You must ask yourself the question, "Should a real estate agent be hired if I'm buying a home?" Only one reason you might not hire one: to save the commission. There are many reasons to hire a Realtor.
- Through the Multiple Listing Service, Agents have access to thousands more homes.
- Agents have extensive experience in screening and evaluating houses.
- The Agent has extensive experience and education in the drafting of contracts.
- The Agent is always up-to-date with changes in the law that could significantly affect your transaction.
- You don't pay anything to have an Agent act as your Buyer's agent. Instead, he/she is paid a commission on the sale of the Seller's proceeds.
- Good Realtors work full-time and are highly skilled and professional.
You may wonder, "Where can a Realtor such as that be found?" I'd hire him." We know they're not. It seems that this does emphasize the importance to interview your Realtor before you hire him blindly.
Our human nature tends to think or believe that we can do all things ourselves. This includes buying our dream home or investing in it. You should be cautious, as this kind of thinking could lead to stress and a loss of fortune. My 20-year career as an attorney saw me make a lot of money representing clients who didn't retain my services until later. As I liked to say, you can pay me for advice now for a few hundred dollars or later for tens of thousand, whichever you like. Why would you want to use an Agent when buying? Because it's wise.
Let's move on to the most important rules for retaining an agent in real estate. Full disclosure: I am a retired realty attorney, and now a broker associate in realty. These rules are easy to follow, but they aren't widely understood or practiced.
- Identify the first competent Agent.
- Filter through those who are competent with another qualification--honesty.
- You hire the Agent because the Agent matches your criteria, and not because the Agent works for a large franchise.
- You should know what to expect of your Agent and what you should expect of him/her.
Now let's go deeper into these criteria. There is much at stake.
- Identify the first competent Agent.
Seek out information about prospective Realtors before you ever contact them. Realtors enjoy talking about prospects just like you. Talking about prospective Realtors is a great idea. You can create a list of about half a dozen Realtors. Then filter that list. You can get a referral from a friend or business associate. This name should be added to your list. You can check the Internet to find out who's doing what in the region you are interested. You should not assume that a Top Producer can do the best job. Maybe. Maybe not. It's not about volume. We are looking for competence. Take a look at the resumes of Realtors to find out what he's done over the years that has contributed to him doing an exceptional job. A person who is a housewife for 25+ years and then obtains a real-estate license does not meet this competency standard. This person may be able to do an excellent job for you in a single family sale or purchase, but it could still lead to costly and very expensive disputes if the addendum was not written correctly. It is a challenge that all Realtors must face: When a Realtor drafts an agreement, they are held to the same standard as a lawyer.
Examine the past of potential Realtors. Are there any areas of real estate experience that could be useful to a potential Realtor? Are you a builder or contractor, plumber, inspector and title officer? Even if it is, it doesn't mean he can't do the job. It is important to find a Realtor that knows more than you about real estate, contract drafting, and can help keep you from getting into trouble. You want someone who you can trust and can do a good job.
- Filter through those who are competent with another qualification--honesty.
You might think that I'm making fun of myself when I say I will find an honest realtor. I'm not. Honesty in this context doesn't just refer to the childhood idea of not telling lies. Our culture has allowed subtle misrepresentations to be considered dishonest, but it is not considered dishonest today. Word games. There are many word games. Keep your eyes open. Be able to discern the difference between honesty and falsity. You should also know that there are some dishonest agents. These agents are not to be trusted. ("Gee, that guy sure seemed nice when we first met." That one was repeated dozens of time.
- You hire the Agent because they meet your criteria.
If you hire a realtor, you do not hire any franchise, building or corporate culture. Your Realtor is the one who does the work. The rest of the Brokerage will not do the same if he fails to do the job well. If he gives important responsibilities away to non-licensed agents or less experienced agents, what good is the franchise? Personal attention may be the opposite. It all comes down to your Realtor and not the rest.
- You should know what to expect of your Agent and what he/she will expect from you.
You can filter through the list by doing further research online. Interview the final candidates in person, in their office on a weekday.
Once you have selected a realtor, tell him what you expect from him and ask him if they can help you. Next, ask your Realtor something Homes In Sedona Az that almost no one asks in the beginning: "What exactly do I expect from you?"
CONCLUSION. CONCLUSION. If you take the time to do these things well, you reduce the likelihood of your realtor making mistakes. You also increase the chances of a successful relationship. A successful real estate transaction will result in more money for you, less stress, and more money for your bank account. Martha Steward would be proud to say that this is a good thing.
