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Interviewing An Agent
Imagine you're in a supermarket by a large barrel of apples with a sign that says
Pick One - 6 Cents. Some of the apples are sweet, others are sour, a few are only
for cooking and the rest look too green and not quite ready for eating. You think
for a second and then reach in and grab the first one that looks good - only to
find that it wasn't exactly what you expected.
For an apple, it may not matter, but that kind of decision-making often happens
when people choose a real estate agent to help them buy a home. On the surface,
all real estate agents seem alike. They all charge about the same fee, 6% of the
sales price, and most agencies offer similar services. But, in reality, differences
can be huge. Consumers who don't do their homework can wind up getting bad advice
that could cost thousands. To pick yourself a top-notch professional, do the following:
GENERAL SEARCH
The best place to start is by asking friends for referrals. If you're new to the
area, do an informal search of the properties in the neighborhood. If the same
name pops up on lots of signs, you've probably found someone who specializes in
that particular area. This can be a real plus since the agent will probably be
well versed in the homes, schools, municipal services and other important information.
INTERVIEW
Once you've narrowed down the list of Realtors, make an appointment to meet with
the agent in their office. Before you start talking about houses, find out as
much as you can about the agent. You should ask:
- How long have they been licensed as an agent? An inexperienced agent may be fine
for uncomplicated purchases like condos or townhouses. But for the most part, you want to
look for somebody who has at least 5 years of experience. Getting licensed is relatively
easy; staying with the business for at least 5 years isn't and shows a strong commitment
to the profession.
- Is the agent part-time or full-time? While all agents have to start somewhere,
working with a part-time agent may not be in your best interests. Part-time agents have
other commitments that can get in the way of giving you full-time attention. In addition,
agents that are part-time may simply not be successful enough to have developed business
adequate to support a full-time commitment.
- What awards has the agent won? Most full-time realtors worth their salt will have
made "million dollar club" at the least.
- How accessible is the agent? Do they maintain office hours? Can you call them at
home? By beeper? Buying real estate can be a traumatic experience. With lots of
surprises along the way, you'll want an agent that's easily accessible if you need to
reach them.
- Take note if the agent is good listener. Are you cut you off before you've finished a
sentence? There's nothing worse than wasting time looking at houses you have no interest
in because the agent has not listened carefully to your needs.
THE CONTRACTUAL RELATIONSHIP BETWEEN YOU AND A REALTOR
Once you feel convinced the agent can do a good job representing you, you need
to decide what kind of contractual relationship you will have. It used to be that
agents always 'represented' the seller of the home. Nowadays, things are much
different and you can choose what kind of relationship you will have with your
real estate agent:
- Buyer's Agent: This is clearly the best choice if you are buying a house. The
buyer's agent works only for the buyer and is bound to represent you above all other
interests.
- Seller's Agent: The seller's agent works only for the seller of the home. This
means that they essentially look out for the seller's interest and not yours.
- Disclosed Dual Agent: In this type of arrangement, the agent works for both the
buyer AND the seller. This often happens when an agent sells a property they have also
listed for sale. The problem here is obvious. The agent is serving two masters and can not
put the interest of one above the interests of another. As a home buyer, you're better off
working with an agent who is bound to look out for only you.
One mistake many inexperienced home buyers make is to call real estate offices
based only on a sign in the front yard of an advertised property. What they often
don't realize is that whichever agent shows them that house becomes their agent
for the sale. Cold calling a group of real estate offices is a poor way to select
the professional who will help you through the biggest purchase of your life.
Selecting the agent first -- based upon the agent's experience, reputation and
your personal comfort level -- is the best way to be certain your agent truly
"represents" you! |
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As
your Real Estate Specialist, our job is to help you..... help you find a
home that meets your lifestyle, location and budget requirements within
the time frame that you need to purchase and occupy the home. 
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