When we intend to sell or buy real estate, we need to make a profitable transaction. Its success depends on many actors, too, and failure cannot be achieved only on one’s part. The seller, the buyer,and the agent are those who, in search of personal interests but respecting the other parties, must work together to satisfy the result all the actors involved.
The Lake Realty team, based on rich real estate experience, have synthesized what expectations each one starts in a real estate transaction.
Most of the time, as a seller, you want to sell your property at the best price. You could wait, if that’s what it takes because costs continue to grow. You’ll rent for a while until you think the market is good enough to give you what you think your property is worth.
There are, of course, moments where you want to sell as soon as possible at a price below market value because you need money quickly.
In both cases, assuming you are working with a real estate agency, you want to know what the hidden costs you have not considered, associated with the sale.
As for the buyers, keep your word and do not mislead them. Do not try to negotiate the amount later or modify your payment dates, or not present yourself when signing the contract. This is also true for buyers.
Generally, sellers want:
- to sell their home quickly, at a price above the market value OR to wait until prices reach the upper limit;
- have an honest agent who knows the best way to sell a property;
- to see if they owed a commission to the agent;
- to be notified of all commissions and notary fees to be paid;
- Set a time horizon for viewing.
- To have confidence on both sides regarding the deal that the palm struck.
Expectations of the real estate agent
Agents are earning their commission from the commission they receive after every transaction that has been completed. So their interest is to trade a property quickly, at a price as high as possible. Depending on the agent, once you have given him a price range, he will usually make recommendations to the buyer, sometimes more expensive, but rarely deviate very much from the budget. Look at this.
Realtors discourage sellers from continuously modifying the apartment’s price or availability. It may be tempting for sellers to stand and wait for the best offer, but they have to understand that it is very unpleasant for the agent to call his potential buyers and tell them that the deal has fallen.
They would very much like that when selling an apartment; vendors make a little effort, too. A fundamental level of decency, without mold or dirty kitchen, would make the property more enjoyable for prospective buyers.
It is very unprofessional and a waste of time if the seller or buyer, or both, change the time of viewing. The agent is willing to offer you both assistance, but you are not his only clients.
About buyers, after signing the contract, do not try to change the payment days or the value. This is a commercial aspect, independent of the control of the agent so that for any changes to the contract, you will first have to discuss with the agency’s owner. So there’s no point in trying to convince him.
Agents want the following:
- that vendorare sure on the sale of their property;
- properties to have a decent environment to help sell it;
- if you decide on certain details, so stay;
- to provide a good understanding of the implications of that service contract;
- to have a good flow in the property viewing ensemble and sell it in less than a month.
Expectations of the buyer
It’s everybody’s dream to find their dream home when they get to the point of buying a new home. However, if you have a limited budget, you have to make some compromises: if the property has excellent views, it may be in an inappropriate neighborhood, or if it has a large bathroom, it may exceed the price limit. It becomes quite challenging to find something that falls within the price limits and initial specifications.
In the end, when he finds something or becomes unavailable for some reason, the sellers prefer to receive the money in advance.
Paying in advance is a problem for those who are planning to get a loan. If they buy a 30-year-old apartment,they have to be sure about the apartment. Also, there will always be a question in their minds: is there anything better when you sign the contract? Of course, they can not ask a seller to understand why they can not pay everything at once. Moreover, there are times when something unexpected happens that makes them withdraw from a business. They would appreciate if they would have an understanding both on the part of the agent and the buyer.
The expectations of the buyers are summed up, generally to:
- get the better house with the money they have,
- sellers to make the pleasant properties to watch,
- agents to explain all their procedures, commissions and fees, and to consider their interest in negotiation,
- to call them daily to schedule views of the property,
- to feel that it is justified to pay the commission, in the way it is paid,
- to have an understanding from the seller and the agent when it fails a transaction.
Certainly, special efforts are required from all the parties involved, for to conclude a real estate transaction. However, it is helpful to put yourself in the place of the other person and to see what his point of view is. The relationship, the mutual understanding to a minimum, can be those elements that will ensure the conclusion of the real estate transaction on advantageous terms and reasonable terms for you.