Selecting the Right Agent

 

Since the commission for the sale of a house is usually paid for by the seller, buyers are able to get help and information from real estate agents, usually at no cost to them. It is for this reason that the vast majority of home buyers use the services of an agent for their purchases. Four out of every 5 buyers use the services of a real estate agent. In addition, since most houses are listed by real estate agencies, it gives the buyer the maximum number of available properties to consider.

The relationship between a home buyer and their agent is a little like a marriage: it must be based on trust, mutual goals (to get you the house that best suits your needs) and understanding. To a large degree, the home buyer entrusts the agent to always keep their (the buyer's) interest first and foremost. It is important that you understand who your agent represents. Agency Disclosure

What to look for in an Agent

• An understanding of your needs
• A willingness to work with you until your needs are fulfilled
• A sense of professionalism
• Someone who is dedicated to their profession
• A familiarity with the area in which you have an interest
• A familiarity with the price range in which you have an interest
• Professional designations: for example, GRI - Graduate of Real Estate Institute, or CRS - Certified Residential Specialist or the newest one RSPS - Resort and Second Home Property Specialist
• Strong references from previous buyers

  

   

  Questions to ask a prospective Agent

How To Find a Good Real Estate Agent by Ilyce Glink

Talk about a stocked pond

There are well over a million real estate agents and brokers in America who want to assist you with the purchase or sale of your home. A few dozen Internet-only brokerage firms are also vying to perform these services for you.

Unfortunately, the mix includes good agents, bad agents, those who don't know how to do their jobs, those who are burned out or indifferent to the needs of their clients, those who work 60 to 80 hours a week and those who are barely part-time.

Complicating matters is the way agents are compensated. Most full-time agents charge a commission of 4 to 7 percent of the sales price. Some discount firms charge less. Knowing how flexible an agent will be with the commission might turn the "right" agent into the wrong person for the job.

The truth is, choosing the right agent can make or break your purchase or sale. It can mean the difference between enjoying (well sort of) the experience or dreading it.

So, how do you find the right agent? Compile a list of names, interview the agents and decide which one is a good fit for you and your family.

There are several ways to compile a list of prospective agents and brokers. One way is to open up your local newspaper to the real estate section and see who runs the biggest ads. You could also look under the "Real Estate" heading in your local yellow pages to see who runs the biggest ads. You also could do a search on the Internet for an agent in your area.

A better idea is to ask friends and family who recently bought or sold a home how they liked the agent or broker who worked with them. If they were satisfied with the agent's performance and the service they received, write down the agent's contact data.

Another good place to find agents is at open houses in your neighborhood of choice. As a future buyer or seller, you should be visiting local open houses on weekends to gauge the market.

As a buyer, an open house will reveal what kinds of homes are on the market and in what condition. You're also trying to figure out what "true value" means in the neighborhood and how far your dollar will stretch. As a seller, you should be visiting local open houses to find out what your competition looks like.

When ;you go to an open house, make sure you take time to do an informal interview with the real estate agent. Ask about the local housing market and how long homes sit before selling. Ask how strong the buyers are in the market, and if the sellers have had their home listed for a long time.

In five or 10 minutes of conversation, you will not only learn everything you wanted to know about the house you're standing in, but you should have enough information to decide whether you like the agent enough to either hire him or her, or at least decide if you want to meet again.

For those who assume the busiest agents are the best (an erroneous conclusion but a popular one), your local multiple listing service keeps track of the most successful agents in the area. A listing of the top selling agents might be published in the local paper, but if it isn't, call the local MLS to see if they'll give you names and phone numbers of these agents.

The next stop is to think about all the qualities a good (or great) agent should possess: He or she should be smart, familiar with the housing stock in your price range in your preferred neighborhoods, able to listen to your needs and wants, and most importantly, available to help out.

You might want to work with an agent who's had lots of experience working with individuals like you, or families like yours, who've bought homes in your price range.. While you could get lucky working with someone brand new to the business, you'll likely have a better experience working with someone who's worked as an agent for at least a year or two, and preferably longer.

Once you have a list of names and know what you want in an agent, it's time to start interviewing. Basically, you need to conduct a job interview before you hire an agent.

Feel free to ask the agent or broker for a resume, but be aware that not all agents have them (in which case, you should simply ask questions about their past work experiences). Ask each agent about the dollar value of the homes they've sold for sellers, and the number of transactions in which they've been involved during the past couple of years. Find out the price range in which they work, what percentage of their clients are first-time buyers, move-up buyers, or sellers, whether they charge an up-front fee, what fees their firm charges for paperwork (if any), what communities they work in regularly, and other general information.

Many buyers and sellers put off hiring an agent until the last moment. Why? Some buyers and sellers say it's a commitment problem; hiring an agent means they've committed themselves to buying or selling; perhaps before they're really ready.

You're the only one who knows if you're ready to buy or sell. But by taking your time and doing your homework, you'll have the right agent on your team, ready when you are.

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