from state to state. Be sure to discuss this issue with any agent you choose to work with.
Above everything, good sales associates will put you in touch with the market. They will select neighborhoods with homes and amenities that best meet your needs and wants. By scanning the MLS books or computer, they should also be able to locate just about every home on the market that fits your price range and other buying criteria.
To help you find a realistic price range, the sales associate will often "qualify" you during the initial counseling interview. The sales associate will ask a series of questions to determine what price home you can afford. When you do select a house and your offer is accepted, the sales associate can recommend financing alternatives.
After the sales associate has determined you price range and type of house you want, you'll begin a series of house tours. Don't be discouraged if the first three days turn up nothing. A good sales associate will help you keep searching until you find your new home.
Sales associates will also present any offer you make on a home. If you ask the sales associate you are working with, "Do you think the sellers will drop their price by $10,000?" the only answer the sales associate can give you is, "This is the price they're asking. The only way you can find out whether they'd accept less is to make an offer". Conversely, sales associates who are working as agent of the seller are required to tell their clients anything they know about your bargaining position, so be discreet.
After you have found the home you wish to buy and you have negotiated a contract with the seller, the sales associate can also assist you with the selection of lenders, home inspectors and/or attorneys, and can assist you with the entire closing process.
Show Low Office Randolph Tenney, Broker 60 South White Mountain Rd. Show Low, Arizona 85901 Office: (928) 532-1111 Toll Free: (800) 237-6230 Email: info@gmactenney.com |
Pinetop/Lakeside Office Mark Rodenborn, Branch Manager 1413 E. White Mountain Blvd. Pinetop, Arizona 85935 Office: (928) 367-3100 Toll Free: (800) 422-6812 Email: info@gmactenney.com |
Snowflake/Taylor Office Troy Goodwin, Manager 1300 S. Main St. Snowflake, Arizona 85937 Office: (928) 536-5600 Toll Free: (866) 297-0143 Email: info@gmactenney.com |
Holbrook Office Yvonne Larson, Branch Manager 1100 W. Hopi Dr. Holbrook, Arizona 86025 Office: (928) 241-1229 Email: info@gmactenney.com |