Working With an Out Of Area Real Estate Agent
There are situations when you have to work with a real estate agent that is located in a marketplace other than your own. Job transfers are one of the primary reasons that people relocate to a new place. You don't necessarily have to cross state lines to have the need to work with an out of area real estate agent. Sometimes you can be moving to another city within the same state or even just another part of town.
The worst thing you can do is make the assumption that all real estate agents are equal. Just because you have worked successfully with an agent in one part of town does not mean that agent will be as successful in another. Property values can differ from one place to the next. If a real estate agent is not familiar with the values in another place, you could end up with less out of pocket expenses for your purchase than you expected.
Different places also have different customs regarding who pays the taxes and closing costs. In your transaction this person could be you. If your real estate agent is unaware of these customs, you certainly can't be expected to know.
It has become easier for out of area real estate agents to use technology to come up with local pricing in an area. However, these methods are not always as reliable as first hand knowledge that comes with practicing real estate in an area. If you are selling a home, your out of area agent could list it for the wrong price. Whether this price is lower or higher than it should be, there are negative implications for you. A price that is too low nets you with less profit from the home. While a price that is too high could lead to a house that doesn't sell quickly enough.
Real estate agents that work in an area together often know each other on a personal level. Even if they are usually work on opposite ends of the transaction, their experience in working together brings about a certain level of comfort. When you are working with a real estate agent that knows the agent on the other side of the transaction, it can often work in your favor. Especially if there are other buyers or sellers whose agent is an unknown.
Even if you have to work with an out of area real estate agent, make sure it is an agent that is top notch. An agent that is committed to doing a good job for you will put in the work necessary to do so. In many cases, real estate agents have connections in other areas that can give them the information needed on the best inspectors and appraisers to use as well as any tax laws or customs that are followed in the area. In that aspect, it is up to you to find the real estate agent that will do the best job for you, regardless of the area in which you are seeking to transact.
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