Five Types of Real Estate Professionals Buyers and Sellers Should Know About
Buying a home is often a marathon, not a sprint , and having an experienced real estate professional on your side is usually a necessity.
For most people, that professional would be a residential real estate agent. But, as with any industry, there are real estate professionals. If you are buying or selling a property with certain characteristics or needs, hiring a residential real estate agent may not be the best option. If you are looking for or selling a property with certain qualities or are looking for a home under certain circumstances, hiring the right real estate professional is essential.
Short selling
A short sale is usually a desperate move. It involves selling a home for less than what you owe on your mortgage, and is usually only done when the owner is trying to avoid foreclosure . The lender gets all the proceeds from the sale, but they must approve the short sale before it can go through. As a result, short sales are complicated and require a lot of paperwork. Having a realtor who knows the ins and outs of working with banks and other lenders in this situation is a must.
The National Association of Realtors (NAR) offers the Short Sales and Foreclosure Resource (SFR) certification. Real estate professionals who complete this training know how to conduct short sales with lenders, but they also have training in marketing distressed properties, as well as taxes and other financial considerations.
Selling to Seniors
If you’re over 50 or helping an older relative sell their home , you should consider hiring a real estate professional who specializes in senior real estate. There’s a long list of special considerations when selling a home in (or near) retirement age, from the emotional impact of moving out of a home you’ve lived in for a long time (home ownership rates are increasing , so older homeowners are more likely to live in their homes for a long time) to the tax implications and estate planning.
If this is your situation, look for a Realtor who is a Certified Senior Real Estate Specialist (SRES) . They are trained in the applicable tax, property, and ownership laws. And just as importantly, they have a keen understanding of the emotional impact of selling a long-term home and moving into a new era of your life.
Military families
If you’re in the military and living in private housing, you know that a permanent change of residence order means you’ll have to sell your current home and find a new one quickly . You may also be dealing with financing through the Department of Veterans Affairs (VA). Finding a Realtor with experience in military moves means you need someone who knows how to move quickly, navigate VA loan options, and help hire movers and coordinate what can be a chaotic process.
Look for a real estate agent who is a Military Relocation Professional (MRP) certified by NAR. They are trained in the special needs of military families who move frequently and on short notice, often over long distances and without advance notice, and typically have access to resources that other real estate professionals do not.
Luxury house
If your home is considered a “luxury” property (meaning it’s priced high relative to other homes in the area, has a long list of included amenities, and is finished to a high standard relative to other nearby homes, among other factors), there are special considerations associated with marketing and selling it. For example, comparable homes can be difficult to identify, so evaluating and pricing these properties requires knowledge and training. And identifying potential buyers who can afford the location and will appreciate its benefits requires someone with the right network.
If you are looking for or selling a luxury home, look for a Luxury Homes Certified (LHC) Realtor. These professionals are trained in luxury property pricing and marketing, as well as negotiating tactics tailored to high-end properties.
Rural real estate
Buying a rural property – whether a working or hobby farm or just a large property with land – is very different from buying and selling a home in an urban or suburban area. Knowing the property in detail and its potential uses, the fixtures and fittings included in the sale, the fencing requirements and access to utilities requires specialist knowledge and experience. And identifying a farm or piece of land to buy or buyers looking for this type of property often requires local connections and knowledge.
There is no specific certification required, so a good starting point is to contact local real estate agents and ask about their experience with agricultural or rural properties.