The Internet is full of Web sites giving intricate details of homes for sale in every imaginable part of the country. A whole new genre of do-it-yourself real estate reality shows has popped up, boiling the whole process down to half an hour and making it all look unbelievably easy. More people than ever before are tempted to try the hands-on approach to home shopping. Nevertheless, a good real estate agent can be an invaluable resource for finding and buying a new home.
What they do -- and why you need them
Agents are experts. No matter how much time you devote to reading new home listings and real estate articles, it's not going to come close to someone who does it for a living.
The education and experience a real estate agent brings to your home search should pay off immediately. Once you have clearly outlined the parameters of your search, a good agent will know exactly what neighborhoods to look in and which to avoid. They will know the local market and recent sales statistics. They will help you become a more educated buyer as you consider your options.
A good agent will help you find the home you want and navigate the process of making offers and counteroffers until it's yours. Agents also have extensive contacts in their field, which can provide valuable references for other aspects of purchasing your home, especially if you're buying in an area you've just moved to.
What they don't -- or shouldn't -- do
Good real estate agents are an excellent source of information, statistics, and professional opinions. They should also be good listeners when it comes to your priorities.
A good agent should not try to override your preferences. If you feel you're being pressured to make an offer on a house you aren't that interested in, or if an agent continues showing you a style of home you've already said no to, remember - they work for you. You might want to hear their reasons, but ultimately it's their job to help you find what you're looking for. A good agent will outline the options clearly within your guidelines, rather than pushing a different set of guidelines.
Finding a Real Estate Agent
Real estate agents work for real estate brokers and represent buyers and sellers of homes. They are paid on commission, usually some percentage of the home's price. If you are buying a home, you will need a buyer's agent. This agent's commission will often be paid by the seller of the home, but not always -- that is part of the negotiation process when making an offer on a home. A buyer's agent may specialize in a certain neighborhood, certain price range, or represent a particular builder or development. There are also plenty of agents prepared to go anywhere the client wants to look.
One of the best ways to find an agent is word of mouth. Ask friends and coworkers, especially those who have purchased homes within the last couple of years. Good agents work hard and stay busy, and they rely on their reputations to get new business, so references from satisfied former clients are the best form of advertising.
Once you've found an agent you want to work with, you will probably be expected to sign a Broker's Contract acknowledging that they represent you in your home search. There are exclusive and non-exclusive contracts, depending on whether you plan to work with more than one agent. A good agent may expect you to sign an exclusive contract because their services will be in high demand.
It's important to find an agent that fits your personality. You don't have to become best friends, but you need to feel like you are able to communicate effectively, and that they understand your goals. You might have to interview several agents before you find one you can work with, but the extra effort will be worth it in the long run.