If you are looking for a new home, there are many real estate professionals out there who will want to work with you. How do you select the right real estate agent to be on your team?
Real Estate Agent, Realtor, or Broker?
First, let’s clarify some of the terminology around real estate professionals, which can be confusing. A real estate agent is someone who acts as a guide or counselor in the process of buying or selling property. Real estate agents are required to have a license in the U.S. and are trained to handle the legal aspect of buying and selling property, including homes. Some agents specialize in either buying or selling, while other agents assist with both transactions.
Broker
A broker is also licensed and must have been a real estate agent prior to becoming a broker.
Legally, a real estate agent must be managed by a broker, who takes legal responsibility for the agent’s actions. A broker may manage a firm of real estate agents, work as a sole proprietor, or work under another broker.
Realtor
A Realtor is a real estate agent or broker who is part of the National Association of Realtors, or NAR. NAR members pay dues and are held to a certain standard of ethics.
Although all real estate agents must be licensed to ensure a certain level of expertise, that doesn’t mean all agents are right for you. It’s important to find an agent who is the right fit for your situation.
Important Qualities
A real estate agent will be guiding you through what may be the most significant financial transaction of your life. Some important qualities to look for in an agent are responsiveness,
knowledge of the local area and market, expertise and negotiation skills.
Referrals are a good source of information on whether a potential real estate agent has these qualities. It’s a good idea to ask people you know about real estate agents they’ve worked with in the past. Another resource is the Better Business Bureau ratings.
Looking at a potential agent’s listings is also a valuable way to see if they are a good fit for you. If most of their listings are different in location or type from what you are looking for, the chances are they aren’t the right agent for you.
Questions to Ask
It’s very important to meet an agent in person before you decide on whether you want to work with them. You can get a better sense of your compatibility with an agent in person.
The National Association of Exclusive Buyer Agents has compiled a list of questions to ask a potential real estate agent.
- How long have you been licensed? Do you work in real estate full time?
- What percentage of your business is working with buyers?
- How familiar are you with the area where I want to purchase?
- Do you have references from other buyers who have used your services? Do you have an association membership that has a published code of ethics or standards of practice?
- Do you think foreclosures, bank-owned properties or for-sale-by-owner properties would be appropriate for my home search?
- How often will you supply me with properties that meet my criteria? How will you get them to me? Will you point out all the negative aspects of each property as well as all the positive aspects?
- Please tell me how you represent buyers to help them get the best price and terms.
- Do you have a list of lenders, home inspectors, insurance agents and other professionals to recommend?
- How do you get paid?
- Do you have a written agreement? What is the duration of that agreement? What if I see a for-sale-by-owner house on my own?
- How would you represent me as a buyer client for properties listed with your firm? How might that affect your ability to negotiate on my behalf for those properties?
About Mattias
I’m happy to answer these questions or any others you may have. Let’s grab coffee or meet up at my office. Feel free to email me here or call or text me at 540 246-9067.
Source: https://www.zillow.com/home-buying-guide/what-is-a-real-estate-broker/