The decision to buy or sell a home is certainly one of life's biggest decisions, and often people don't do the necessary research in choosing a real estate agent that will best suit their needs. Real Estate Agents are often chosen only on the recommendation of a friend or an ad in the Sunday paper. In reality, choosing the right real estate agent can save you time & effort as well as annoyance in finding the perfect house at your price point or selling your house quickly for a decent price.
Would you use the phone book to choose a brain surgeon? Definitley not. You'd do lots of research! Of course Real Estate is not exactly brain surgery, but the process of buying or selling a home can often be involved and the process can be much easier if you have someone who is an expert helping you.
People looking to purchase a house often go about the process completely backwards. They open the Sunday paper, or go to the internet, and find a house that they like. Then the realtor that is selling that home is who they talk to first. Instead of first interviewing realtors, then having that agent assist you in finding a house that is appealing.
Initially, you have to do your homework before you sign with a realtor. Commissions are usually massive, so some realtors will try to sell you anything. They'll tell you every house is the best house they've ever seen, every room is the most beautiful, and the neighborhood is one that you will fit right into. They'll tell you anything!
A real estate agent has a high fiduciary duty -- one of trust and confidence. It is the most important duty of any sales person or broker in real estate. An realtor must disclose all the material facts of any transaction -- everything they know about the property, good or bad. If a salesperson knows there are three inches of water in the basement every time it rains, they are obligated to disclose that fact.
Friends can give you a starting point, but don't hire a realtor solely on a friend's recommendation. Don't choose an agent based on personality alone, but make sure you can get along well. Some realtors specialize in high-end properties and won't give their best effort on properties under a certain price range. If they usually deal in fixer-uppers, they won't have the experience to navigate "Millionaire's Row". Make sure you choose a realtor who specializes in homes in your price range.
Always choose an agent that is also a Realtor. In addition to being licensed by the state to sell real estate, Realtors belong to the National Association of Realtors and must abide by a strict Code of Ethics. The National Association of Realtors has a code of ethics that will blow you away, and they are very strict in dealing with people who don't abide by them. Also, only Realtors have access to Multiple Listing Services (MLS) through which members share listings and have access to many more properties than non-members.
Avoid dual agency. This is where one real estate office represents both sides of the transaction. This next point is important: Choose an agent who listens to your needs and is patient. Real estate transactions can be tricky and the terminology confusing. You need an agent who will both know the answers to your questions and one that takes the time to explain them. It's very important to find a real estate agent whose personality you like, whose firm helps people find professional, trustworthy agents. You want them to be bright, professional, trained, and someone who works in the business full-time. You're going to spend a lot of time with this person whether you are buying or selling.
Also, if you can only look at houses on Saturday and your agent doesn't work then, look elsewhere. If a listing agent doesn't work on weekends, consider who will be responsible for showing the house on weekends or holding open house. Also, make sure your realtor will help put together a house inspection, refer you to qualified lending professionals and real estate attorneys, and conduct a study of appraisal.
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You should interview agents just as though you are hiring them for a job, because that is exactly what you are doing! Always remember that you are doing the realtor a favor by giving him/her your business. If you're selling, ask prospective agents about their marketing plan for your specific home. Make sure your agent is offering more than just an MLS listing. Make sure they can offer you massive exposure through an aggressive online marketing campaign.
Here are a few questions that you should definitely ask a realtor when you first sit with them:
Do you work full time? A realtor who can focus on your needs primarily would be in your best interest.
How long have you been in real estate? You should choose a Realtor with several years of solid experience."
How many homes have you listed during the past year?
Have you ever had any complaints from past clients?
Can you give me the names and phone numbers of past clients for references?
How will we communicate?
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