What Do Long Island Realtors Do?
The Long Island real estate industry is a mystery to a lot of people. Real estate agents can appear to do little more than open doors to potential listings, make a few phone calls, and collect a commission check on home improvement shows. In actuality, there are many distinct answers to the question, "What do Long Island realtors do?"
With that in mind, we'll go over an agent's main tasks, including what they perform during the purchasing and selling phases. This should help you see where your money is going and whether or not employing a real estate agent is the best option for you.
What is the difference between a realtor and a real estate agent?
Anyone with a New York real estate license, for the most part, can assist individuals in purchasing or selling property. Realtors, on the other hand, aren't all real estate brokers. A member of the National Association of Realtors is required to work as a Realtor (NAR). Furthermore, not all members of the NAR are licensed real estate brokers. Joining is open to real estate agents, appraisers, property managers, and real estate counselors.
Long Island realtors must complete certain membership standards in order to become members of the National Association of Realtors. For starters, they must adhere to a set of official ethics and practice guidelines. Furthermore, every few years, they are required to take a specified number of continuing education classes. Realtors are distinguished from other agents by these criteria.
For the purposes of this essay, we'll refer to all real estate agents as "real estate agents," which includes both Realtors and non-Realtors.
What are the responsibilities of a Long Island real estate agent?
A Long Island real estate agent is an organizer, negotiator, and advocate all rolled into one. Your agent will play distinct functions depending on whether you are buying or selling a home. Regardless of whatever side of the table you sit on, they will always work in your best interests.
Assist you in obtaining a preapproval
The first step in buying a house, believe it or not, is not to look at listings on the internet. It's getting pre-approval now. A preapproval letter is a document from a lender that specifies the loan amount you've been authorized for. It demonstrates to the seller and the seller's agent that you're serious about buying the home and capable of doing so.
While you will not deal directly with a real estate agent for your preapproval, if you don't already have a lender in mind, he or she will be able to make some recommendations. If necessary, your agent can help you and the lender communicate so that everyone is on the same page regarding your finances.
Accompanies you to all of your showings
When you're ready to buy a house, your agent will begin sending you property listings on the real estate market from his or her local multiple listing service (MLS). After you've narrowed down your choices to a handful, the realtor will schedule tours of the properties for you.
A good Long Island agent will do their best to take you through any houses you see, even though it isn't strictly part of how they earn their fee. They'll point out both good and bad things so that if you decide to make an offer, you can do so with your eyes wide open.
Any offers should be written down
You'll eventually find a home that you can envision yourself purchasing after viewing a few properties. Your agent will assist you in preparing an offer at that point. Although you are ultimately responsible for deciding how much to give, the Long Island real estate agent is in charge of assisting you in comprehending the many components of an offer package and putting together your best offer.
Inspections must be attended to
Your agent will be present at any inspections you've chosen to conduct on the property. Always keep in mind that your agent is there to represent you. During the inspection, your realtor will most likely follow the inspector's lead, but he or she may ask pertinent questions and make note of any potential issues with the house.
Inspection reports will be supplied to you after the inspections are completed. When you're ready to negotiate inspection fixes, a professional agent will look over these reports with you and make any notes of suspicious findings that should be addressed.
Inspection repairs should be negotiated
Negotiations don't end once an offer is accepted when someone buys or sells real estate. Instead, after the inspections are completed, a second round of negotiations occurs. As the buyer, you will read over the inspection reports and request that the seller either make any necessary repairs or offer you a credit toward the repairs at closing.
Your agent will be your point of contact once again. He or she will first assist you in drafting an amendment with your requests. Then they'll take care of the back-and-forth between you and the seller during the talks.
Keep track of any paperwork that needs to be completed
A real estate transaction necessitates a significant amount of paperwork. Inspections and making sure your financing is in line are the most important aspects of the purchase process. Once you've signed a contract, a big part of your agent's job is to make sure you have all the papers you need.
In order to meet the underwriting requirements on your loan, your real estate agent will contact your lender to check that you have all of the required papers. He or she will also follow up on the appraisal and, if necessary, take care of any discussions. Finally, when it comes time to close, your agent will ensure that you have a firm loan agreement.
Make contact with the other parties involved in the deal
Your agent is responsible for communicating with everyone involved in the transaction in addition to managing the paperwork. There are a lot of moving pieces and a lot of individuals who need to be kept informed, including you and the seller, the listing agent, your lender, the inspectors, the appraiser, and the title person. Your agent will handle the majority of the communication for you and keep you updated throughout the process.
For home sellers, what does a Long Island real estate agent do?
On the other hand, real estate agents' responsibilities for those selling a home are as follows. Again, read through them to have a sense of what to expect whenever you're ready to place your house on the market (unless you're selling without the help of an agent).
Correctly value the home
Before listing a house for sale on Long Island, a real estate professional will first assist you in determining the correct price. This is an especially important stage because one of the most effective ways to sell a home quickly is to price it correctly.
Your listing agent will utilize a tool called a comparative market study to assist in determining the proper price for your home (CMA). In order to provide you with a realistic price range for your house, a comparative real estate market analysis looks at similar properties that have previously sold on Long Island. You and your partner can next consider characteristics specific to your home, such as its current condition or any recent upgrades, to determine where your house falls within that range.
Promote your home
Your agent will begin marketing the home after the price has been determined. Before officially advertising your home on the multiple listing service, you should usually hire someone to prepare your home and take some high-quality images (MLS).
Your real estate agent will maintain track of any showings and gather feedback from buyer agents after the property has been listed. To encourage additional traffic, he or she may organize an open house or broker's open (in which the agent invites other industry professionals to see the home).
Any offers should be discussed
When an offer is received, it's time for your agent to employ his or her negotiating abilities. Though you have the final say on whether or not to accept an offer, the agent's role is to walk you through each purchase agreement you've received and ensure you understand the details.
Your agent will also act as your point person if you wish to negotiate with a buyer. From this point forward, your agents or real estate agencies will handle all communication between you and the buyer. In the hopes of reaching an agreement, he or she will negotiate on your behalf.
Participate in the review
You'll almost certainly need to have an appraisal done on the house if the buyer is receiving a loan. An appraisal is performed to ensure that the home is sold for its true market worth to the lender. This protects both the bank and the buyer from paying too much for the house.
Your agent's job is to make sure the appraiser feels the house is worth at least as much as what was given for it on your side of the table. For this reason, Long Island agents and brokers frequently attend appraisals and may even bring their own set of comparables to support the sale price.
Make contact with the other parties involved in the deal
Several persons will work together to complete the sale of your house during the transaction. You, the buyer, your agents, the lender, the inspectors, the appraiser, the title person, and occasionally real estate attorneys are usually present. Everyone involved in the situation must be on the same page.
Close by tying up loose ends
When it's time to sit down at the closing table, your Long Island agent will present all of the necessary documents from your end of the deal. He or she will also go over any paperwork you're signing with you to make sure you understand the terms. Then, at closing, your agent will make sure you get any cash owed to you.