| Selecting a Realtor Finding Your Realtor by "Accident" When someone decides it is time to sell their home, they interview several Realtors from different companies to determine which one is best for them. They want someone who will represent them and someone they feel will do an effective job at marketing their home. However, when someone decides to buy a home, they usually end up with their Realtor through sheer accident. Why don’t homebuyers search for a Realtor the same way that homesellers do? Instead, homebuyers usually end up with a Realtor as a result of answering an advertisement. The advertisement will give a brief summary of a home available for sale along with the price, but it says nothing at all about the Realtor. Listing Agents and Selling Agents There are two "sides" to every sale. The seller's side is represented by the listing agent. The buyer's side is represented by the selling agent. The selling agent can also be referred to as the buyer's agent. Most agents split their time equally between buyers and sellers. Often, these are the very best Realtors. The fact of the matter is, if you are buying a home who do you want on your side? A Realtor who deals primarily with sellers? Or one who deals mostly with buyers? If you call on a single classified advertisement in a newspaper, an ad in one of those home selling magazines, or a listing on the internet, you are most likely calling the listing agent. Should You Call the Listing Agent? First, very few people actually buy the house they call about. For argument's sake, suppose that you call the Realtor who is listing the property you "might" be interested in. It turns out that the house is absolutely perfect and affordable and you want to make an offer. Do you want the same agent who represents the seller to also represent you? When you make an offer to buy a house, you are entering a negotiation. The seller wants as high a price as possible and the buyer wants the lowest price possible. Plus, there is more to buying a house than just settling on a price. If a Realtor represents both sides, there is a potential conflict of interest, although an ethical Realtor can often equally represent both sides. In such a case, however, the agent becomes more of a transaction facilitator than an agent working actively on behalf of either the buyer or seller. Having an agent on your side as your advocate removes the mistrust and helps keep things on an even keel. If a challenge develops, you know where your agent stands. The best thing for you to do when you see an advertisement in the paper is to call your own Realtor and tell them about the ad. Since addresses usually do not appear in advertisements, your Realtor will call the listing agent and find out the MLS number for the property. If the listing is on the internet, it probably already provides the MLS number. First you have to have a Realtor you can call. How do you find one? Referrals are always a good way to go. Perhaps a friend, co-worker, or family member recently bought a house in the same community and had a good experience. However, if they bought a house twenty miles from where you want to move, it may not be a good idea to use the same Realtor. You want an agent who knows the area in detail and has already previewed many of the homes available for sale in that community. Community knowledge should be important to you because you are not just buying a house. You are buying a home in a local neighborhood in a specific community. Every Realtor can show you every property available for sale in the Multiple Listing Service. Since that is true, you can call any real estate office and find a Realtor willing to show you houses for sale. The problem is that you do not know if you are talking to an excellent Realtor or a lazy inactive one. How to Conduct the Search for a Good Realtor One way to find candidates to interview is to talk to professionals from real estate related professions and ask their opinion. If you know someone who is employed as an escrow officer, title representative, homeowners insurance salesman, or loan officer, they will be able to recommend Realtors from the area they work in. A new alternative to finding a Realtor is the internet. Look for Realtors who advertise themselves, not property. That way you have a pretty good idea you are getting a "buyer’s" agent instead of a listing agent. Look to see if their web page offers something to you in the way of information or other services instead of just telling you they are "number one." You want someone of value to represent you, not someone who is full of "puff." Interviewing a Good Realtor When you interview Realtors for the job, you want someone who will be concerned about you and will take care of your interests. You want someone who demonstrates ready knowledge of homes available for sale and does not have to call you back after they "check on the computer." This ready knowledge demonstrates they have actually been out previewing homes and don’t just sit around waiting for the phone to ring. You also want someone sharp enough to ask you questions as well, including your financial and debt information. By asking these questions, a good Realtor will be able to determine the proper price range you should be looking in. By asking about your family, an agent will be able to tell if what you need in a home is something available in your price range. You want a Realtor who is bold enough to talk straight with you instead of always telling you what you want to hear. When a Realtor Asks to Meet With You Finally, any decent agent will always ask for an appointment to meet with you, too. It is only natural, since they earn their living by commissions. However, Realtors are also supposed to act as your agent, looking out for your interests before their own. You want a Realtor who takes that responsibility very seriously. If someone seems too much like simply a salesman, then maybe you should look a little further. |
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