Do you think home-buying is as trouble-free as building a nest?
Ultimately nest as well as home provides shelter. The purpose looks similar, but what’s the catch? A bird can build its nest on its own by gathering some nesting materials and putting some efforts but as you know for human-beings nothing comes for free, especially home-buying which is a huge investment and Herculean task too. The elongated and irksome process is really mind-numbing, don’t you think so? On top of that, managing it single-handedly or without any guidance may probably land you in trouble.
The process generally includes looking out for property, its location, background check of builders, verifying clearances, project details and other legal matters. As a first-time homebuyer, do you think you can accomplish this difficult task, all by your own? You cannot risk yourself by taking any wrong decision as this deal is associated with heavy budget. Therefore it is wise and nice advice to involve a person who will look after your property buying procedure. Realtors are the professionals who can change your realty dream into reality. They are the agents who act as a mediator between the buyer and seller.
It’s no more a secret, how the real estate sector has evolved and reached at its peak. Though there are many alternatives available for property buying process still real estate agents are preferable choices as they give you updated information about any property and provide more in depth details as compared to online services. Since they work as the third-parties their fees are mostly counted as commission. If they are helping out a seller to sell their property to genuine buyer and assisting the buyer to buy their dream home efficiently, don’t you think, they are worth of getting paid right?
Okay before we proceed towards their payment process, let us discuss what realtors, actually are:
Who is a realtor?
Owning a home is almost a dream to many and it really takes lot of effort to make this wish come true. You desire to own a home and the realtors will give wings to your dream, this is what the main goal of a realtor is. This set of professionals is also known as real estate agents or brokers. Beyond assisting in buying or selling a property, a real estate agent plays the role of a guide and gives you complete insight about a particular property. You property transaction is likely to get into jeopardy, if you not follow the process appropriately. In exchange of commission, the realtors are ready to take the entire burden of the property deal on their strong shoulders. Fetching a home for buyers doesn’t mean just to take them on ride at property site and show them the properties; the job of a realtor is far beyond that which we will explore in the next segment.
Heap of Duties:
Realty and reality, there is only difference of letter ‘I’ in both of these words and this difference is resolved by the realtors. ‘I would change your realty dream into reality’, this is what the realtor assures to the buyer. Even in the poor market conditions, the real estate agents strive hard to crack the best deal for the buyers and also help the sellers to sale their properties to the genuine buyers. There is no rulebook as such for these agents but they carry out a to z duties that is associated with property deal. Apart from searching apt properties, a real estate agent ha to perform many duties to make a real estate deal successful:
- To make the first impression a lasting impression, the realtor would start the duty by explaining the buyer the complete procedure of the transaction
- Try to understand the need and requirements of the prospective buyer
- Search for property on the basis of the requirement listed by the customer
- If the buyers are not sure of what they want, the agents aid them making a choice or present them better options
- The realtor gives a complete information about the current market condition to the customers
- Once the buyer shortlists the property, the realtor starts with the negotiation process
- Carry out the necessary verification process related with the property
- The realtor then prepare all the necessary documents related to property transaction
- The realtor also looks after the legalities related to the property deal
- Checks all the amenities and facilities provided by the builder
- Assist the buyer with all the agreement paperwork and make sure the transaction is completed efficiently
Estimate fair price with proper invoice:
Owning a dream home not only gives immense happiness to the buyer but even the realtor gets satisfied to see the buyer pleased with their work. If these professionals are toiling so much to get you a perfect property, don’t you think, they need to get paid correctly for their hard work? Apart from appreciation, commission is also what they aim for. Realtors are mostly independent workers, Unlike other professionals where they get paid either monthly or hourly basis or at the end of the project, realtors gets payment, once the sales transaction gets accomplished. The work may get completed within few days, weeks or even months. The realtor either gets payment from the seller, buyer or from both the parties, it depends upon the agreement. The commission can be negotiated. The invoice is prepared as per the services offered.
Click here to know the different types of invoicing that would help the realtors to get paid appropriately.
Expenses to be booked:
To make a business successful, it is essential to do proper planning and budgeting. Know your business expenses, in advance so that you don’t find it difficult while preparing an invoice. Despite of the uphill struggle, the realtors get paid only after the deal is cracked. Sometimes the agent doesn’t get paid for all the services offered, hence it is better to note the expenses before and avoid further complications.
- Stationary expenses
- Travelling charges
- Telephone charges
- Advertising and promotion expenses (in case of seller’s agreement)
- Fuel expenses
- Rentals for office space (optional)
- Marketing expenses (in case of seller’s agreement)
- Cost for meal and entertainment purpose
- Closing costs
- Maintenance and repair expenses, if the agent is taking the responsibility
- Property taxes, if the agent is taking the responsibility
- Other miscellaneous expenses
- Cost for the service provided
Terms and Conditions:
Any profession to maintain its efficiency and proficiency follow certain guidelines and presents the terms and conditions to its customers. Following the standard and legalized way is best to avoid obstacles and errors during your course of action. Hence as a genuine realtor, you need to follow the standard terms and conditions.
- If the realtor is dealing with both the parties then he would be receiving certain percentage of commission fixed from both the parties at the time of deal completion or if he is working for only one party then the respective party would make the payment.
- Some of the realtors go with half- half payment procedure where the party should agree to pay 50% of the commission at the time of signing the deal and remaining amount after they acquire the possession or the deal is completed.
- Once the payment is made, it may not be refunded.
- The personal information mentioned by the buyer should be true.
- Ensure the property details and other information provided by the seller is accurate.
- The submitted materials should not be misleading or offensive, legal action would be taken.
- The photographs and the facilities mentioned by the seller is real
- Phone assistance will be provided to the customer, if necessary
- The party can terminate the agreement with a prior notice
- The agreement can be terminate with a written notice
- Late or fail to pay the commission is subject to additional charges
Billbooks – A software Constructed for Invoicing:
With so many responsibilities, the realtor finds it really difficult to cope up with all the tasks unaccompanied especially when it comes to invoicing where lot of backbreaking work is involved. What if you get a company, who works efficiently, looks after all your billing process and doesn’t even charge you much? Are you looking for such a partner? Then open- handedly welcome, Billbooks who will be your invoicing guide. The way you assist and successfully crack the real estate deal, Billbooks would similarly assist you and carry out the complete billing process successfully with its unique and exceptional services.
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