Although Americans continue to be smitten with the DIY craze, buying real estate is not a do-it-yourself project. Sure, it’s fine to surf the Internet to search for your dream home, but when it comes time to actually view the homes, make sure you are fully represented by your own real estate agent.
Do I Need a “Buyer’s” Agent?
Some real estate agents specialize in working only with buyers. That said, most agents have experience working on the buyer’s side of the transaction.
When looking for an agent to represent you in your home purchase, don’t feel that you need to restrict yourself to an agent who professes to work solely with buyers.
That said, there are several situations in which you should seriously consider working with an agent who not necessarily works strictly with buyers, but who is a bona fide specialist in the following:
- First time home buyers
- New build homes
- Relocation
Aside from these situations, pursue the best agent for your needs. Read on to find out how to go about finding this needle in a haystack.
Get Referrals
Whether you need a real estate agent to list your home for sale or to assist you with buying a home, a referral can be a great way to find one. Ask the people you know, including family members, co-workers, neighbors, and friends. Also, you can usually find agent reviews from previous clients on home shopping sites like Zillow.com. The more reviews an agent has the more likely that is a very experienced agent.
Ask the Right Questions
Full-time agent vs part-time agent. An agent who is working full-time as a Realtor has a dedication to their profession that a part-time agent may lack. This is certainly a valid question when looking for a good, experienced Realtor.
Ask a follow-up question: How big is your staff? The superstar agent with a staff of 15 is the agent you will probably never speak with or see until closing, if then. That’s not to say this person isn’t a good agent, but to remind you that if you’re looking for personal, one-on-one interaction with the agent you hire, don’t hire the superstar with a huge staff.
Ask prospective agents if they can accommodate virtual showings. If you find a house online that you absolutely love, time is of the essence in a fast-moving market. Will the agent have time to accommodate your last-minute showing needs?
Does the agent answer your call? Realtors spend a lot of time on the phone, so you may not get connected on the first try, but you should be able to speak personally with them by the 2nd or 3rd. And if you left a voicemail message on your first try, a good agent will call you back at the first opportunity.
If it’s important to you that the agent has a certain amount of experience, by all means ask how long he or she has been in the business.
As important as it is to ask the right questions, listening to the agent is equally as important. What types of questions does the agent ask? One of the most important is whether or not you have loan pre-approval.
The savvy real estate agent understands that until you have seen a lender, looking at available homes is a waste of time, both yours and hers. Reject any agent who doesn’t pose this question.
Should I Sign an Agreement?
Many agents who consider themselves buyer specialists will ask that you sign a broker’s agreement.
This document commits you to working exclusively with the agent for a pre-determined amount of time. Broker’s agreements typically state that the agent will be compensated in the event the buyer switches to another agent and ends up purchasing a home shown by the original agent.
If the agent insists that you sign an agreement, ask for a short-term commitment. This way, should you decide the relationship between the two of you isn’t working out; you’re only locked into working with her for a short time. Agents typically ask for a 90-day commitment but the terms are negotiable, so choose a time period that you are comfortable with.
You are also within your rights to ask for a guarantee. Request that a clause be inserted into the agreement stating that if either party decides the business relationship isn’t a good fit, they will be released from the agreement.
Getting your finances in order and securing funding for the purchase of your home should always be the first steps in your home buying process. Finding the right real estate agent, while second on the to-do list, is no less important.
