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Choosing a real estate agent
by
Irene Scott
September 21, 2023
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Although the real estate market is beginning to calm down, you still need to act quickly and intelligently to get a good deal when buying a home or to maximize profits when selling it. Given the complexity of real estate transactions, it is not surprising that more than 85 percent of buyers and sellers use a professional agent to close a deal, according to data from the National Association of Realtors.
Realtors are easy to find: they advertise everywhere, their faces are on "for sale" signs, and NAR has more than 1.5 million members nationwide. The trick is to limit yourself to just one: the agent who is right for you.
Why work with a real estate agent?
It is perfectly possible to buy a home without an agent or sell it yourself. But there is a reason why many people use an agent to manage the process. Coordinating pricing, listings, viewings, and negotiations is a real challenge. Real estate transactions can be complicated and involve large sums of money and complex contracts.
"Not knowing the law doesn't mean you're exempt from following the rules, and that's true in real estate as well," says Chantay Clark Bridges, a real estate agent with EXP Realty of California. "You could lose money, have a huge legal liability or even end up in court. A reputable agent can help you protect your interests, answer your questions and reduce your stress."
Agents are especially helpful for first-time buyers and sellers, who may find the process daunting. "They can guide you and make sure everything goes smoothly," says Alan Harder, a Vancouver-based mortgage broker.
How to choose the right real estate agent?
Once you have narrowed your options down to a short list, it is essential to assess the personality and work style of the agents you are considering. You need to choose someone you really feel comfortable with.
"Take the time to meet them in person," advises Harder. "This will give you a better idea of their communication style and the possibility of working well together.
Ask lots of questions to see if the candidates are a good fit for you. Here are some good questions to get you started:
- How long have you been working in this industry?
- Are you located nearby?
- What experience do you have with my local market?
- Does he have experience with my type of home?
- What is your sales volume in the last six to 12 months?
- Do you have any specific certifications (such as Certified Buyer's Representative or Senior Real Estate Specialist)?
Clarify your expectations to ensure that you and the agent are on the same page. For example, if you prefer to communicate by phone but your agent prefers to text, this could be a problem. Also, some agents work only part time or rely heavily on assistants or other team members to interact with customers. Consider whether this solution is practical for you.
How do you know if an agent has a good reputation?
References and industry affiliations are a plus, but they do not necessarily mean that a person is trustworthy. "Ask agents for references from previous clients-they'll give you a first-hand account of what they've done with them," Harder says. You can also consult online reviews (but take them with a grain of salt, because everyone's situation is different).
Realtors, that is, real estate agents who are members of NAR, are subject to a code of ethics. You can also get a better idea of a candidate's professional conduct by asking questions about the buying or selling process, Harder suggests. In addition, all real estate agents, whether or not they are real estate agents, hold a professional license. The status of an agent's license can be checked fairly easily online.
Buying and selling agents
Different types of agents may specialize in one or more aspects of the transaction. Here are some of the main differences between buying and selling agents.
Sales agents
Also known as a sales agent, this agent represents the seller in a real estate transaction. Their main role is to put the house on the market at a competitive price that will attract the right buyers. Sales agents often arrange open houses, help the owner select offers, and work with the buyer's agent to close the transaction as quickly as possible.
Buyers' agents
On the other side of the transaction are the agents who represent potential buyers. They search for properties that match the buyer's budget and needs. Buyers' agents submit offers and negotiate on behalf of the buyer, help the buyer finalize the transaction once the offer is accepted, and coordinate with the seller's agent to set a closing date.
Other solutions
If you want to do things yourself, there are alternatives to using a real estate agent, especially for sellers. Many homes are offered "for sale on your own" (FSBO), where you enter and coordinate the sale of your home without the help of an agent. However, FSBO sales tend to be cheaper than agent-assisted sales.
If you need to sell your home quickly, you can turn to an iBuyer, such as Offerpad or Opendoor, to get an immediate cash offer. The process is simple, but even then you are likely to get a lower price than in a traditional sale.
Conclusion
When choosing a real estate agent, make a list of potential candidates and ask the right questions to see if they are right for you. Pay attention to how they respond to your inquiries: if they seem pushy, uninformed or have other red flags, eliminate them from your list of options. Once you find the right person, you will be one step closer to buying a new home or selling the one you already own.
