Your Real Estate Team
The Team And The Players

   



You don't have to become an expert in property values, mortgages, tax and real estate law, title insurance, escrow, pest-control work, and construction techniques in order to play the house-selling game well. Instead, you can hire people who've already mastered the skills that you lack. House selling is a team sport. Your job is to lead and coach the team, not play every position. After you assemble a winning team, your players should give you solid advice so you can make brilliant decisions.

Because you probably don't have an unlimited budget, you need to determine which experts are absolutely necessary and which tasks you can handle yourself. You are the one who must determine how competent or challenged you feel with the various aspects of the house-selling process.


The players

Here's an overview of the possible players on your team:

  • You: You are the most important player on your team. Sooner or later, another player is bound to drop the ball or fail to satisfy your needs. You have every right to politely, yet forcefully, insist that this person make things right. Remember that you hire the players on your team; they work for you.

  • Real estate agent: Because the house that you're getting ready to sell is probably one of your largest investments, you want to protect your interests by having someone on your team who knows property values. Your agent's primary mission is to accurately tell you what your house is worth and then negotiate on your behalf to sell it for top dollar.

  • Real estate brokerage: All states issue two different real estate licenses: one for salespeople (agents) and one for brokers. Real estate brokers must satisfy more stringent educational and experience standards than agents do. If your real estate agent is not an independent broker or the broker for a real estate office, the agent must be supervised by a broker who's responsible for everything that your agent does or fails to do within the course and scope of the duties of a real estate sales professional. In a crisis, your transaction's success may depend on back-up support from your agent's broker.

  • Property inspectors: Your house's physical condition greatly affects its value. Smart buyers will insist on having your house thoroughly inspected from roof to foundation as a condition of the purchase. We recommend that you get your house thoroughly inspected before putting it on the market so you know what to expect during any subsequent corrective-work negotiations with the buyer.

  • Financial and tax advisors: Before selling your house, make sure that you understand how the sale (and the purchase of another home, if applicable) fits into your overall financial situation.

  • Lawyer: Whether or not you need a lawyer on your team depends on three things: the complexity of your contract, the location of your house, and your personal comfort level. If you decide to sell your house without an agent, you definitely need a lawyer who specializes in real estate law on your team. Remember, the purchase agreement you sign to sell your house is a legally binding contract. If you have any questions about your contract's legality, put a real estate lawyer on your team.


Each player brings a different skill into the game. Assemble a great team, and they will guide you through any situation that may arise during your transaction. Keep in mind that good players act as advisors - not decision makers. Decision making is your job. After all, it's your money on the line.


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4110 SE Hawthorne Blvd., #208
Portland, Oregon 97214


Ph. (503) 516-7300
Fx. (503) 218-5371


   

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