Hiring a real estate agent....
Hiring a real estate agent is an important step if you are looking to buy or sell a home. A seller's agent is not required if you are a homeowner since in most states you can legally sell your home. You can also buy a home without an agent, although scheduling showings yourself is sometimes difficult. Homes that are listed on the MLS usually want some kind of assurance, like the kind they get with an agent, that the house will not be robbed instead of viewed. I do not recommend either way of going to alone if you have no experience with contract law, negotiating, understanding of the market you are in, steps to closing, etc. The real estate process can be a complicated one filled with lots of issues if you lack the experience. Sometimes hiring a professional is definitely better than going it alone for your health & pocket book.
So you've decided to hire an agent...now what. Do I just call the first one I see a card, sign or ad for? NO!!! Again this is a complicated process & let me tell you something you want the best. You want someone who not only knows the process but is going to work for you to get you the best deal. My recommendation is to take a look at websites like Realtor, Zillow, etc. See who is popping up as the top performers in your area. Drive around where you want to live or where you live, who's selling the houses there? Ask friends, family, etc. for referrals. Once you've narrowed it down there are some things you should look for & ask.
1) Make sure they have a valid license issued by the state they are working in. You never know but Joe Smo from around the corner may have been a licensed agent for your parents' but in 2007 he did something that got his license suspended or revoked. He shouldn't be practicing any more but he is...Stay Away from Joe Smo! Find yourself someone with a license in good standing in your state.
2) Ask for past client referrals or check online reviews. If you check with past clients see how things went? Were there any issues? Where they addressed? How did the overall process go? Would you use again? Is there anything that stands out good or bad? Checking online reviews are also good as these people take the time out of their schedule to write them so they are normally thought out & express all aspects of the process. If not submitted through the agent, there is a chance the agent did not see it, they also tend to be very honest.
3) Review their online presence. In this day & age every thing moves fast. You don't want your realtor to be stuck in the stone age & you miss a great opportunity to buy or sell because of it. See if they have any business social media pages? Are they active on them? Most documents, not all, are electronic do they use or at least know how to use electronic documents or still paper? Do they have a newer phone or only a landline (yes, I've seen agents who only have a landline)? Do they have email, websites, etc.? You want an agent who is in this century to get you the best deal.
4) Feel free to interview. See if you are comfortable with this person. Do you feel they are working for you or just out for themselves? Do they name drop, or appear to blow smoke or do they seem knowledgeable about the process & ask you what you want? Do they know the forms & what they mean? Do they answer your questions or find the answers? Do they make sure you are prepared for the process with things like pre approval letters, inspections, etc. ? Are they familiar with your area? Are they familiar with the types of property you are looking for? You definitely do not want someone unfamiliar with foreclosed homes or short sales trying to sell you one. These are longer & complicated processes than what occurs in a typical real estate transaction & should be handled by those with experience. Does the real estate agent deal in your price range? You definitely do not want a million dollar real estate agent if your scrapping the quarter million mark. The market, housing options, housing finishes, expectations, etc.. are completely different.
5) If listing & the agent says well we can get between 100-200 for your home I think we should list at 200 think twice. If it's not a completely updated, upgraded home or a hot market it may sit....for a while & you may have to make numerous price reductions before it does. Also are they willing to honestly critique your house before selling? If they will honestly tell you that we can list your home for 175 if you paint the black bedroom a nice neutral shade & you ignore their advice & list at 175 anyway don't be surprised when it doesn't move. You can't blame the agent in that case. If they do not say anything about the black wall but agree to list at 175 anyway this is another red flag & you should run. This person is just in it for the listing & doesn't care how long it takes to sell or how many reductions you need to take. Also ask how they plan on market the home? Will there be open houses, newspaper ads, online ads, etc. You're going for maximum exposure here because you want to SELL that home, make sure your agent is ready & able to deliver.
6) Lastly contracts: I am against long contracts and I will tell you why. If listing I'm ok with 3-6 months, unless your market is stagnant or the house is not priced correctly most homes should sell in this time frame. If not you may need to reevaluate the home, your price & the agent. Remember contracts can always be extended. If buying you can do a daily contract, it can be annoying for the agent but it gives you a chance to see how they operate. Nothing like being stuck in a 1 year contract with an agent you realize does not have your best interest in mind. Not having long contracts also allows you to pursue other options. Say your under a year buying contract with an agent & your parents' decide to sell you their home. In most states the agent you are in the contract with gets a cut of that sale. They didn't do anything you say? Doesn't matter you signed a contract & it in most cases was all inclusive. This can include homes bought by you at auctions too or homes you sell to your sister while under a listing contract. Which brings me to my next point Always read the fine print for any extra fees, charges, etc. One final note contracts can be cancelled early if both parties are in agreement however, there may be added fees so Be sure to READ the FINE PRINT.
Good luck in your search for not just the right agent, but also with buying or selling your next home!
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