Real estate transactions and the role of agents
What do I need to know when dealing in real estate?
If you want to sell an apartment, buy a house, rent an apartment or do any other real estate transaction, there are a number of things to consider. It is important to understand and know the market price, usually an appraisal is needed. If you want to sell or rent your property, you need to be prepared to show it and to adapt to the buyer's timescales.
You should also be prepared to discuss price, construction or the real estate market with the buyer or seller. You need to be able to listen to the other party's point of view and argue your own correctly. Often you have to remember that the parties may have different views on the use of the property - for one it may be a sentimental asset, for the other a capital investment.
You need to plan for the negotiation, drafting and signing of contracts. When a transaction is made, the parties have usually agreed on the terms of the deal, but even in such cases there is always some point or legal nuance that needs to be noticed in the terms of the contract. All of this requires repeated conciliation, drafting and signing of contracts.
You have to organise notary visits, for which you will often have to wait in long waiting lists. When selling a house or other real estate, most clients will need a bank loan. The use of a bank escrow account provides more security for the parties to the transaction. You need to understand banking, whether you are selling a flat or land. Competence in these matters will help you understand the potential buyer's ability to obtain a loan.
Real estate agents can help make the whole process more convenient and efficient.
Why choose real estate agents?
Knowledge and experience: Real estate agents have knowledge of the local market and can provide valuable insights into the buying and selling process.
Property information: Real estate agents have access to additional properties that may not be available to the general public, giving buyers a wider range of properties to choose from.
Time savings: Real estate agents can save buyers and sellers a lot of time by handling the many details involved in buying or selling a property, such as scheduling viewings, negotiating offers and drawing up contracts.
Negotiation skills: Real estate agents are experienced negotiators who can help buyers and sellers get the best deal possible.
Professional network: Real estate agents have a network of professionals including notaries, valuers, bankers, lawyers who can help in the buying or selling process.
Legal protection: Real estate agents can provide legal protection for buyers and sellers, ensuring that all contracts and agreements comply with local laws and regulations.
Emotional support: Buying or selling a flat or house can be an emotional experience and real estate agents can provide support and guidance throughout the process.
What are the fees for estate agents?
If you want to rent an apartment, office or commercial space or buy a property, it is definitely worth using the services of an estate agent as they are free of charge and do not impose any responsibilities or commitments on you as the acquirer. Riga Brokers real estate agents, like most other companies, cover their service fees mainly from the seller's or landlord's commission.
If you are planning to sell or rent a property, you can consult our agents about the specific terms, who will tell you about the steps to be taken, the planned activities and the conditions. If you decide to cooperate with Riga Brokers real estate agents, a cooperation agreement will be concluded with you. Each case is evaluated individually, but in any case the service fee will not exceed 5% of the transaction amount. Any fees for services provided will be paid only after the successful conclusion of the transaction.
If the real estate agent succeeds in renting or selling the property at a higher price, this service is in fact also free of charge.
In any case, whether you are a buyer or a seller, it is worth talking to and consulting a real estate agent, as the conversations and consultations are free of charge.