Helpful Mortgage And Real Estate Advice

Buying A Home With The Right Real Estate Agent

By on May 29, 2014 in Home Buying Advice

Buying With The Right Real Estate Agent

There’s an entire technical world behind real estate transactions, including the type of agent you hire. Nine out of 10 buyers hire agents to represent them, according to the National Association of Realtors. However, you need to know what your favorite agent specializes in. From being an exclusive to dual agent, you want your buying needs to be top priorities.

Dual Agents

Historically, real estate agents have been dual agents, representing both buyers and sellers. They can even represent both sides on the same property. However, some agents may prefer one side over the other, making their position a compromised one. Always ask about their affiliation with properties and sellers. The local property market can be a small world. Experienced agents, however, have a knack for negotiation. They may even sacrifice part of their commission to close a deal. Preferably, you want your dual agent to show properties that they don’t represent on the seller’s side, just to be sure of your standing in the overall agreement.

Exclusive Agents

For the best chances at a good real estate deal, look for an exclusive buyer’s agent. The real estate market didn’t used to have these titles, but today’s dynamic economy makes it possible for agents to specialize in simply buying homes. They don’t list any homes for sale, but spend their time finding the right properties for their clients. You never have to worry about their loyalties because the buyer is the only person they ever work for. You are welcome to ask agents if they specialize, giving you a chance to see their point of view.

Narrowing The Field

Finding the right agent requires some mental legwork on your part. Scour the Internet for reviews, blogs or comments about particular agents. Ask friends and family about their experiences. You want an agent that tries their hardest to represent you and your interests. A buyer’s agent doesn’t even need to be paid by you directly. Instead, they take a cut of the transaction, around 3 percent. Because the seller’s and buyer’s agent need to have an equal commission, the property price is often increased by 6 or 7 percent to cover this amount. Your only job is to find the agent that works for your needs.

Sealing The Deal

Interview all your potential agent candidates. They should be locally based with extensive experience. Ask them about their successes selling or buying homes. Even ask unusual questions to get the agent to loosen up. You’ll be working closely with them for up to 6 months, depending on your agreement. Make sure that everything is in writing, such as using a Buyer’s Broker Agreement. You’ll feel confident about your choice after talking to several agents.

Regardless of your final real estate agent choice, listen to your needs and compromise on features only when you feel comfortable. You’ll be living in your home for many years, making it critical to have all the amenities possible. The right agent simply guides your decisions in the complex real estate market.

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About the Author

About the Author: Jessica Lucas is the managing editor for Mortgage Home Base, a top real estate finance blog dedicated to helping borrowers and home buyers understand the home loan process. Follow Jessica on Google +, and share your comments here. .
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