Your relationship with your Realtor is similar to a marriage and as such, requires certain ingredients for it to be successful such as,
- the art of compromise
- a pragmatic outlook
- patience
- trust
- teamwork
- active listening skills
- open and honest communication
- respect
- belief that the relationship is mutually beneficial
Achieving success starts with putting your egos aside. This enables positive behaviours based on a recognition that everyone's input is welcome and valuable. Each person in the relationship is there to contribute and being defensive puts obstacles in the path towards success.
With your positive mindset firmly embedded, we can move onto specific aspects of the relationship that will increase the likelihood of success.
Be respectful of each other's time...
A Realtor is a licensed professional and not an indentured servant. Don't expect them to be available 24/7. Expect that they get back to you within an agreed upon & reasonable time to answer an inquiry. You should also be prepared to live by this yardstick. If either of you will be unavailable for an extended period, agree to let each other know and realize that when negotiations are underway, time is of the essence and everyone might need to be available at a moments notice.
Expect all parties to contribute to the relationship...
Everyone needs to be decisive and know their minds. Don't default to someone else to provide your input. This goes hand-in-hand with being respectful of each others time. For example, it's not good etiquette to expect your Realtor to walk through 50 property showings without you being able to provide meaningful feedback, refine your criteria or make a decision. Conversely, your agent needs to be proactive in helping you define your 'shopping list' and presenting properties that you will seriously consider.
Financially, you and your Realtor should be prepared to "have some skin in the game". You may both need to contribute physically and financially in order to prepare a property or make a deal come to fruition. It is best to document major expectations in writing.
Take responsibility...
Your Realtor is your agent and will provide guidance on many elements of the sale and purchase of real property but ultimately, can not make certain decisions for you. As a property buyer or seller, one of your key contributions to the relationship will be making a decision regarding how much to offer or, which offer to accept on a property. A pitfall in the area of taking responsibility for real estate transactions is involving too many people in the decision making process. Input from family members or friends should be welcomed but unless they are party to the financial gain or investment aspects of the purchase or sale, or are living or planning to live in the home, then they should not be involved in the final decision making regarding a property in most circumstances. Involving too many people, especially those whose finances or living arrangements are not impacted by the decision, will likely slow down and complicate the process leading to misunderstandings, lost opportunities and regrets.
Aside from the financial aspects of the transaction, participants also need to be prepared to take responsibility for their actions and reactions. Buying or selling property can be stressful and emotional - rely on your Realtor to guide you through the process professionally; with as little stress and as emotionally detached as possible.
Be prepared...
Like any productive relationship, it takes everyone pulling in the same direction to achieve success. Keep surprises to a minimum. Have your finances in order relating to deposit & down payment amounts and mortgage acceptance. What I recommend for buyers and sellers alike is to:
- know your number (the dollar figure above or below which you will not transact a deal)
- know what you will compromise on (price, conditions, closing date)
- be patient (buying and selling real estate is a process, making a rash decision to make an offer or decline an offer might not be the best decision)
- be decisive (by knowing what your number is and what you will compromise on, you will be able to act quickly & decisively)