- November 22, 2023
- Posted by: legaleseblogger
- Category: Related News
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Title: AI Legalese Decoder: Helping You Find the Perfect Real Estate Agent
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****** just grabbed a
Are you selling as well as buying?
We skipped having a real estate agent, didn’t seem necessary since we were doing most of the house hunting work ourselves via Redfin. One advantage is that, since we didn’t have a real estate agent, the seller didn’t need to pay them, and so they knocked the 5% it would’ve cost off the price. There was the possibility the other agent would’ve taken advantage of us, but fortunately our real estate lawyer was great and picked up the slack looking out for us. And of course, we did all due diligence with inspections and what not, which maybe an agent could’ve taken care of but I’m not sure I would’ve trusted them anyway.
Edit: That said, I have an instinctive hatred of agents from the outrageous northeast rental market, where you meet them one time while checking out the place and they aren’t even nice about it, a privilege for which you are required to pay thousands of dollars. Not giving them money was honestly a selling point for me.
We just bought a house a few months ago! Our agent was “ok”, in retrospect I would probably would have liked to do a few things:
* Done a little bit more research online to see who the best selling agents were in the area and choose from those, our agent was not as aggressive/proactive as we would have liked and as a result we ended losing 2 houses before finally closing on our third choice.
* Ask how long they have been in the area, if you’re moving somewhere new like we were it pays to have a local who has been around awhile and knows the area well
* Find an agent before you find the home you want, we ended up with an agent after reaching out about a house on Zillow. Priorities can be blurry if you’re working with the agent also trying to sell the home.
Hope these points help!
Worked in Real Estate for several years, but not a Realtor. I don’t know how you determine this other than by talking to others. But find one that is a bit of Bull Dog. One that will stand up for you.
I have seen thing happen at or near closing, promises not kept and the realtor is willing to compromise rather than force the seller to leave up the agreement. Two I worked with stood out, one in particular. Very nice lady, very responsive and she held everyone’s feet to the fire. If you promised something it would happen or she would have cancel the closing till you fixed it.
Some just want the commission and don’t care. There are lot of bored House wives and retiree’s that get into Real Estate to have something to do. Not all are bad but I have seem many are just not willing to put that extra effort into it. There is a lot of work being a *GOOD* realtor and high sales is a good starting point.
Another thing I like is how fast they respond. Can I get them on the phone easy? Text and email is fine but you need to be able to reach them fairly easy.
A buyer’s agent costs you nothing if the house is listed. Do whatever reasonable due diligence you have to do to ensure you get someone competent, but I would advise against going it alone or agreeing to dual representation.
Ask them if they use hotmail for their professional email. I’m not joking.
It seems to be a predictor of how tech-savvy they are and how well they will be able to handle and communicate via electronic communication, whether by text or email. I just finished a very frustrating 2 months of going through the process and I think a lot of errors and miscommunication could have been avoided if my realtor didn’t have things like…a full inbox, or not knowing how to text effectively.
(no offense to anyone using hotmail…)
I donÔÇÖt know how to find the right agent, but I canÔÇÖt stress this enough: If the realtor you are working with isnÔÇÖt a good for you, find someone else! I made many, many mistakes when buying my first house, and chief amongst them is working with an agent who treated us as an inconvenience.
Do you know your local area and can advocate for yourself? Do you live in one of the ~41 states that allow dual agency (8-9 states ban it)? If so focus on finding the house you want first and then contact the listing agent directly for a viewing. If you like the place enough to put in an offer to so directly with the listing agent also acting as your buying agent AKA a dual agent.
The upside here is the dual agent can double-dip on the commission and thus is VERY motivated. If you live in a highly competitive market this can mean they convince the seller to go with your offer over the other ones on the table. If you live in a slower market this can mean you are able to throw out low ball bids and have them convince the buyer they should bargain down to your price. Either way doing a deal with you is almost twice as valuable as doing a deal with somebody else who brings in their own buyers agent.
Downside is you have to protect yourself since the agent is working for both sides. That means you don’t blab about how high you might be willing to offer or share any other information that you wouldn’t want the seller to know. Make sure you hire all your own independent inspectors (you should do this regardless; never hire the inspectors realtors suggest because they like inspectors who are quick & easy to deal with and not the ones that uncover issues that kill deals and cost them commissions). Depending on the complicity of the deal hire a real estate lawyer to look over the contract too; realtors aren’t lawyers and even well intentioned & experienced buyers agents screw up contracts.
Of course if you are relocating to a new city or really need your hand held then as other have noted get the experienced buyers agent who has already hundreds of other buyers through the same process and who will be a bulldog in negotiations.
WhatÔÇÖs your commission rate? Your paying them a shit load, best you know how much exactly
Go find short sellers and making offers on Bank owned foreclosures