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Let's find our real estate agent! Below you'll find some questions you will want to ask them to see if they are going to be a good fit for you.
How to Choose a Real Estate Agent – Home Buying Course Session 5
CLICK HERE TO GO BACK TO SESSION 4: Difference Between Pre-Qualified and Pre-Approved for a Mortgage Loan
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FIRSTLY: NETWORK IN YOUR CIRCLE
If there is a trusted name that others around you have used previously they may be a good match for you. Direct selling (like real state) has leveraged the power of the referral. Having a positive testimonial encouraged people to buy a product or use a particular service.
If you cannot find a trusted source within your circle that’s okay. This post will help you in your search.
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CONNECTIONS ARE EVERYTHING
My father taught me that in reality being intelligent has little worth if you don’t know anyone. However, if you are intelligent and know a lot of people you will find much success.
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Similarly, you need more than a real estate agent to buy a home. As you’ve realized by now, it is quite the process. I’d encourage a real estate agent who has a plethora of connections with lenders, insurance agents, home inspectors and general contractors.
TRANSPARENCY IN EVERYTHING
Ask these questions to really qualify your potential real estate agent:
- What’s your experience (in the area, specific neighborhood, price range etc.)
- What type of buyers do you typically work with?
- If they do not work with buyers who are looking for something similar to you. This agent may not be a good fit.
- How are you paid?
- Some realtors have more than just commissions but also administrative and processing fees they will pass on to you. Get these answers in the beginning.
- How much does it cost to sell my current home
- How often will we be in communication
- There are some real estate agents who will be rather communicative and some who will not be very communicative. If this is your first home buying experience I encourage to find someone who will help you significantly with the process.
- What’s your process on helping your clients find a property to buy?
- Can you provide references to past clients of yours
- Again, testimonials and referrals are SUPER important. If they cannot provide you any past clients… I’d pass on them
- What’s your strategy on sending in offers and dealing with counteroffers
- Be prepared to not win the first home you send in an offer. Don’t fall in love with the first home you visit. It’s unlikely the first is going to happen.
POTENTIAL DEAL BREAKERS
- An agent who doesn’t deal with your type of home, price range or living situation
- They may be great with a particular type of home. If this is not what you are searching for this agent may not be the best fit going forward.
- Having your agent who is a family member or close friend
- If things don’t go SUPER smoothly the home buying process could lead to fractures in your familial or friendship. No one wants to go through that. Having an unbiased third party and strictly a professional relationship may be in your best interest.
SESSION 5 ACTION STEPS
- Ask your potential real estate agent a variety of different questions
- If your intuition says this person is not right for you. Listen to it.
- Choosing an unbiased NON-family/friend third party to be your agent may mitigate any relational trauma and tainted opinions
Always Moving Forward,
As a certified credit counselor and syndicated writer at MaxMyMoney, Max has coached over 250 Millennials to help take the stress out of money. When Max is not coaching, you'll find him reading financial books, indoor cycling, or visiting local pawn shops looking for swiss-made watches.