Selecting Your Real Estate Agent
* The Agent brings the market to you. The market brings your price.
* The right Agent is the one who knows the market and can get you the
best price possible - not the one who promises you the highest price
just to get you to list with them!
Many of the same questions, hesitations and strategies connected with
seeking out professional assistance in any field - whether you're looking
for a doctor, dentist, lawyer or accountant - come into play when you're
selecting a real estate agent.
Some people find an agent through a family member or friend. This is
often a reliable approach. But you might not always find the most compatible
assistance this way. And in a transaction as important and intensive
as buying and selling a home, that can be critical.
A referral from a family member or friend doesn't guarantee a perfect
match. Just think of something as simple as a movie or restaurant recommendation.
Your close friends rave about a new Chinese food place downtown - so
you check it out. Could this possibly be the same restaurant they were
describing? Mediocre service. No chopsticks. Bland flavors. It's the
same restaurant. Same cook. Same waiters. Just different perceptions.
Regardless of how you get an agent's name, it might be worth interviewing
at least a couple before you make a final decision - or at least arming
yourself with some criteria to go over with any agent who has been recommended
to you.
A few things to look for:
- If you're looking for an agent to list your
home, be wary of anyone who suggests they can get an unreasonably
high sales price. An agent might use a high listing price to secure
a contract, only to seek a lower price later, after little traffic
is generated at the initial price level. Meanwhile, you've lost what
can be the most critical time period in selling a home - the first
weeks immediately after it's listed.
- Check on experience and productivity. As with
most professions, experience pays in real estate. Experienced agents
know the market and the marketing process. They'll have the best chance
of quickly and smoothly helping you to buy or sell your home.
The number of transactions an agent is handling
monthly or yearly is going to give you an indication of how committed
the agent is to the profession. Is the agent a part-timer who's
just dabbling in real estate sales - or is the agent a full-time
professional whose livelihood depends entirely on an ability to
successfully and repeatedly close real estate transactions?
- If you're a buyer - does the agent offer buyer
agency/index.html? More and more buyers are deciding they want full contractual
representation on the same level as the seller. Be sure to discuss
buyer agency/index.html with any agent you're thinking about working with.
- Does the agent know the market? Is the agent
active in soliciting business?
- Is the agent part of a national network? This
can be especially important if you're selling in one city in preparation
of moving to another. Your selling agent can refer you to a professional,
compatible agent in your destination city - and keep in close contact
with that agent so both your selling and buying efforts are closely
coordinated.
- And a final point: Does the agent seem primarily
interested in sharing expertise and market knowledge in an honest
and straightforward manner? Or does the agent seem more interested
in telling you what you want to hear - or spend a lot of effort trying
to market additional products and services? The worst time to secure
the services of a "yes-man" or an agent who seems to have a bit too
many irons in the fire is when you're entering a transaction involving
something as expensive as your home. You need straightforward, reliable
information - even if it's not necessarily flattering regarding the
home you're selling - or very encouraging regarding a home you think
you might want to buy.
Broker Comparison Chart (click to view)
