Knowing whether you are truly being represented in a real estate transaction is sometimes hard to determine. Many local real estate companies are more concerned with getting listings and representing the seller and buyer at the same time during the sales transaction than representing you. A buyer’s agent will work for you exclusively, not you and the seller, and will search MLS listings and Movoto to find the home you want. When you get ready to search for local real estate companies to decide on a buyer’s agent ask the following questions.
Who Will Represent Me?
Ask if they are a single agency or dual agency company. Not all agents are buyer’s agents or seller’s agents, exclusively. Many agents, who work for local real estate companies are called dual agents. In a dual agency situation, the agent is, theoretically, working for both the buyer and seller, and this is not in your best interest. It is hard to serve two masters and see to the needs of both without tipping favor in one direction or the other. Not all states allow dual agency and real estate agents are supposed to disclose to you, upfront, whom they are representing. If they aren’t forthcoming with this information, ask or look elsewhere for a realtor.
Local real estate companies with buyer’s agents will be more inclined to look after your interest, only, and not that of the seller and real estate broker. A professional buyer’s agent can help you find your new home and will work with you from start to finish on the transaction. Make sure that the buyer’s agent is a full time realtor and that this is not a side job for them. It takes time to find the perfect property and you want to be sure that they are as committed to the search, as you are.
Meet the prospective buyer’s agent that you choose from local real estate companies and sign a buyer’s agency agreement before you ever look at houses. Having a listing agent show you a home before you have an agent can cause problems if you choose a buyer’s agent later.
Do Your Agents Know the Area?
This may not sound pertinent because you are inquiring of local real estate companies, but just because they are local doesn’t mean the agents working for them know the area in which you are interested. A local agent will know what is on the market and where it is. This is an invaluable service even though you can find home listings on Movoto. Listings don’t give a full picture of the area of the home for sale. A knowledgeable Realtor® will know what’s on the market and will have access to information about the area.
Ask how many buyers the agent has represented in the last year. If they’ve only worked with two or three buyers look elsewhere. You want a seasoned professional who is familiar with writing a contract. You won’t know what their reputation is or how they perform unless you ask. Interviewing local real estate companies for the right buyer’s agent will assure you of proper representation throughout the buying process.
How Long Have You Been in Business?
Longevity says a lot about a business and that’s no different when searching for local real estate companies. Ask how long they have been in business and ask around about their reputation. You don’t want to be stuck with the fly by nights just because they talk a good game. Interview prospective local real estate companies as you would an employee.
Whose Listings Will You Show Me?
Do you want to find the house I want or the one that you want to sell me? Many local real estate companies prefer to sell their own listings because the company makes more when they do. That means that they are more interested in their income than finding you what you want. Make sure that they are willing to find you the home you want, whether it is their listing or with their biggest competitor.
Buying a home is one of the single largest expenses that you will ever take on, and getting what you want at a price you can afford should be your objective. Being represented by a competent buyer’s agent will help you attain this goal.
How Will You Find the Perfect House for Me?
A competent buyer’s agent will interview you and give you an education on the process of buying a home instead of a sales pitch. They will ask if you are pre-qualified, what type of home you are looking for and where you would like to live. They will know where the good buys are and instruct you to look past the bedroom with plum colored walls, and dated carpet to the structure of the home, and the potential that it has with a little paint and creativity.
Get Started Today
This is enough information to get you started on your search for the best buyer’s agent you can find. You may need to go to several local real estate companies before you find a buyer’s agent that is a good fit with you. Knowing that you can work together and that they are working in your best interest is the most important step in your business relationship. After all, they are working for you, so you want to know that you can work together, before you get started.
2 Point Highlight
Knowing whether you are truly being represented in a real estate transaction is sometimes hard to determine.
A competent buyer’s agent will interview you and give you an education on the process of buying a home instead of a sales pitch.
