When buying or selling a home one of the most crucial decisions you’ll have to make is whether you’ll hire a real estate agent or go it alone. We all know that if you hire a real estate agent, you’ll have an expert on your side – someone who is aware of the latest real estate trends and knows the neighborhoods where she works better than the people who live there. She knows which houses are available, statistics about the schools in the area, and where the closest shuls are. She understands the nuances of staging a home and knows the prices of homes in the area that have recently been sold – all great reasons to ask her to be your agent.
However, if you’re still considering buying/selling a house on your own, you should know that there is much more to a real estate agent than meets the eye. It takes hard work, dedication, and perseverance to become a successful real estate agent. You can’t wake up one day, decide to open a real estate agency, and start selling homes. There’s way more involved. New York real estate agents must be very intelligent, because they must complete a grueling 75-hour course approved by the secretary of state and pass a qualifying exam administered by the Department of State.
During the course, agents learn about licensing laws, rules and regulations, agency disclosure agreements, estates, liens, deeds, titles, closings, contract preparation, real estate finance, land use regulations, construction issues, environmental issues, pricing, human rights, fair housing, real estate math, property insurance, taxes and assessments, types of investment properties, commercial leases, income tax issues, property management, and more. When they finish the course, they understand very complex transactions, and they can explain them to you in a way that you understand. In addition, they can help you find an inspector, a real estate lawyer, and they can even help you find a mortgage.
Even after the agent passes the exam, they can’t open a business of their own. State law requires them to work under the guidance, tutelage, and protection of a real estate broker. A broker helps them transition from school to the field. A good broker will be a mentor, providing proper training and support.
Once the agent has finished school and has worked for a broker, she will be able to handle any situation that comes along.
If you’re still considering buying/selling on your own, answer these questions: what does the zoning board of appeals do and what does the municipal engineer’s office do? Who is usually exempt from paying property taxes? What clause in the deed describes the property and what is a loft lease? You probably can’t, but a real estate agent can.
Chances are you wouldn’t defend yourself in court, so why would you buy or sell a house without the expertise of a real estate agent?