Choosing A Real Estate Agent
There are a few ways to find a reliable real estate agent. For example:
* Ask friends and family
* Ask other real estate agents
* Attend a few open houses and meet real estate agents
* Search online or in the newspaper
* Walk into a local office
* On For Sale signs in the neighborhood
When you visit a real estate agent for the first time, you should think of some questions to ask that will help you get to know this person who is going to help you find your dream home. A few examples are:
1. Are you a certified realtor, (All agents need to be licensed in the states they are selling properties in, but not all real estate agents belong to the National Association of Realtors.)
2. How long have you been in the real estate business,
3. Which neighborhoods are you the most familiar with,
4. How many homes do you have that will fit my needs,
5. What is your typical commission on a home in my price range,
When you ask these questions, you should be looking for honest and complete answers, good communication, and eye contact. These are common questions that the real estate agent should be able to easily answer.
You should also pay attention to:
* How well your real estate agent listens to what you are looking for
* How well they understand current real estate law
* How many other clients they seem to have
* How they speak to their co-workers
* How often they communicate with you on the phone or email
Types of Agents
During your search for a real estate agent, you will encounter a variety of agents that will want to work with you:
* Experienced agents
* New agents
* Pushy agents
* Absentee agents
* Hardworking agents
While all real estate agents have different personalities, you will have to decide which ones you will want to work with when looking for your new home.
Experienced Agents vs. New Agents
This is an age-old debate that should be addressed. An experienced agent may have sold more homes and earned more commissions, but new agents can be just as helpful as they need to get some sales under their belt, which may prompt them to work harder for you.
While you should ask about their experience, you should take into consideration other traits such as the ability to listen to your preferences and only show you homes in your price range. Experienced agents and new agents have been trained in a similar fashion and only have their personalities to bring to the table.
There are experienced agents out there who will drag their feet because they are over-confident or they are not as interested in their jobs as they once were. Experienced agents may know more about different neighborhoods, but some of them are not as proactive as they used to be.
You should not let inexperience deter you when looking for an agent. Many times, new agents will work harder because they want to gain a reputation that they can use to build confidence in their future clients.
Pushy Agents
Unfortunately, you will meet real estate agents that will want to sell you more home than you need or want to earn larger commissions or to sell properties that have been on the market for a long time. This is where you will need to stand firm. Do not want to waste your time looking at homes that are beyond your price range unless you are confident you can find a way to lower the price.
While looking at possible homes is exciting, this will not last long as you will grow weary of spending all your free time looking for a home. If an agent keeps showing you homes that are out of your price range, then you should consider finding another agent.
Absentee Agents
Absentee real estate agents are those agents who show you a few homes and then disappear for a few weeks. These agents may be overworked, may not be able to find a home in your price range or neighborhood, or have higher-priced commissions to find. Whatever the reasons, this behavior is unprofessional and should be rectified immediately.
If an agent does not have homes in your price range or neighborhood, they should recommend another agent in the group. Agencies never want to lose customers. If your agent does not do this, find a new agent.
Even agents that are overworked have time to make a quick phone call or send a text. If you do not hear from your agent in a week after your last meeting, find another agent.
Hard Working Agents
These are the best agents to find when you are buying your first home. If you find an agent like this, do not lose them. These agents will follow every lead, pass your wants and needs to another agent, and try their best to find you a home. You should expect to see a handful of homes when working with an agent like this.
Continue interviewing until you find the right real estate agent to show you properties and help you navigate the complicated home buying process.
Signing a Buyer’s Broker Agreement
The agent you choose may ask you to sign a Buyer’s Broker Agreement. Agents work with buyers for several weeks, even months, before a sale is finalized including:
* Helping buyer get pre-approved
* Sending listings to the buyer to review
* Scheduling showings
* Showing homes
* Researching neighborhood comps
The agent is investing their time and expects to receive a commission for the sale. The buyer needs to feel comfortable signing this agreement and should consider:
* Short-Term Broker’s Agreements – negotiate a 7-day or 30-day agreement. If you are happy with your agent at the end of the specified time period, you can extend the agreement. If you are not satisfied with the service you are receiving, you can find a new agent.
* Ask for a Trial Period – as your agent if you can work with them for a specified period before signing an agreement to be sure you can work together.
* Specify Areas and Terms – your agent may be a specialist in a certain area, and you may find a home in another area that requires you to work with another agent.
If you decide to sign a Buyer’s Broker Agreement, remember that this agreement is with the Broker, not the Agent. If you are unhappy with the agent you are working with, you can ask the Broker to assign a new agent to help