How to Select a Good and Qualified Real Estate Agent
There are now over 2.5 million licensed real estate agents nationwide and the National Association of Realtors reports that its membership has increased nearly 37 percent from 2003 to 2007 to more than 1.3 million. With this drastic increase in the number of licensed real estate agents, knowing how to select a good and qualified real estate agent is as important as ever.
While a lot of home buyers select their real estate agent on the basis of a personal recommendation or because they met the agent at an open house, these and other approaches should only be the starting point in your selection of a real estate agent. In order to find a real estate agent who is best qualified to meet your individual needs be sure that you ask plenty of questions. If you want to know how to select a good and qualified real estate agent read on.
Real estate agents possess unique skill sets.
In order to sell real estate, an individual must be licensed by the state in which they work, either as an agent/salesperson or as a broker. To receive their real estate license, an individual must meet certain standards for education, examinations, and experience. These standards vary and are determined on a state by state basis.
Be aware that not all real estate agents are the same. Just as in all jobs, a real estate agent may be really good at a certain aspect of their job, but deficient in another. Every real estate agent possesses a unique set of knowledge and capabilities. The so called "best agent" may not even be a good agent for your particular situation. Why? Realize that some real estate agents are more experienced on the seller's side of the transaction while others have more experience helping buyers. Also, while one agent may be very familiar with certain types of properties, or home price ranges, or neighborhoods, another agent may not be as knowledgeable in one of those areas. As a result, some real estate agents will be a good match for you while others will not be.
In order to conduct a thorough search, you will want to make a list of the real estate agents who have been recommended to you, who you have encountered at an open house, and who you have found through Web sites or other means. You then need to interview each of them, preferably in person, if possible, to find out more about their qualifications and if they are right for your situation.
Are they a real estate agent or a Realtor?
One of the first things you will want to find out is if the agent is a Realtor. While all Realtors are agents or brokers, not all agents or brokers are Realtors. Only persons who belong to the National Association of Realtors are entitled to be called "Realtors." The term is more important than you may think because members of the trade group are subject to its strict Realtor Code of Ethics (which in many cases goes beyond state law).
How to evaluate a real estate agent's qualifications.
Besides asking the agent whether he/she is a Realtor, there are other specific questions you should ask when evaluating a potential real estate agent in order to help make your decision as to whether or not to work with that agent. To assess a real estate agent's qualifications be sure to ask the agent:
1. Does the agent have an active real estate license in good standing in the state where you want to buy a house?
2. If real estate is his/her full-time career.
3. If he/she holds any professional real estate designations.
4. Which party he/she represents - you or the seller (see seller's agent vs. buyer's agent).
5. If he/she belongs to the multiple listing service and/or a reliable online home buyer's search service in the area where you want to buy a home.
6. How many buyers he/she has helped to buy a home in the past year.
7. If he/she would be willing to give you the names and telephone numbers of those buyers, so you can ask them about the agent's services.
8. How familiar he/she is with homes for sale in your preferred area and price range.
9. If he/she will you be on vacation or otherwise unavailable during the timeframe when you want to buy a house.
10. If he/she has an assistant, partner, or associate who works with them.
11. In exchange for your commitment, what will he/she exactly do to help you accomplish your goals of finding and purchasing a home that will meet you criteria.
To help yourself figure out which agent will be able to serve you best, do not withhold information. Be upfront and honest with the agent about your requirements. Notice if the agent is communicative and responsive to your inquiries and if he/she listens to your needs. Do not be affraid to ask for specific information and examples of how the agent has helped other home buyers in circumstances similar to yours. The more questions you ask, the better able you'll be to choose an agent who is right for you.
When you finally decide upon an agent to use be aware that the agent is bound by certain legal obligations to you. These common-law obligations are traditionally to:
1. Put the client's interests above anyone else's
2. Keep the client's information confidential
3. Obey the client's lawful instructions
4. Report to the client anything that would be useful
5. Account to the client for any money involved
Knowing how to select a good and qualified real estate agent is an important aspect to the home buying process. Finding the right real estate agent for your situation will help make your home buying experience a more enjoyable one.
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