No matter what your current homeownership status, your perfect, ‘once in a lifetime’ dream home could be right around the corner and you’d never know it unless you have the right agent.
Even if you are trying to dump a home that has no equity, needs repairs and you are pretty sure it's at least a little haunted...there IS a perfect real estate agent for YOU and YOUR SITUATION...you just need to know how to look and where to look. That is what you are going to learn in this article, so get buckled in and let's get started.
In this article, I’m going to share with you a little-known process that will ensure you have the exact right agent for whatever your needs are. It is vitally crucial that you have an agent with the right experience, resources, and expertise to help guide you through the process you are undertaking whether it be buying your dream home or selling your current house.
Many people take the finding of an agent for granted believing that any old agent can help them. That would be like if you have a foot problem and you walk into a doctors office who specializes in colon issues. Well, he’s a doctor right? He’ll do just fine for your foot problem huh?
The same thing goes with a real estate agent. First and foremost you need one who is actually active in the market. There are many ‘weekend warriors’ who got their license on a whim and have never really done much. That's absolutely not who you want.
The process of finding your dream home involves many elements like neighborhood research, locating a good match to your budget and lifestyle, initial contact and talks to work out the best deal on price and possible repairs. Buying a home is likely going to be one of the biggest purchases of your lifetime, so you must be committed to the process. For most people, doing all this alone is not a viable option, that's why you need to find a good agent.
This entire process will be MUCH easier when you have the guidance, connections, and advice of a great real estate agent that has the unique talents, skill set, and experience that fits your project perfectly. A great agent that is well matched to you have the inside knowledge to help you manage a great price, even in a hot market and save you thousands of dollars - whether you are the buyer or the seller. It really doesn't matter which side of the fence you are on, whether you are a buyer or seller, the following keys can help you find that perfect agent for you.
Initial interview for a potential new agent and follow up.
Take note of their communication style
Discuss their negotiation strategy
Review the agent's certifications and experience
Obtain and contact everyone in the agent's network
Discuss the agent's workload
Search public records of the agent
Initial interview for a potential new agent and follow up.
What kind of experience does your agent have with clients like yourself? Have they sold in the neighborhood you’re looking at before, if so how much? If you are headed to a new state, your agent with your direct (and only) link to insights and info about the area you’re looking at - how much experience does he have here?
One simple question you ask all the agents references will sum up all you need to know. “Would you work with this agent on your next sale or purchase?” Austin, TX agent John May “if the answer is yes, you’re probably good to go but if there is ANY hesitation you should ask why and continue to dig into the agent's background
Get their style of communication
Chasing your agent around to get critical updates and info isn't going to work. Another question to ask references is if they had a hard time getting their agent on the phone or getting updates.
Find out how they plan to negotiate on your behalf
Giving you suggestions for offers, competitive market guidelines, and closing table backup plans are all some of what a good agent should provide you. Negotiations are a huge part of the process and having an agent who is confident and experienced in this process can make or break a deal.
You should feel like your agent is confident enough to turn down a deal that is not what you are looking for, especially when they know they can get you better. Understanding your needs and bringing a deal together without getting in the way is very important. There is a time to walk away and sometimes total silence is a great tactic to use.
Review the agent's certifications and experience
In addition to a real estate license, there are other certifications agents can get like a certified residential specialist (CRS) has specific training for residential real estate transactions as well as an accredited buyer’s representative (ABR) who have completed training to represent buyers.
What's the agent's network look like
Having a broad network of potential buyers and sellers, as well as great relationships with other agents is the hallmark of an experienced and successful agent. Having a team of trustworthy contractors, handymen, designers, and architects available to help you with renovations, small fixes, or designs is simply mandatory for an agent you need.
Agent workload
You need to find out how long an agent has been in the field as well as whether they are a full-time agent or whether this is just a part-time endeavor for them. This project is likely one of the biggest commitment YOU will make in your lifetime and you need a full-time, dedicated, and extremely experienced professional.
Public records of the agent
If your agent has been disciplined and why that's information you really need to know. It could be indicative of the quality of service they truly provide and maybe a reason to avoid any further research on them.
The bottom line is as buyers and sellers you need to be able to trust your real estate agent. You’ve probably found your match if you end up with a personal connection with an agent.
There are really no transactions that won't have some bumps and struggles. The agent needs to remember that the client is part of the team and may have a much-needed outsider’s perspective.
You have to look at this as at least a 4 to 6-month commitment, so making sure your agent matches up with your needs in all of these areas is of vital importance. And once you find a really great fit, you’ll be able to call on them in the future knowing they will have your best interests at heart.
How agents get paid
You need to understand that the buyer’s agents split the commission with the seller's agent with no additional costs to the buyer. The commission is paid by the seller. Now you can likely see why the listing agent has a big incentive to make a quick sale in lieu of putting your needs first - because they get the full commission.
If things don't work out it can really cost you. You need to read the terms of separation that are disclosed in the buyer’s agent agreement. Make sure you understand what your signing and make sure there is a way out if you and your agent just don’t seem to click. This must be done BEFORE signing anything.
Here is the uncomfortable ‘truth’ about this industry
You simply cannot afford to be stuck with someone you aren’t comfortable with given the importance of this decision. One option: Try out a short-term initial agreement — perhaps 30 days or so — renewable for another 60 days upon mutual consent.
With the number of jobs in real estate expected to continuously grow by 6% through 2026, according to the U.S. Bureau of Labor Statistics, the competition for agents is and will remain strong. This simple fact makes your search for the right agent even harder BUT ALSO even more important. Don't get me wrong, it will be a challenge for any homebuyer or seller to find the right real estate agent to work with. But using the tools I've given you here, I just made the process at least 80% easier than without them.
Taking a future look at this marketplace it's not hard to imagine that with so many agents vying for clients, it might be easy to get overwhelmed with offers and opportunities as a buyer or seller. Just keep coming back to starting place which is matching the right agent to the right client. Matching your wants and needs with an agent who can provide you the personality, drive, and effort you are looking for can make the difference in whether you have a good experience or become another ‘home seller nightmare story’.
AUTHOR BIO
Will Foster | First State Bank Mortgage Senior Loan Officer
I became a mortgage lender in 2010, right after the "bubble" popped, and the mortgage industry underwent an incredible transformation. This has given me a unique advantage in the fact that I have never known anything other than the highly-regulated world we now live in.
Throughout my years of experience, my primary goal has been to keep up with the constant changes in the industry so I can help my clients investigate all of their options and maximize savings. In addition, because I specialize in Conventional, FHA, USDA, Jumbo, portfolio, and VA refinances and purchases, I can help a wider variety of individuals, families, and investors identify and secure the right loan to best suit their future interests.
The mortgage process can be a little confusing and even overwhelming these days with all of the regulations. I guide my clients through the process from start to finish, and I try and make it as painless and hassle-free as possible.