|
Finding the right loan is only one part of the home buying process. Choosing the right real estate agent can ease the entire buying process - whether buying your first or fifth home. As such it requires the same time and consideration that you would give to choosing any service professional such as an accountant, physician, or investment banker. You will want to check their competency, credentials and client service record.
|
Choosing a real estate agent is not as easy at it appears. This is not as easy as it might appear. Credentials and competency are one part of the selection process but equally important is chemistry. Your real estate agent will become your partner in the process. You want someone who will listen and understand your needs and will work on your behalf. You should obtain references, do your homework and interview potential candidates.
|
Your real estate agent will be assisting you in one of the most important (and largest) purchases you will ever make. It is important to choose an agent that you trust, respect and like. Shop around and interview at least 3 candidates before making a selection.
|
Real estate agents may work for buyers, sellers or both. Buyers Agents do not list properties or work with clients selling their homes which will eliminate any potential conflict of interest. If you choose to work with an agent that represents buyers and sellers, you will want to ask whether the agent will be showing you properties that his or her company is selling. This will avoid any misunderstandings down the road.
|
Ask the agent how long he or she has been working in the field. A more experienced agent is likely to give you better service and greater attention to detail. If you are not working with a Buyer's Only Agent, ask how much of the agent's work involves representing buyers. This will provide you with insight as the agent's ability to ask the right questions throughout the buying process.
|
Do ask for references. Ideally, obtain the names and phone numbers of 3-6 buyers that the agent has recently represented. Of course the agent will have to obtain permission from the past clients to release their contact information but established agents will likely obtain that permission as deals are closed. If the agent seems unwilling or uncomfortable in providing references, this should be a red flag.
|
Once you have the references, follow up with them. What was their experience with the agent and/or firm? Was the agent responsive throughout the process? Was the agent helpful and knowledgeable? How long did the process take? Did the agent understand their needs? Would they use the agent again? There is no greater way to assess an agent's abilities than by speaking with former clients.
You will also want to ask the agent about listings. All agents use the multiple listing service, or MLS but will the agent have information about "For Sale By Owner" properties? You want the opportunity to view a wide selection of properties in order to make the best choice.
|
What are the agent's credentials? Has the agent had specific training in dealing with the unique needs of buyers? Does he or she hold special accreditation? Any agent who is not willing to share this information with you is probably not the right agent for you.
|
Ask about the agent's network of resources. What other value added resources and professionals can they access? Does he or she have a relationship with home inspectors and contractors with whom they frequently use? An agent with a trusted network of resources can save you time and money. It is far better if the agent can quickly bring in a professional when needed rather than having to track one down. You will benefit from dealing with a proven professional and because of the agent's relationship; you may also receive discounted rates.
|
It is a good idea to interview a few agents before making your choice. This will enable you to make the best selection from a pool of qualified candidates. Use the questions below as your guide when interviewing agents.
|
• |
How long have you been in the business?
|
| • |
How will you search for my new home?
|
| • |
How long can I expect the process to take?
|
| • |
Will I be competing against other buyers?
|
| • |
How do you handle multiple offers?
|
| • |
What is your average list price to sales price ratio? This will establish how well the agent has negotiated the best price for clients. A good buyer's agent will have a ratio below 99%.
|
| • |
Will you provide references? May I call the references with additional questions?
|
| • |
Do you have resources to help me find other professionals? What process will you use to help me find other professionals?
|
| • |
Do you offer a guarantee?
|
| • |
Has anyone ever cancelled an agreement with you? Why?
|
A good agent will ease the pain of finding and purchasing your new home. You want to work with someone who has the knowledge and resources to help you in your home buying quest. Equally important is selecting an agent with whom you can develop a good working relationship. After all they will be part of one of the most important financial and emotional decisions of your life!
|
My goal is to
