Joseph D. Federico's Blog
As happens in any industry, there are professionals who work in the real estate industry who don't mind cutting corners. Protections against working with inexperienced realtors and mortgage brokers comes through local and state realtor licensing requirements.
You may not be real estate savvy, but you deserve to be heard
The realtor licensing requirements vary from state to state, but generally mandate that realtors complete educational training and pass a state approved licensing examination. Ethical and legal issues may be covered during the training. What training seminars, study guides and tests may not give realtors are strong communication skills.
A study guide may not show realtors how to respect mortgage borrowers and house hunters. This training may fall into your lap. To be effective when dealing with realtors and mortgage brokers, you need to be confident. When you are confident while house hunting, you can increase the likelihood that you will:
- Search for houses that fit within your financial range (confidence can help you to communicate to realtors the importance of not wasting your time and only showing you houses that are below your maximum budget)
- Avoid giving into realtor or mortgage broker requests to buy houses that have amenities that you don't really want or need
- Stick to looking for houses that are located in areas that match your personal tastes
- Get the chance to buy houses that your entire family will appreciate (this means that you won't be talked into buying a house that may be great for adults but injury provoking for children)
- Steer clear of attending open houses where former pet owners lived if you don't want to live in a house that was once home to several dogs or cats
- Receive a thorough explanation of each expense associated with owning a house. For example, if you're confident, you could clearly and respectfully communicate to a realtor that you want all costs associated with a house to be level with or below your budget. In this case, expenses like your mortgage principal and interests, homeowners association fees,closing costs, broker fees, title fees and loan fees and insurances will not exceed your maximum budget.
- Work with a realtor who takes the initiatives to update you on the status of the house shopping process.
House hunter confidence yields its own rewards
Reliable and respectable realtors and mortgage brokers are honest. They value house hunters and borrowers, whether these adults are their clients or not. They research directories, conduct smart marketing for their clients and look for quality houses that match their clients' requests. Sharp realtors and mortgage brokers aren't pushy or demanding. They listen to their clients.
If they exhibit enough respect and self-confidence, smart house hunters could help to sharpen realtors and increase their chances of working with realtors who find them houses that they will afford and appreciate. They could also help realtors gain the very skills that strengthen and lengthen realtor careers, skills like active listening, focused question asking, thorough research and welcomed communication skills.