With the increase in home sales in the vacation home market, the need for a knowledgeable real estate agent is a necessity. Especially in Orlando where there are so many resort vacation communities to choose from. In fact, the right real estate agent can help not only help you to prevent major headaches from occurring—even after the sale of the home, but will ensure you succeed as a vacation rental homeowner.
How Real Estate Representation Works
In the US, all housing inventory is available through a multiple listing service or MLS. Any agent can sort through inventory on the MLS based on the buyer’s specific criteria. They will also facilitate communication between the seller’s agent and the buyer. If the agent is the same person for both parties, the agent will act as a neutral go between.
Commission for the sale of the home is negotiated between the agent listing the property and the seller. Once the home is sold, the commission is split between both the buyer’s agent and the seller’s agent.
Why the right Real Estate Agent Matters
Since the commission is negotiated on the seller’s end, and all homes are listed in the MLS, choosing the best agent for your needs is more important than working with the agent listing a home.
Vacation homes, second properties, or any type of investment property all have different opportunities and obstacles to ownership. An agent that is knowledgeable in Orlando’s vacation home market will help you navigate everything from negotiating the best price to troubleshooting potential problems before the sale of the home goes through.
Even in new construction home communities, you need a relator that works for you. Many buyers think that bypassing a relator and going straight to the residential builders will save them money and give them discounts. However, that’s a misconception. The agents that sell vacation homes know the different builders in the area and the different incentives each offers. Because these agents work for you and not the builder, they will help negotiate the best deal on your behalf.
In addition to negotiating the right deal with a builder, your agent will help supervise construction and follow up on any installation of upgrades and features requested in the contract. This is especially helpful if you are making a purchase for another state or country.
Before you choose what real estate agent to work with, think about your goals and plans for the property you want to buy. Ask potential agents questions and find out their style of communication. The agent you choose should be one you are comfortable with and can trust.
Questions to Ask a Potential Real Estate Agent
• How many vacation homes have you sold?
• Could you give an overview of your experience?
• How long have you been Licensed?
• Do you have any testimonials?
• Can I contact some of your clients?
• Have you sold a home in the particular resort community I’m looking to buy in?
Some still may think it will be less expensive to buy without an agent. However, the commission of the sale is already negotiated between the seller and the seller’s agent, the price won’t change if you forgo a knowledgeable agent. In fact, if you don’t use an agent, you might risk a worse over all deal. If the purchase of a vacation home is part of an overall business plan or investment strategy, consider a good real estate agent as an investment for your business.
Once you find the right agent, she/he won’t get paid until the sale goes through. This means months of work before possible compensation for all the work your agent will do for you. Real estate agents work hard for their clients without guarantee of pay, so make sure you have the right agent in place at the beginning of your home buying process.
If you are ready to purchase a vacation home, we would love to help you through the process from contract to closing and beyond. We can help with management of properties, rentals, and will refer you to the best industry partners around. The agents at Viva Orlando are here to serve you. Please contact Milena@vivaorlando.com / 407.922.4620 to ask us how we can help.