Choose your Realtor® the way you would choose a doctor, accountant, or other professional. Seek a friend or colleague’s recommendations, check out the local ads, and meet with several. Whether you’re buying or selling your home, or just reviewing your options, you need the expertise of someone whose job is to study and know your local real estate market on a daily basis. That's where a Realtor® is the key to unlocking the possibilities.
Once you’ve found the Realtor® you want to represent you (as either a buyer or a seller), you enter into what’s called a “brokerage relationship.” In Virginia, the law requires you to sign a written brokerage agreement in order to protect you. It ensures that both you and your Realtor® understand exactly what’s expected from each other.
At a minimum, a brokerage agreement outlines:
- What services the Realtor® will provide
- How long he or she will be providing those services
- What fee (if any) and how it's paid
In most cases, your Realtor® will act as what’s called a standard or “full-service” agent. Meaning they will provide you with a wide range of assistance throughout the transaction and all the advantages of having a trained real estate professional working for you. You and your Realtor® decide what kind of working relationship works best for you.
The broker agreement can be signed for a single day, to see only a few houses, or the most popular - be active for a duration of several months. The agreement also outlines payment to the Relator. For sellers, the fee is typically a percentage of the sale price while a buyers agent is typically paid for by the sellers agent agreement specific to that property. Be sure to discuss your options with your Realtor® and make sure all your questions are answered.
Looking for a local Realtor®? Start by calling your local experts at Ask Gina & Company at 703-574-3478 to learn how to unlock the possibilities in real estate.
