Who Are the Professionals in a Real Estate Transaction? (Part 1 of 2)

Key in the door lock in front of an modern apartment living room

Agents often forget that what they may do several times a month, buyers and sellers may do once or twice in a lifetime. It can be confusing and overwhelming for buyers and sellers, and that’s why Sarah and Lisa never forget that important fact and make sure their clients are up to speed and well informed whether they are dealing with first time homebuyers or repeat veteran) clients that are coming back for another transaction.  

Fist there are the terms – words that you just don’t hear every day and therefore aren’t as familiar with, and then there are the professionals that you encounter in real estate transactions- all important and tasked with different responsibilities.  

How Many Professionals are Typically Involved with Your Real Estate Transaction?

There can be as many as 10-12 different professionals included in the buying and selling process. In face we made this a two-part Website Blog Series!  Sarah and Lisa want you to know who they are and what they do so you can be informed and therefore, feel less stressed out!

The Chatel Group has amassed a large list of solid, reputable professionals including lenders to appraisers to provide the very highest level of service for their clients.  Their clients of course are not required to use any of them, but it’s part of their Concierge Level of Service that can make things easier for their clients. 

Let’s cover some of the professionals that you will interact in when you buy or sell your home and along with a brief description as to what they do.

The Agents 

First you do need an agent for a multitude of reasons that are in your best interest. We’ve discussed all the reasons why in our earlier website blog post, Working With a Skilled, Experienced Agent.

Having said that, there are two types of agents. 

Selling Real Estate Agent

The Selling Real Estate Agent is an agent who represents the Buyer.  The agent will really strive to understand everything the buyer hopes to achieve. What areas they are interested in, what type of home, how large, etc. 

Sometimes, this process can be difficult for buyers. Sarah and Lisa ask lot of questions of their buyers, and often help them distill down what they are looking for to get a super clear picture of their needs and wants. Ultimately the agent will find properties to show the buyer. Then, once a buyer decides on the property, they will negotiate the contract terms. 

Listing Real Estate Agent

The Listing Real Estate Agent represents the seller and is the agent that lists the property. The best agents will recommend how your home will “show” at its best.  They will recommend any updates or changes, and even provide professionals resources like handymen and painters to make needed improvements and updates. See Chatel Group’s Trusted List of Professionals.

Once your home has undergone any decluttering and changes, they often bring in professional stagers to present the home in best possible light and make the home picture perfect Next they will arrange for professional photography and videography. 

Finally, the agent will complete a fair market analysis to help determine a property value and listing price listing the property on the MLS (Multiple Listing Service). The agent should also promote your property on multiple websites and social media platforms. Ideally, the agents have their own websites and social media following so that can maximize exposure of your listing. They also can host open houses, a broker’s open and employ other sales strategies. 

The Attorneys

The next pair of professionals are the attorneys. Buying or selling a home is a legal transaction, therefore attorneys are required by both parties. 

Seller’s Attorney

The attorney for the Seller advocates for the Seller’s best interests. Non Commission.

Buyer’s Attorney

The attorney for the Buyer advocates for the Buyer’s best interests. Non Commission.

Buyer’s Mortgage Broker

A mortgage broker serves as a go between the buyer and the lender. The mortgage broker may have multiple lenders that they refer to buyers, but it’s good for buyers to do their research and shop around as well. After all we are most likely talking about large sums of money. They do receive a commission.

Please join us again next time as we continue to list the real estate professionals that you will encounter when you are ready to buy or sell your home. In the meantime, if Sarah and Lisa can help you in any way, please don’t hesitate to give them a call!

 

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