Real Estate Agent Mercer County NJ
Home Location Mercer Directory Monmouth Directory
|
|
AnnMarie (Sherlan)Latty
|
Real estate brokers and sales agents have a thorough knowledge of the real estate market in their community. They know which neighborhoods will best fit clients’ needs and budgets. They are familiar with local zoning and tax laws and know where to obtain financing. Agents and brokers also act as intermediaries in price negotiations between buyers and sellers. Real estate agents usually are independent sales workers who provide their services to a licensed real estate broker on a contract basis. In return, the broker pays the agent a portion of the commission earned from the agent’s sale of the property. Brokers are independent businesspeople who sell real estate owned by others; they also may rent or manage properties for a fee. When selling real estate, brokers arrange for title searches and for meetings between buyers and sellers wherein details of the transactions are agreed upon and the new owners take possession of the property. A broker may help to arrange favorable financing from a lender for the prospective buyer; often, this makes the difference between success and failure in closing a sale. In some cases, brokers and agents assume primary responsibility for closing sales; in others, lawyers or lenders do so. Brokers supervise agents who may have many of the same job duties. Brokers also manage their own offices, advertise properties, and handle other business matters. Some combine other types of work, such as selling insurance or practicing law, with their real estate business. Besides making sales, agents and brokers must have properties to sell. Consequently, they spend a significant amount of time obtaining listings—agreements by owners to place properties for sale with the firm. When listing a property for sale, agents and brokers compare the listed property with similar properties that recently sold, in order to determine a competitive market price for the property. Once the property is sold, the agent who sold it and the agent who obtained the listing both receive a portion of the commission. Thus, agents who sell a property that they themselves have listed can increase their commission. Most real estate brokers and sales agents sell residential property. A small number, usually employed in large or specialized firms, sell commercial, industrial, agricultural, or other types of real estate. Every specialty requires knowledge of that particular type of property and clientele. Selling or leasing business property requires an understanding of leasing practices, business trends, and the location of the property. Agents who sell or lease industrial properties must know about the region’s transportation, utilities, and labor supply. Whatever the type of property, the agent or broker must know how to meet the client’s particular requirements. Before showing residential properties to potential buyers, agents meet with them to get a feeling for the type of home the buyers would like. In this prequalifying phase, the agent determines how much the buyers can afford to spend. In addition, the agent and the buyer usually sign a loyalty contract which states the agent will be the only one to show houses to the buyers. An agent or broker uses a computer to generate lists of properties for sale, their location and description, and available sources of financing. In some cases, agents and brokers use computers to give buyers a virtual tour of properties in which they are interested. With a computer, buyers can view interior and exterior images or floor plans without leaving the real estate office. Agents may meet several times with prospective buyers to discuss and visit available properties. Agents identify and emphasize the most pertinent selling points. To a young family looking for a house, they may emphasize the convenient floor plan, the area’s low crime rate, and the proximity to schools and shopping centers. To a potential investor, they may point out the tax advantages of owning a rental property and the ease of finding a renter. If bargaining over price becomes necessary, agents must follow their client’s instructions carefully and may have to present counteroffers in order to get the best possible price. Once both parties have signed the contract, the real estate broker or agent must make sure that all special terms of the contract are met before the closing date. For example, the agent must make sure that the mandated and agreed-upon inspections, including that of the home and termite and radon inspections, take place. Also, if the seller agrees to any repairs, the broker or agent must see that they are made. Increasingly, brokers and agents are handling environmental problems as well, by making sure that the properties they sell meet environmental regulations. For example, they may be responsible for dealing with lead paint on the walls. While loan officers, attorneys, or other persons handle many details, the agent must ensure that they are completed. By TRISTA MORRISON Buying your first home is a lot like taking an exam — the more effort you put into preparing, the happier you are likely to be with the outcome. Before you start your preparations, however, take a moment to make sure that you are ready to be a homeowner. While escaping your landlord's prying eyes may seem enticing, remember that you'll also be leaving behind the convenience of having someone to manage your maintenance conundrums. Renting also offers more flexibility to relocate than owning; aside from being tied to the housing markets, it may take several years of appreciation to recuperate your upfront costs after purchasing a home. That said, most people find that the benefits of homeownership outweigh the challenges. Aside from obvious advantages such as being able to rip out shag carpet and repaint mustard yellow walls, owning a home is financially attractive — especially when tax time rolls around. “Owning a home opens the door to the world of itemized deductions,” said accountant David Ward, partner with San Diego firm Massey & Ward. “People who don't own a home usually don't have enough deductions to justify itemizing. But once you buy a home, you can deduct the interest on your mortgage, property taxes, any ‘points' you pay when you purchase the home, charitable contributions, and even the fees you pay to your tax and financial advisers.” In addition to saving some of your hard-earned cash from Uncle Sam's clutches, owning a house offers the all-important benefit of equity. Unlike rent, which is paid to your landlord, mortgage payments are applied to your loan, and each payment earns you equity, or ownership, in your home. Eventually, you can either cash in on that equity by selling your property and buying a less expensive one, or leverage it to trade up into a pricier abode. Crash course in economics Once you decide to buy a house, the next step is figuring out how much you can afford to spend. “There are a myriad of financing options for first-time home buyers,” said Michael Armstrong, home mortgage consultant with United Mortgage Group. “Which option a buyer chooses really depends on that buyer's individual needs.” According to Ward, first-time buyers who are low on cash but have an Individual Retirement Account (IRA) can access up to $10,000 from their account for the purpose of buying their first home, without paying the early-withdrawal penalty. Even if you don't have an IRA, a lack of readily available cash isn't as much of a hindrance as many first-time buyers think. Government loans allow first-time buyers to purchase a home with very little down payment, but the interest rates tend to be higher than with some other loans. First-time buyers who put less than 20 percent down should also be aware that most lenders will charge additional monthly fees known as private mortgage insurance (PMI). Unlike in school, however, there are acceptable ways to “cheat” your way out of paying PMI. One common approach is to take out two loans, one for approximately 80 percent of the purchase price and another for between 10 and 20 percent, depending on how much you put down. Given the plethora of financing options available, Armstrong advises that first-time buyers take the time to interview several lenders and find one they feel comfortable with. Since different lenders may approve you for different amounts, it is also important to talk to them about how much they can offer you. For those who think this sounds too time-consuming or confusing, Armstrong suggests selecting a mortgage broker to shop around for you. Field trip Now that you know how much you can afford to spend, can you head into the field and start looking at properties? Not quite, according to ReMax United Realtor Elisabeth Lenderman. “It's important to have an idea of what amenities are most important to you and what neighborhoods you are interested in before viewing properties with a real estate agent,” said Lenderman. So ask yourself, do you want a condominium or a detached home? How many bedrooms and bathrooms will you need? Is the school district important to you? How much of a commute can you handle? Answering these types of questions will allow your real estate agent to avoid dragging you through a slew of houses that don't suit your needs. Lenderman also counsels first-time buyers operating in a sellers' market to get preapproved by their lender before looking at properties. Preapproval allows buyers to move faster once they find the property they want, lessening the chance of losing their dream home to the competition. “Buying your first home can seem overwhelming, but if you have a good real estate team it's not that bad,” said Lenderman. “Just take the time to find an agent and lender that you feel comfortable with, and be straightforward with them. You shouldn't be afraid to speak your mind, because ultimately, you're the one who has to live with the outcome |
|
