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Whether you’re buying or selling, choosing the right real estate agent is crucial to not only help the process go smoother, but to also ensure you get the best deal. After all, real estate transactions are often one of the biggest single purchases you’ll make in a lifetime. If you’re not sure how to get started when choosing a real estate agent, here’s what you should know.
Zoocasa’s summer survey revealed that of the 84.3% of survey respondents who worked with a real estate agent, 38.4% of respondents initially had concerns. However, the majority felt satisfied or very satisfied with their experience. Even more encouraging, six out of ten respondents said their agent was transparent about costs and commissions, likely contributing to the impressive fact that 71.5% of respondents said they would gladly work with an agent again.
What Does a Real Estate Agent Do?
Licensed real estate agents function as buyers’ and sellers’ representatives in real estate transactions. To exercise their profession, agents must work with a real estate brokerage; therefore, all transactions must go via the brokerage they are employed with.
Although you may believe that searching for a house online is easy enough, a competent real estate agent can take care of the search for you by keeping track of new listings, arranging viewings, and liaising with the seller’s agent. Similarly, collaborating with a real estate expert can help a house seller avoid a lot of work and position themselves for a successful sale.
When the time comes to make a purchase, a real estate agent can guide a buyer through the purchase agreement, which is crucial in determining the total cost of the house throughout a mortgage loan.
Real Estate Agent Reputation
Look for endorsements and reviews of local real estate agents. Get a good sample of reviews from various websites by searching online. Examine both positive and negative evaluations and proceed with caution. Find out from others what the agent’s reputation is in your neighborhood. To find out whether there are any issues you should be aware of, you can also check with the licensing board or any local professional associations.
Facebook and other social media sites are a great way to get real people’s opinions and experiences with local agents, both good and bad. You will be more likely to get recent reviews and experiences as well, to get an idea of how agents currently work.
Agent Qualifications
Is your realtor reputable? When picking a real estate agent, you want someone who knows the real estate market in the town where you’re selling. Take into consideration more factors than just how long the person has held their real estate license.
You can check to see if your realtor and his or her team have any additional qualifications that could help with the selling of your house in addition to the ones listed above. Expertise in property valuation (CRA), marketing, sales, staging, landscaping and curb appeal , interior design and renovations are all key qualities to consider when choosing your real estate agent.
Experience Matters
Choose an agent that knows your area or the area you’re looking to buy in well. Experienced agents can identify trends in the local market, such as average days on the market or seasonal fluctuations, which can inform your strategy. An agent with extensive experience in your specific neighborhood will have insights into local schools, amenities, and community trends. This knowledge can help you set the right price or find the best property.
Check if the agent has experience with different types of properties (single-family homes, condos, commercial real estate, etc.). An agent who has handled diverse transactions may be better equipped to address various scenarios and challenges. Additionally, some agents specialize in working with buyers, while others focus on sellers. Understanding their primary focus can help ensure their skills align with your needs.
Understand Fees and Contracts
Understanding fees and contracts is essential when choosing a real estate agent, as these elements can significantly impact your overall experience and financial outcome. In most markets, real estate agents charge a commission based on the property’s sale price , typically ranging from 5% to 6%. This fee is usually split between the buyer’s and seller’s agents. . While commission rates are often standard, they can be negotiable. Discuss this with your agent, and don’t hesitate to ask if they’re willing to adjust their rate, especially if you’re working with them on multiple transactions.
Some agents may charge additional fees for marketing your property, including professional photography, staging, or advertising costs. Clarify which expenses are covered by the commission and which may be extra. Some agents may charge a transaction or administrative fee to cover their operational costs. Ensure you understand what these fees entail and whether they’re standard practice.
If you’re selling a property, you’ll sign a listing agreement. This contract outlines the agent’s duties, the commission rate, and the duration of the agreement. Read this carefully to understand your commitments and the agent’s obligations. If you’re buying, you might sign a buyer’s agency agreement. This outlines the agent’s role in your home search, their fees, and any exclusive representation clauses.
What Else To Consider
- Open Communication: Ensure your agent is transparent about all fees and contractual obligations. A good agent will provide a clear cost breakdown and avoid hidden fees.
- Termination Clauses: Understand the conditions under which you can terminate the contract. Look for clauses that allow you to end the agreement without penalties if you’re unsatisfied with the agent’s performance.
- Time Frame: Listing agreements often have a specified duration (e.g., 3 to 6 months). Be aware of this timeframe and what happens if your property doesn’t sell within that period.
- Ask Questions: Don’t hesitate to ask your agent to clarify any terms or conditions you don’t understand in the contract.
Choosing the right real estate agent is crucial for a successful buying or selling experience. Taking the time to select a real estate agent carefully can make a significant difference in your real estate experience, leading to better outcomes whether you’re buying or selling.
Are you looking to enter the real estate market this fall? Give us a call today! One of the experienced agents at Zoocasa will be more than happy to help you through the exciting home-buying process!
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