- The Seller’s broker always works for the seller, remember that. Unfortunately, many buyers don’t understand the consequences of going directly to the seller’s broker rather than using their own broker.
- For instance, what would be the consequences if you used your wife’s or husband’s attorney for your divorce. Clearly, the consequences would be drastic; don’t make the same mistake when entering into one of the largest purchases of your life.
- Be clear about what you want and why you want it so you can stay focused and work efficiently on the multi-million-dollar project to buy.
- Have all the facts to hand so the final decision delivers long-term satisfaction. It is a well-known fact among real estate professionals that, apart from a serious change in personal circumstances, the main reason a resale property goes on the market is because the owner "bought the wrong property in the first place."
- Have experienced, successful, and detail-oriented specialists on your team from day one.
Every country in the world and every state in America apply different real estate laws. Some are common, but many parts of the small print are so different that simple errors can cause serious problems.
The property seller, particularly if it is pre-construction or new construction, will have their own agent working for them, and working on their behalf. The buyer should choose their own Miami real estate agent.
In Florida, it is standard practice for a real estate brokerage to work as what is called a Transaction Broker. This enables them to help the prospective buyer search for and see every property that meets their criteria.
Once a property is short-listed, their agent can become a Single Agent. As a Single Agent, the Realtor owes all their loyalty to the buyer, and none to the seller, so they can negotiate effectively on price, terms, and conditions. An agent who represents the seller cannot deliver that crucial level of service to the buyer.
The commission, or sales fee, is paid by the seller, so hiring a dedicated agent is free for the buyer. The seller, in effect, pays the buyer's agent to bring a ready, willing and able purchaser to complete the transaction.
Buyers choose Realtors who know:
- Everything about the Miami real estate market and individual Miami neighborhoods.
- Every type, style, and specific location and aspect of every piece of property currently on the market that will match the buyer's purchase criteria. The luxury real estate market commonly has properties listed above true market value. Some buyers feel the need to make a quick decision, and some sellers try to capitalize on that by setting a high price. A good buyer's agent will counter that.
- Every property that is due to come on the market but has not yet been listed for sale.
- Possible "close-out" sale prices soon to be offered by developers who want to complete a project and begin their next one. There is a real benefit in buying a property that is discounted because the developer wants to "close the books" on a current project. The experienced buyer's agent will also know if a new project which meets the buyer's criteria may offer lower-priced pre-construction prices.
- With that being said, currently, Miami has a dearth of new development so this strategy won’t apply.
- The background details on each development, homeowner association and city code details which may affect long-term satisfaction with a purchase.
- The details within a contract to purchase. Florida has two main contracts, the "FAR contract" and the "FAR/Bar contract."
- Some buyers may hire an agent whose brokerage uses their own contract. The FAR/Bar contract is considered by real estate attorneys to be the tightest and most protective of them all. It is always good for a prospective buyer to know which contract their Realtor will typically use.
"Why You Need a Highly Experienced Real Estate Agent in Miami"
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