When it comes to picking a real estate agent, most of the advice you see talks about sellers. But as buyers increasingly use agents to help them land the perfect deal on the ideal home, the need for direction on choosing a "buyer's broker" has increased, too. Here's a quick five-step process for selecting a buyer's agent you can trust with one of the biggest financial moves you'll ever make.
Selecting an agent to help sell your home is a topic that gets a lot of attention on real estate websites and in trade publications. But as buyer's brokers become more popular, the need for information on choosing the right one is increasing. Luckily, the key to selecting a buyer's broker for your particular needs is a very simple prospect.
Abraham Lincoln once said that if he had six hours to cut down a tree, he'd spend the first four sharpening the saw. He understood that preparation is the key to achieving results as fast as possible. It's the same with finding the right property to buy, and the right agent to help you through the buying process.
First, know thyself. Before you can accurately evaluate a buyer's broker, you have to know what kind of property you want to buy, where you want to buy and why, your budget, and your desired timeframe. If you don't have a clear picture of what you want, it'll be hard for you to determine whether a particular buyer's agent can do right by you.
Second, start collecting word-of-mouth testimonials. Because real estate agents typically work within a certain geographical area, reputation is everything. Ask friends, family, and neighbors for their recommendations. You'll probably hear about a few great agents, a few bad apples, and many more "just okay" comments.
Third, check out the "greats" and the "okays" with the local or state real estate commission. Though it may seem like a hassle to contact a government agency for information, it's much better than finding out later that there've been dozens of complaints filed against a certain agent or agency.
Fourth, pick four or five agents to interview. Think of it like a business. You'd interview anyone who applied to work for your company. Why wouldn't you interview a buyer's agent, who's also going to work for you? Ask them about the types of homes they help buy and sell, the types of clients they have, and how they'd guide you through the home-buying process if you chose to work with them.
Finally, select an agent and get a buyer's agreement in place. Be clear on how long the buyer's agent will represent you, the conditions of the agent's commission, cancellation clauses, and what happens if you want to work with multiple agents or decide to buy a house that's for sale by owner.
Put these pieces in place before you start shopping for a home. The process is bound be much smoother, and much more satisfying, when you take the time to plan ahead.
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