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Some people like the extra attention
that a hands-on real estate agent can provide. Others just
want to be left alone as much as possible so they can look
at the houses. You're in the process of educating yourself
about the entire process so that you won't need as much hand-holding
as some people. Be realistic about your time frame for buying
a house and about the amount of time you'll be able to devote
to the process. Let any prospective real estate agent know
what you expect from her.
Ask for referrals
If you're staying in an area you know, ask friends and family
if they can recommend someone to you. If you're moving to
a new area, ask the Better Business Bureau or the Chamber
of Commerce for the names of brokers in your new town that
are members of their organizations. Call at least five of
them and actually meet at least three.
Interview your agent
Remember that this person is going to have a huge effect on
your life for at least several months. Make sure that you
trust the agent, above all else. Ask about background and
training. Ask about the area of town that you're interested
in. Does the agent seem knowledgeable? Does she ask you questions
about what it is that you want?
You want a strong agent. That is, you want someone who knows
the market well enough to advise you on any given house; you
want someone who's had experience in negotiating with sellers,
and with closing; you want someone who can steer you toward
at least three excellent settlement attorneys or building
inspectors if you so desire.
Ask them to show you one house
Take a tour of the house with your broker wannabe. Has she
listened to your requests? Did you want to see a single family
detached home with two acres and are being shown condos instead?
A good real estate agent will let you know if your desires
are out of whack with reality but should also try hard to
find you what you want. Is she showing you what you like,
or what she likes?
Negotiate a fee
You can negotiate a flat fee with your buyer broker. Start
with what you expect to pay for your house. Then take 3% of
that amount (or half the standard commission rate in your
state). If you're looking for a condo that costs $100K, tell
your buyer broker that you'll pay her a flat $2,500 commission
and then another $100 for every $1,000 that she saves you
under $100K. This means that she will make money no matter
what. Plus she has the incentive to make it as cheap as possible
for you.
But remember, you are going to be signing a contract. Make
sure that the services and method of compensation you expect
are spelled out in the agreement. Will you have to still pay
the fee if she hasn't found a house that meets your criteria
in three months? Probably not, but get it down on paper.
If you don't hit it off...
Interview another agent. These guys are professionals and
are used to having prospective buyers shop around for their
services. Thank her for her time and say that you have decided
to use another agent. Don't waste her time (and yours!) if
you'd rather work with someone else.
What if the agent does a bad job? You can call the local real
estate board if you feel that you are being treated unfairly.
Agents are held to the standards by a state regulatory board,
and if they violate any of the rules or regulations, they
can lose their licenses. |
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