Hiring a Real Estate Agent,
Fortuitousness (a good thing) or Folly (a bad thing)?
REinfo4me.com
Get the WRONG Real Estate Agent,
and you could end up like This!
Sellers Agents As the term implies, this type of agent specializes in dealing with sellers.
Typically a seller's agent will have a several properties available on which they are the listing agent. A listing agent that specializes in sellers, or a real estate agent that is equally experienced in buyers and sellers, is the only sensible choice if you are thinking of puting your home on the market.
A real estate seller's agent should:
1. Be very familiar with the real estate neighborhood.
2. Be someone you feel comfortable with.
3. Know your house potential.
4. Be a member of the local Association of Realtors®.
5. Be up to date on the latest internet and local marketing.
6. Have a written marketing plan for at least three months.
7. Be able to show you how they came up with their recommended price.
8. Be familiar with financing options for your house.
9. Have some experience in listing, or have an experienced mentor if they are new. Sometimes new agents put more effort into marketing just because they are new.
10. Be willing to listen to your concerns and act on them.
11. Set up a communication schedule to keep you informed.
12. Be willing to cancel the listing agreement if they are not performing to your satisfaction (be reasonable here, some things are out of the agent's control).
Make sure you get their broker's written O.K. on this part as it is the broker who actually "owns" the listing!
13. Be able to show you how to stage your home for the best showing potential.
14. Be willing to hold open house when appropriate. Too many open houses give the impression you are desperate and the house becomes "shopworn".
Buyer's Agents
Again, this is self explanatory.
Usually in real estate, a real estate agent who works with buyers is more of a gregarious type of person.
They work well with people and get a lot of satisfaction from seeing their buyers get the best home for the money.
They work for the buyer for free, being paid part of the commission the seller pays the listing agent. However, be aware there are some instances where YOU will actually end up paying a fee.
If you sign a real estate agent Buyer/Broker agreement and then go buy a house through another agent within the contract period, you will be liable for the commission your agent would have earned!
You can also hire a real estate agent to represent you if you are buying from a FSBO and pay them a commission yourself or, they may be able to negotiate a commission from the FSBO.
Either way, don't expect anyone to work for nothing.
Just because you have a Buyer/Broker agreement, it does not mean that you can't visit open houses etc. by yourself.
Feel free to look around the area you want and note any for sale signs.
Check out the internet real estate sites and local advertising to see if there are any homes out there that you'd be interested in. Just remember, do not approach the sellers agent directly, call your Realtor® and have them get the info for you and arrange a showing if needed.
At open houses, tell the sellers agent you are already working with your own real estate agent.
DO NOT make an offer on the home right there and then no matter what the pressure or urgency implied.
Call your Realtor® from the house and listen to them!
If you make an offer through the sellers agent, just remember that they are the SELLER'S agent!!
A real estate agent for buyers
should:
1. Be very familiar with the real estate neighborhood you want to live in.
2. Get you Pre-Approved
for your purchase price with a LENDER if you have not already done so. This is VITAL.
3. Be a member of the local Association of Realtors®.
4. Know what you want and also what you could live without.
5. Have some experience in buyers, or have an experienced mentor if they are new.
Sometimes new agents put more effort into helping buyers just because they are new.
6. Be someone you feel comfortable with.
7. Be willing to spend time with you showing property, but don't expect a Realtor® to be your personal chauffer, spend some time yourself exploring the neighborhood.
8. Be willing to work with you for a few days before asking you to sign a Buyer/Broker agreement. If you don't get along, or they are not up to your standards, then move on.
However, don't be afraid of signing up with a Realtor<®> if they are working well for you. It may make them work even harder as they will more likely get paid for all their efforts.
9. Be willing to listen to your concerns and act on them.
10. Be a good negotiator and have your interests in the forefront.
11. Advise you on inspections and contingencies to protect you.
12. Communicate with you on a regular basis.
13. Be able to answer your questions regarding school districts etc.
14. Be computer savvy and know immediately when new listings hit the MLS.
|
