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When it comes to navigating the complex world of real estate, having a knowledgeable and experienced realtor by your side can be incredibly valuable. These professionals bring expertise, industry insights, and market knowledge that can guide you through the process of buying or selling a property. However, there are instances where blindly following your realtor’s advice might not be in your best interest. Wait WHAT! You’re a realtor and you’re telling me I maybe shouldn’t listen to you. Yep. Not all Realtors are honest with you or have your best intentions in mind. In this blog post, we’ll explore the art of real estate decision-making and discuss when it might be wise to take a step back and evaluate your options, even if it means deviating from your realtor’s recommendations and if it means getting rid of your realtor.
Don’t play hide and seek with your realtor
Realtors are experts in their field, but they don’t always have a deep understanding of your personal needs and preferences. While they can provide valuable insights about market trends and property values, it’s essential to remember that your realtor isn’t living in the property you’re buying or selling. If their recommendations don’t align with your lifestyle, future plans, or design tastes, it might be a sign to think twice. I like to get to know my clients. I don’t mean I try to become their best friend. Not at all. But I do need to have them look at several types of homes to see their first reaction and their last reaction. I listen to what they say as they go into each room. If it’s married couple, they often say “oh this would be good for our son’s baseball collection” or “honey this would be a fantastic craft room”. One time I was showing a delightful couple homes. We were having a great time and I was gleaning lots of information from their conversations to each other and I was also asking them questions, but I still could tell I was not finding the right house. This worried me because I knew the potential employer really wanted this couple to move here and if I didn’t find them the perfect home it was a dead deal. No Stress Right? Then I heard one of them quietly say to the other, while we were in a frankly sad house, “well I guess I could put my baby grand piano here”.!!!!!!! I perked up and said “WHAT??? YOU HAVE A BABY GRAND PIANO? Do you play the piano? They both looked at me and said yes and I teach piano lessons. I right away said, “guys that is a key bit of information and I’m sorry I didn’t ask you both about your work. I assumed you were a stay-at-home mom.” Potential epic fail. Once I knew their unique needs and preferences, I knew right away what house they not only needed but what they ended up buying. It doesn’t always work that way, but a good Realtor will take the time to interview you and get to know what you want and need. If you feel your realtor is just showing you houses and not really listening to you, write down a list of what you want and then ask yourself if you have really told them everything.
Does this realtor have my best interest in mind?
Realtors often have a financial stake in the transactions they’re involved in. This can sometimes lead to conflicts of interest or pressure to close a deal quickly, even if it’s not the best financial decision for you. It’s crucial to independently assess the financial aspects of a real estate transaction, including the property’s value, potential for appreciation, and your own budget constraints. In Wyoming a realtor can list a house and help the buyer as a customer. We are required to tell you the buyer up front that the home we are showing is our listing. If at any time you feel you want a different realtor to help you just ask. In my office my Broker will sometimes step in and help the buyer, or I have several times referred a buyer to another real estate office in town. Its ok to use the listing agent but it is also OK to use another agent. You want to make sure the Realtor has your best interest.
To Research or not to Research… Be careful of the big talkers at the office
While realtors have access to a wealth of market data, it’s always a good idea to do some independent research. Don’t solely rely on your realtor’s market analysis; use online resources, visit local government websites, and consult multiple sources to verify information. Being well-informed empowers you to ask the right questions and make decisions that align with your best interests. Be careful when doing this. You don’t want to insist your research is correct and your realtor is an idiot. Yes, I have had this happen. I have experience in the market and a buyer from out of state insisted he knew what was best (I’m using he as a neutral gender noun fyi). He even had the gumption to rewrite the Wyoming contract which I had to run by a lawyer who then asked me “who in the SAM HILL wrote this? Stick to the approved contracts.” I had to pay for that consult with the lawyer. I ended up firing the buyer. It wasn’t pretty. My ego wasn’t hurt, he just wouldn’t listen even when I showed him facts from my market. So please research and talk to your realtor about your research don’t demand they follow your research only. Often in rural communities the online real estate apps have rather distorted prices. I always tell my sellers and buyers lets double check with the county assessor’s office and see what they have valued your house at and use that as a base. Next, we find similar houses and compare location, number of bedrooms, bathrooms and over all look of the house. Don’t get caught in the trap of the braggers who claim they bought their house for super cheap. In Wyoming we are a non-disclosure state. Do NOT always trust what you hear at the coffee shop about the neighbors who sold their house for a billion dollars or the buyer who came in and negotiated down to practically nothing. OK these might be extremes, but I get calls all the time from sellers who are upset their neighbors house sold for some outrageous amount but theirs is still sitting on the market. Though this does happen from time to time, the reality is their neighbors house sold for more or faster because the neighbor’s house was nicer. It can be a hard pill to swallow. Don’t get caught in the trap of wanting to negotiate down and still ask for bank closing costs. If you are getting a good deal on the house, why do you expect the seller to pay your bank closing costs? Really? If you were in the seller shoes, would you want to lower the price significantly and then pay thousands in the buyer bank costs? I don’t think so. When people say they got the sellers to pay their bank costs more than likely the price was such that the buyer is financing their own closing costs, but they think they are really sticking it to the seller because it’s coming off what the seller “made” off the sale. It’s costing you the buyer. If you can’t pay your own closing costs you might need to lower your expectations on what you can afford to pay. Again, another hard pill to swallow.
What are your Long-Term Goals
Your realtor’s primary goal might be to close the deal, but your focus should also extend to your long-term objectives. If you’re purchasing a property as an investment, a vacation home, or a future retirement spot, your realtor’s advice might not fully encompass these considerations. Consider factors like potential rental income, property management, and the property’s suitability for your long-term goals.
Does the property speak to your soul and check book?
Intuition is often underestimated in the realm of real estate decision-making. If something doesn’t feel right, it’s essential to trust your instincts. A realtor’s advice might be grounded in data, but your emotional comfort and sense of security in a property are equally important. Don’t dismiss your gut feelings; they can be powerful indicators of whether a property is the right fit for you. Likewise, sometimes your realtor has good instincts about a property for you. If you have gotten to know each other often your realtor can point you to the right house and away from the money pit you are fascinated by but will break your bank account.
So, what is the bottom line…
In the world of real estate, a good realtor can be an invaluable asset, but that doesn’t mean you should blindly follow their lead in every situation. Your unique needs, financial considerations, independent research, long-term goals, and gut feelings all play a role in making a well-informed decision. The art of real estate decision-making involves a thoughtful balance between leveraging your realtor’s expertise and taking charge of your own choices. Knowing your realtor and trusting your realtor is also key. If you think the realtor is smarmy but that was the number on the sign in front of the house you want to look at, find another realtor. By understanding when to listen and when to trust your instincts, you can navigate the real estate landscape with confidence and achieve the best possible outcomes. Realtors like buyers and sellers who have good instincts and are educated.
