How does a real estate agent ensure a smooth process?
When selling and buying a home, there are large sums on the table, and the process leading to the transaction can turn out to be tortuous. Eve Kaunis, a professional real estate agent at ELUM Real Estate, knows firsthand how important it is to have security on this journey in the form of an experienced advisor.
Real estate transactions are accompanied by a lot of emotions, because often a home is sold or rented, which is associated with good memories. It is all the more important for the home owner that the process goes smoothly and that the property is in good hands. People often do not know what opportunities cooperation with a realtor offers. A real estate agent is like a doctor who is always there for you. They are someone who have been with you through the years and who knows what your background is and what exactly you need,” said Kaunis, who has nearly 20 years of experience as a realtor.
People are different, but the laws are the same
There are many nuances in the real estate world and it is difficult to navigate without prior knowledge. “It is risky if a person starts doing large-scale transactions without having special knowledge. An important skill is to see one step ahead, what are the possible threats, risks and slippages,” Kaunis said.
A real estate agent must know who exactly owns the property and whether it is joint or separate property. Are there any additional documents required to be checked in transactions? According to the realtor, the power of attorney and other documents should be reviewed to make sure that they are properly drafted and that the content of the power of attorney allows for exactly the kind of transactions that are planned. It is important to review the sales contracts as well, so that what was agreed is correctly written there. “In my practice, it has happened several times that people want to sell, for example, real estate that belonged to their parents, but they forget that before the sale transaction it is necessary to go through the inheritance process.”
The realtor can also give advice on operations related to insurance. “It seems relatively logical that the home has insurance, but life shows that this is not always the case. It is important to have civil liability insurance, which also protects the owner against claims made by third parties. When selling real estate, however, it is not worth terminating the insurance in a hurry, for example on the day of the transaction, if the transfer of the real estate takes place later.” According to Kaunis, there have been cases where a major water disaster occurs or a fire starts in the time window just after the transaction, but before the handover.
A real estate agent as a neutral intermediary in rental relations
The realtor will also help you understand the details of the Law of Obligations Act, which regulates tenancy relations – what are the differences between fixed-term and open-ended tenancy agreements and on what basis the agreements are terminated. “For example, there are often situations where a fixed-term lease has become open-ended. In addition, in the case of long-term contracts, there may be a desire to increase the price. A professional realtor can give advice on how to do it correctly,” she said.
It is also worth paying attention to the shortcomings. “If the neighbors are noisy or have a loud dog, this information must also be passed on to the tenant. If tenants are not notified of such defects, they may terminate the contract early and/or file claims.”
The real estate agent takes over the entire process, communicates with interested parties and introduces the homes. Since the realtors generally have the keys to the homes offered, with the consent of the owners, they go to show the rooms mostly when they are not at home themselves. “Trust is extremely important here. It is often better if the owners do not participate in the showings of the rooms, because in general, those interested express themselves more boldly what they like and what they don’t like. Otherwise, the realtors may not receive the necessary information, although it may be a problem that can be easily eliminated.”
According to Kaunis, the realtor is like a neutral intermediary between the landlord and the tenant. “People have created their homes with care and love, and do not recommend that their homes be criticized. The realtor takes away all the excessive background noise and only transmits the necessary information to the owner,” she said.
Stress that comes with valuation and transactions
Valuation can also turn out to be a complicated process. The realtor is at the forefront of the real estate market and knows exactly what is happening in the market. “There are situations where people need to be brought down to earth regarding the price, or vice versa – to show the real potential of the apartment, when the value of the property may be higher than expected. The realtor brings comparisons with similar real estate objects from the market and directs the pricing process.”
There are many nuances to renting a home that can play a big role in pricing. For example, there are many things that can go under defects, but which the owner may not consider as such. “For example, a missing dishwasher, which the owner themself did not miss, can be a source of concern. Each person is guided by their habits and experiences. However, the realtor helps to see things from a different angle and provides explanations as needed.”
“A good real estate agent is characterized by stress tolerance, because the bigger the sums, the stronger the emotions of the parties are. The necessary skill is to neutralize them and be a support to the person, to ensure a sense of security and trusting relationships. Sometimes not much is needed and it is enough to simply confirm that everything is fine, everything is in accordance with the law,” said Kaunis.”
You can’t get by without a contact network
“We all make contacts every day. It always warms the heart when a long-term client gets in touch again – over the years, we grow together with the client. Clients know that they can always call and find out what is happening in the market at the moment and ask for advice.”
No matter what questions arise during the process, but which the realtor cannot answer for some reason, their contact network will help here. “Real estate agents with longer experience have many acquaintances to whom they can refer the client as needed, from construction specialists and cleaning service providers to lawyers. Owners often do not have such networks,” she said.
Other realtors also belong to the contact network. Mostly, colleagues and other realtors are not taken as competitors, but as cooperation partners. “For me, competition means that I have to increase my market share at the expense of someone else’s market share. I don’t focus on such things, but take it in such a way that I increase and create abundance in cooperation with my colleagues – everyone wins,” Kaunis said.
Each person has a choice whether to deal with their real estate themselves or seek help. “The client always has a choice. If the client wants to go through this whole process painlessly and deal with their main job and hobbies or spend time with family and friends, then let the realtor do their job. And, of course, choose an experienced realtor, because experience is what counts and helps ensure security.”
