Real Estate originally focused on Sub-Agency, in which the Broker represented solely the Seller. Even though Buyers thought they had someone looking out for their interests with sub-agency the agents involved in a given transcation only had fiduciary duties to the Seller.
"Some clear disadvantages exist for the buyer under sub-agency. There is no obligation to obtain the best price or terms for the buyer, since the broker, as sub-agent, was obligated to obtain the best terms for the seller, generally someone who he/she had never met and with whom no direct business relationship existed." (Wikipedia)
This contradiction was finally resolved for the buying public in the 1990s when Buyer-Agency or Buyer Representation emerged as an option. Now, the purchaser can choose to be represented and have an expert represent them. Whether purchasing a new home, for sale by owner or a home listed by a Real Estate company the purchaser can select their own representation.
When choosing the best Realtor for purchasing a home the focus should be on expertise and education. Expertise is defined within Real Estate by local knowledge of the market and negotiating skills. Each purchaser should also seek the elite Realtor that continues to broaden their knowledge with education.
It is important to select a Realtor that has seen different cycles of the local economy. The Northern Virginia and Washington DC market has gone through 4 cycles since the late 1980s. The Nellis Group was established in the local area in 1983 and has been selling homes in all market conditions pairing the purchaser with the best home available for over 25 years.
Negotiation for a purchaser must always begin with the purchase price. It is essential to know the true market price of a home prior to ever writing a contract. Currently there are 2 methods for a purchaser determining market price: 1. Real Estate web sites with an automated system which work best for “cookie cutter” homes and communities. 2. A CMA (Comparative Market Analysis) by a licensed Realtor.
The Nellis Group seeks to bring a more defined insight into pricing for every buyer. Instead of using the 2 options listed above we provide a licensed Appraiser to evaluate with a mini-market analysis, the proper price for each home before our client ever writes an offer on a home. This unique insight provides our buyer’s with knowledge before going into all negotiations for a home.
Beyond the initial offer and acceptance the contract is negotiated multiple times with contingencies, inspections and the appraisal of the home. It is important to find an established Realtor with connections with local Title Companies, Lenders and Contractors to make sure that regardless of the obstacles that can appear it will be a smooth process for the buyer. The Nellis Group in 2009 established their “Stimulus Package” for all buyers which include discounts with a local Title Company, discounted rate with a local lender and access to the top real estate contractors in the business.
Every profession is a changing environment in which each professional must continually seek higher education in their own field. One designation stands apart in the Real Estate Industry which requires both education and production (homes sold) prior to becoming certified. The CRS (Certified Residential Specialist) is the elite in the field of Real Estate. Vicki Nellis and James Nellis both have obtained their CRS designation in an effort to continually provide their clients with the best service and Real Estate Excellence. Click on this video to see Nellis Group clients talk about their experience with our Team:
Choose the best representation in Real Estate and start with a Realtor that has local knowledge, negotiating skills and education. It is your right as you make one of the biggest financial decisions in your life.