When I bought my first home -- a co-op -- the myriad world
of real estate was daunting (to say the least) and very frightening. Even
today, several years after the purchase, just thinking about that initial
encounter with a real estate agent can make me shiver all over again.
Before the process began I was filled with questions. What
was a real estate agent anyway, I wondered, and why did I need one? I had no
idea what closing costs were or why everybody wanted to know so much about
my personal finances. A mortgage, I kept telling myself, was nothing but a
loan, so why were all these people involved? Why did I need an attorney, a
broker and a banker? I actually began to feel guilty that the candlestick
maker wasn't in on the act.
And what on earth were my friends talking about when they
touted the great tax benefits of owning a home?
Unfortunately, many of those questions remained unanswered
long after the purchase of my home. Why? Was it some lacking on the part of
the real estate agent, or hadn't I asked enough questions? The answer was
both. Actually, some of my questions were answered - only I was too nervous,
too befuddled, to comprehend them.
My agent was aggressive, handsome, helpful and knowledgeable
- all the things you look for in a professional, right? More important, he
was up to the task at hand, which was in part to guide me through the
process and make me feel okay. He did all those things - and more - and he
was the best choice for me at the time. In fact, I'll probably give him a
call when it's time to sell and rake in a huge profit.
Of course, even that line of thinking brings up new
questions for me today. Who makes the profit, the agent or me? Why does the
person who represented me as a buyer get to do the same thing when I'm
selling? And what, while we're at it, is the true meaning of life?
And as I think back, questions like those - and others -
could have and should have been answered. For instance, why does a person
even have to bother with an agent or broker? If the market is so good right
now (it is good, isn't it?), then why can't I just throw out a shingle and
sell my home on my own?
To answer that, I would say that you might want to compare
the sale of your property to other simple yet complicated areas of life,
like medicine, theology and computer technology. You can go any one of them
alone if you want to, but it's better to have someone who knows what they're
doing.
Sitting down with local real estate professionals to discuss
the state of the DC marketplace drove this point home to me. Each one in
their turn was able to outline problems, offer suggestions and clarify the
muddy waters that faced potential buyers and sellers. And if knowledge is
power, then having a person representing you when you tool around in the
real estate market makes you more powerful than the folks who attempt to do
it alone.
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