In your search for a new home, few individuals are as important as the real estate agent. Your real estate agent is a critical part of your overall team of experts. With so much at stake in that relationship, it’s important to choose wisely.
Here’s how.
Video Duration: 2 minutes 27 seconds
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Finding a trusted Real Estate Agent is crucial in helping you buy or sell a home. Here are some answers to some common questions you might have.
(1) What's the difference between an Agent, a Broker and a Realtor® and does it matter?
They all have fiduciary duties which keep your best interest above all. The "Realtor®" title is used by Agents and Brokers who are licensed by the state and adhere to the National Association of Realtors® code of ethics.
All three can:
- Assist sellers in marketing their property and selling it.
- Assist buyers in purchasing property.
- Act as an intermediary between the buyer and seller.
A Broker is required to complete more real estate education and manages the real estate office where agents work.
- They also work with the title company and real estate lawyers who process the real estate transactions.
An agent or broker with credentials and other professional designations is preferable.
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(2) How do I find an agent I can trust?
Friends and family can be helpful but think twice about hiring a relative, as it could jeopardize relationships. You can also use a trusted service that screens for licenses and experience.
Interviewing your agent: Elapsed time 1 minute, 18 seconds [1:18]
(3) What questions should I ask my potential agent?
Approach your decision like a hiring manager because your Agent is working on your behalf.
Professional experience, current client commitment, full-time availability, methods and frequency of communication are some of the first things to discuss. You also want an Agent who has experience with your desired neighborhoods and price range.
Most importantly, you should discuss as early as possible when you're obligated to work exclusively with an agent. Generally, a reputable agent will give you a signed written agreement. Always double check any non-intentional agreements made on a website to avoid controversy.
Making sure your agent is right for you: Elapsed time 1 minute, 58 seconds [1:58]
(4) How can I tell if we're a good fit? Take a look at their current listings and portfolio to ensure you're on the same page about the kinds of homes you're looking for and to evaluate their professionalism.
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(5) How can I check an agent's work record? Check with your state licensing board for any disciplinary actions or complaints against this agent. An Agent is there to help you with your real estate needs so find the one that's right for you.
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Understand real estate titles and credentials.
An agent is anyone who has a real estate license. A broker has additional education and can hire other agents to work for them. A Realtor® is a member of the National Association of Realtors® and is committed to adhering to the organization’s code of ethics.
Real estate agents at all levels may have additional credentials in the form of professional designations, which generally require additional study and testing. Designations in the field include certified residential specialist, accredited buyer's representative and senior real estate specialist.
Ask for recommendations.
Check with friends, family members and advisers to see if they can enthusiastically and confidently recommend an impressive agent. But think twice about hiring one of your relatives. If things don't go well, it could jeopardize relationships and cause awkward moments at family get-togethers.
Conduct an informal interview.
When buying, you may or may not be paying your agent, but you should still approach your decision like a corporate hiring manager. That means asking candidates a variety of questions:
- How long have you been in the business? It's best to find someone who's already made their beginner's mistakes at someone else's expense.
- How many current clients do you have? Hopefully, the agent has enough to illustrate success in the field but not so many that you could be neglected.
- Are you a full-timer? Those who work in real estate in their spare time may not be as responsive to your needs, particularly if they have another job that's full-time.
- How do you communicate with clients? Make sure the contact frequency and method — phone calls, texts, emails — are what you'd expect.
- What areas of town and price levels are your focus? You'll want to find an agent who's familiar with your desired neighborhoods and experienced working in your price range.
- How do you get paid? Real Estate agent commissions can vary by state or mortgage product, so it is always good to know what to expect.
- When do I become obligated to work with you? Both you and the agent should have a common understanding of when the courtship ends and working relationship begins. Generally, that should be when you've signed a written agreement. But this issue should be discussed as early as possible to avoid controversy or legal headaches. Make sure that, if inquiring through a website form, you're not inadvertently committing to working exclusively with that agent.
Look at their current listings.
Reviewing their portfolio will help verify their experience working with the kinds of homes you want. It's also an opportunity to evaluate their professionalism and communications abilities.
Do a quick background check.
Check with your state licensing board to see if the agent has been the subject of any disciplinary actions or multiple complaints.
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