400 Creekside Drive, Suite 407-409 Pottstown, PA 19464

How to Build a Great Real Estate Team

Monday, March 1, 2021

They say buying and selling homes is one of the most stressful things for modern adults. However, if you know what you're doing, it doesn't have to be a difficult or tedious process. 

Whether you're a first-time homebuyer or have owned multiple homes in the past, it never hurts to have the right professionals by your side. An effective real estate team can help streamline your process, save you money, and make sure you and your family get the best possible deal.

But who do you need in your team? What professionals are necessary for your real estate success?

Keep reading for our A-list of essential real estate professionals.

Realtor

Let's start with your realtor or real estate agent. 

Ideally, you need a realtor who's familiar with the area. They know the neighborhoods, the local real estate market, the school districts, and more.

Additionally, they'll have spent time accumulating contacts and connections that can help you thrive during and after you buy a house. These include local professionals like contractors, insurance providers, landscaping specialists, painters, furniture companies, etc.

The right realtor will also have fantastic communication skills and plenty of time to commit to your needs. If they miss your call, you'll hear back from them shortly. Make sure they don't have too many other clients or they may be unavailable when you need them. 

Finally, ask about their pricing. Most real estate agents charge a 3% fee based on the total cost of the home. While the seller is most often the one who pays both realtor fees, things may change during negotiations. Additionally, some real estate agents charge extra fees for different services, like hosting open houses. 

Mortgage Broker

Using a mortgage broker is essential for finding the right home loan for your needs and circumstances. A mortgage broker acts as an intermediary between you and prospective mortgage lenders. Not only do they have access to more lenders, but they also have the experience and knowledge most home buyers lack. 

This is incredibly helpful for borrowers with unique circumstances. For example, if the applicant has poor or little credit, a mortgage broker can help him/her find a mortgage lender who provides low-credit loans. 

Additionally, the mortgage broker will be able to identify a good deal versus a bad deal, based on what the lender is offering. They can tell you the pros and cons of each type of loan that's available to you. Finally, a mortgage broker will make sure you find the best possible home loan for you, your family, and your financial situation. 

Home Inspector

Whether you're buying a home or selling a home, you need to find a credible home inspector. They are an essential part of your real estate team. Their main purpose is to protect the buyer from investing in a home with underlying issues. 

As a home buyer, you need to make sure the home you're putting an offer on is everything the seller presents it as. A home inspector will thoroughly examine a home and its fundamental components. This includes plumbing, electrical, roofing, structural integrity, the foundation, and more. 

While not all sellers try to pull one over on unsuspecting buyers, some will hide major and minor issues to help the house sell faster and for more money. A professional home inspector will be able to uncover any and all issues and point them out to their client.

From there, you can negotiate repairs or a lower cost. If the problems are severe enough or you feel uncertain about the integrity of the seller, you can also walk away.

As a home seller, it's essential to know these issues before putting your house on the market. If a red flag issue is uncovered after a buyer places an offer on your house, it could scare them off. At the very least, it will prolong the process and lead to further negotiations in the buyer's favor.

Title Agent

Next, let's talk about adding a title agent to your real estate team. When purchasing a home, your mortgage lender may require you to purchase title insurance. If they don't, it's still highly recommended.

Title insurance covers any defaults in the title. Depending on your policy, can be any preexisting issue, such as:

  • Undisclosed property heirs
  • Fraudulent title practices
  • Unpaid taxes and property debts
  • Unreleased mortgages
  • Violated coding laws 
  • And more

As a homebuyer, these issues can come back to haunt you months or years down the road. Title insurance for buyers is a one-time fee purchased at the time of closing on your loan. However, it will protect you for the entire time you own the home, should something come up.

Real Estate Attorney

If you've never purchased or sold a home in the past, you probably don't know how much paperwork is involved. The short answer is a lot.

Real Estate transactions typically require contracts full of dozens of different pages. These include:

  • The identification and documentation of both parties
  • The legal rights and obligations of each party
  • Details of the property (which includes a description, features, condition, history, etc.)
  • Any contingencies pertaining to the sale
  • Closing costs
  • Sale price
  • Negotiated assets (appliances, decorations, fixtures, etc.)
  • Terms of possession
  • Projected closing date
  • Signatures from each party
  • And more 

As you can see, there are a lot of details that can be overlooked by the untrained eye. Real estate attorneys are essential for helping buyers and sellers understand the contracts they're signing. They have the knowledge and legal background necessary for preparing, reviewing, and authorizing real estate documents. 

Using a real estate attorney can be required by your mortgage lender. If not, they are ideal for protecting your interests. 

Ready to Build Your Expert Real Estate Team?

As you can see, building a competent real estate team is vital for getting the right home for the right price. Take your time to pick the best people to represent your real estate investment. 

Heartland Abstract provides top of the line title insurance to protect home buyers like you. You never truly know everything about a home's past, but title insurance gives you peace of mind. If anything comes up, we've got you covered.

Contact us today to look through our policies and find out more about how we can protect you and your home.

View All Recent Posts