How do you find a buyers agent?

Question

Do you call or walk in to a real estate agency's office and just say, "I am looking to buy a house and need someone to represent me!"?

Do you usually sign a contract with that agent?

Any tips on how to find an agent that will really work for you?

Also, will an agent help you do everything? (Paperwork, loans, getting inspections for the house?)

Do they care if you are only going to be buying a low priced house?

Answer 1

A good buyer’s agent will save you money, time and risk. Unfortunately, most agents believe that their only job is to drive you from house to house to house… You agent’s job includes all aspects of buying a home, handling all the paperwork, scheduling inspections, connecting you with good lenders, advice, research and a lot more. So, how do you find an agent that will save you money, time and risk? Unfortunately, finding a good doctor, dentist, mechanic or agent is not easy. You will have to interview several agents before you find one good one. I will provide some questions for you a little later but I want to first explain the basis of my interview questions.

First, what is a “good deal” for you? I think most people would define a good deal as purchasing a home that meets their personal goals at or below market price with good contract terms and minimal closing costs. How do I find good deals? I spend hours on the MLS and other sites researching what is available and determining whether each property is a good buy. On a recent search, I started with over 250 homes that met my client’s goals but through research I was able to narrow it down to 18 good deals. Even in the buyer’s market in Las Vegas (where I am a Realtor) there are actually few good deals.

Ok, at this point I hope we have a general agreement on what is a good buy.

Here are some open ended questions and answers you should expect. If their answers center around “I’ve been selling real estate for XXX years”, next agent. If they can’t provide, or are unwilling to provide, references, next agent. Also, only use fulltime agents, you can’t afford a part time agent.

Questions:
* “What do you consider good deals?” They should ask you what matters to you: home features or price. The bottom line answer should be something be something like” properties that are below market price based on the properties condition, good contact terms and getting the seller to pay closing costs.
* “What process do you use to find these properties before I start looking at homes?” If the answer seems to be that they send you a lot of pages from the MLS and you choose, they are adding no value. Finding good deals is not a random act. It requires time and a process. If you don’t hear a well defined process, next agent.
* “How do you determine the recommended price I should offer?” If they just say comps or some similar answer, next agent. Determining a recommended offer price is a critical function of an agent. The answer should be something like this. I first determine the market price. The market price is based on the lesser of comps (recent sales) or current for sale prices (taking into account average “asking price vs. sales price”) since in many areas there is price erosion. Fators that increase or decrease the offer price relative to the market price is whether you want the seller to pay closing costs, how strong your credit is and other such factors.
* “Tell me about the last three offers you presented?” If they respond that they faxed the offers in, next agent. I personally present every offer to the seller and their agent unless they are not in the area and then I do it by phone. I put together a short presentation for each offer and walk the seller and their agent through the process we used to determine the offer price. While not all my offers are accepted, the vast majority are. Also, none of the sellers got upset and thought that we were just low-balling them because they knew how the offer price was derived. On REOs and foreclosures, you do just fax them in because someone with a spread sheet will make the decision on you offer.
* This is not so much a question as your perception of how the agent answered your questions. If they talked down to you or made you think that your questions were silly, next agent. You need to have an agent that you can ask anything and they will either know the answer or find the answer and get back to you.

Remember that the biggest “I don’t have a clue” answer is, “I’ve been selling real-estate for xxx years.” If you hear this type of answer, next agent. The market changes and agents who changed with the market are sharp, have processes to find the best deals and are committed to your success. Be certain to talk to at least two references and ask them if the agent had processes.

A good buyer’s agent will save you money, time and risk and is worth the time and effort to find the right one for you regardless of the price of the home. The reason this is true is that if they do a good job for you this time, you will call them the next time you want to buy and you will refer others.

Hope this helped.

Eric Fernwood
[e-mail]
http://www.iselllvhomes.com/

Answer 2

What I usually suggest is to talk to your friends,neighbors, co-workers to see if anyone had a particularly good experience with their agent. If so, contact that agent, tell them you're interested in purchaseing a home and schedule a meeting with them. If you get a good feeling about them then you've found yourself an agent.

If you don't know anyone who has purchased near the town you're moving to then I suggest getting online to find out who the local real estate companies are. Normally the larger companies are the more successful and I try to stick with them. Pick one, call them and ask for an agent to assist you with purchasing a home.

If you find an agent with their own site near the top of your search that might be a good person to call. You'll know when you meet an agent you can work with.

Yes, Buyer Agency requires a signed Business Relationship Agreement. If you don't sign it the agent represents the Seller. Also, do not work with the agent who has the property listed. An agent can legally represent both parties but are not able to assist you with one of the most important things, price. Tell the agent you sign the agreement with that you will not allow them to work as a dual agent. Have them put it in the contract before you sign.

Buying a home can be a stressful time. If you find the right agent they'll take as much of the stress off of you as they can.

Good Luck!

Answer 3

Realestate agents have changed over the years. Prior they really did work for the seller, even though you thought they were helping you. Now they can act as the Buyer/Broker. You do sign a contract with them and that allows them to stay seperate from the seller. In Todays market it makes a lot of sense to have a Buyer/Broker. They will help you with any of the necessary paperwork and assist in finding mortages. The contract usually says that they will work for the normal comission that would normally be assigned to the buying agent.

You can interview a number of agents before you finally pick one. They don't have to be from the realeatste office. The main question to ask is "Why should I sign with you? What will you do to help me find the best property for me?"

Answer 4

When I bought my residence, my truly property agent was once additionally my loan mortgage officer, she labored very difficult to shield my curiosity around the board, it labored excellent for either one of us with no signed contractual contract among us. Maybe if he desires to symbolize you, he'll be agreeable to enhancing the language and phrases of the agreement to fit your needs. Also, in my state if a certified agent suggests you a estate that's indexed with a certified dealer and you buy that estate they have got earned their fee, seeing that they introduced the purchaser to the desk. I feel that is how it works, so a purchaser's contract is not quite crucial. Also, verify along with your nearby arrangement of Realtors or licensing bureau could not harm.

Answer 5

No matter what you are told, there is no such thing. They all work for the seller. Tell them as little as possible about your financials and work them hard. Real estate agents are the scum of the earth. Be careful.