How Your Real Estate Agent Can Help You Even After You've Bought Your Home
Congratulations! You have successfully closed escrow, signed paperwork, survived the final walkthrough of the property, and are ready to move in. You feel fortunate to have enjoyed a smooth escrow with a proactive real estate agent that made the process as seamless as possible. But is their job done there? No! A great realtor will go out of their way to develop a lifelong client relationship with you and seek to add value beyond a single transaction.
However, this is far from the standard. Rezora reports that the National Association of Realtors claims that over 90% of real estate agents never contact their clients after closing escrow. And while it is within your agent's interest to retain your future business, don't forget that it is also for your own good to seek out all relevant information and stay up to date with what is going on in your local market.
Local market update
With interest rates rising, there is a lot of speculation around the housing market, pricing, and market conditions. But rather than rely on sensationalized media headlines, reach out to your real estate agent and ask to be put on their monthly local market report. Every month, your agent can send you a localized market update with key pieces of information that can help inform your real estate decision-making.
This would include but is not limited to details such as the number of recently sold listings, the average number of days on the market, the average selling price, the average price per square foot, as well as the total volume of sales within a designated area, as noted by The MLS. All of these metrics are incredibly helpful when deciding what your next real estate move should be. Regardless of headlines, information like this might reveal a much stronger seller's market in your local area and showcase outstanding opportunities.
Second home ideas
Although we currently only have around three months of housing inventory, there are investment opportunities that abound for those savvy buyers looking for a rental or Airbnb property, as noted by Housing Wire. So, with that said, feel free to reach out to your local market real estate expert about additional listing options. In the event that you are considering an investment prospect outside your current market, there may also be a referral possibility from your realtor.
A great realtor will take it upon themselves to research and find a skilled realtor in that vacation market, and make sure that they have the necessary insight and resources to help you make an informed decision. Tools like AirDNA are helpful for determining investment property details such as occupancy and nightly rates. A great investment realtor will assist you in breaking down this information and help you make an informed decision.
Maintenance referrals
Perhaps you bought a 1920s Victorian estate that requires external touchups and must comply with the neighborhood's HPOZ aesthetic standards. Or you found a charming Mediterranean cottage whose water source is a local well that needs updating to fit the infrastructure of the home. Every property has unique qualities that require additional work and assistance. A realtor tuned into the local market will have all the contacts you need for any remodels, updates, and changes.
The Contractors State License Board notes that over 40 different types of contractors are involved in residential work. Whether electrical, roofing, pool or plumbing technician, a great realtor can offer you an organized database of local experts to keep your home in ideal condition. This is even a detail worth inquiring about before even hiring an agent, and it can be a great way to gauge how experienced they are and what kind of local market details they are knowledgeable about.
Acknowledging major milestones
Birthdays, home anniversaries, major holidays — there are so many opportunities a year for realtors to touch base with their respective clients and offer their services and well wishes. Rev Real Estate School argues that a great realtor should contact you over 30 times a year, and these milestones can come with practical implications for your home-owning journey. Home anniversaries can be bookmarks for major milestones like avoiding capital gains tax.
These personal touches go a long way and also remind homeowners to remain mindful about their real estate journeys. If a realtor wants to go beyond the norm, more specific anniversaries such as air conditioner age, shudder paint replacements, and HOA updates are just those white glove details that make you feel like a special client. A truly great realtor will always go above and beyond to make you feel cared for, regardless of whether you are an active client.
Annual appreciation
So many homeowners do not even know the value of their current home. With this dynamic market, it is more important than ever that realtors keep a pulse on the local market and inform their clients of the changing housing dynamics and what is happening. For example, as reported by Bankrate, home appreciation hit its peak early this year with nearly a 20% annual appreciation.
A homeowner's perception of their property is often too strongly and wrongly affected by the media and news headlines when there could be a real opportunity at play. Expect an annual property profile from your incredible realtor demonstrating the house's yearly appreciation. This can be a tremendous tool for deciding when to sell a property and just staying in the know of the local market. From recently sold properties to geographic desirability, among other factors, these details all play a role in determining this annual appreciation.