Finding a good property is not an easy task to do. Having the right agent to assist you and help you with the transaction is a smart choice but there are many agents out there; both good and bad. Here are some things that you should know to help you choose the right agent, who can find you the best property.
Real Estate Agents vs. Exclusive Buyer’s Agents
If your friends or neighbours have recommended good agents to you already, hang on a minute and read this. An agent will work with you over the period until the transaction is finished, so you have to make sure that you really know them before making a decision.
Firstly, you have to know whether your agent is a real estate agent or an exclusive buyer’s agent. These two are different.
A real estate agent usually works for a company and represents both sides; the property owner and you. They will show ‘listings’ or properties under their company first and then show others. They are more likely to represent property sellers than you.
An Exclusive Buyer’s Agent also works for a company but they do not represent property sellers. This type of agent is focused more on you. The agent will look for properties that suit your needs because they do not have to sell for a particular seller. Properties from this type of agent will be more from property owners than companies.
What to Consider?
After you know which kind of agent you have to look for, the next step is looking at what things you should take into consideration before making a decision. Here is a checklist of what you should watch out for.
- The buyer’s agent has to work with you as a cooperative partner. The important things to look for are understanding, respect and capability. The agent has to understand your needs and can give you advice through their experience and knowledge as well as respecting your decisions.
- The contract is another important factor to concern yourself with. Avoid agents offers you a ‘dual agency agreement’ which means he/she is working for both you and property seller and it can lead to conflict of interest.
- Look for the one that ‘specify a buyer agreement’. If it is not, it has a possibility that the agent works for seller not you.
- An exclusive buyer’s agency agreement should specify terms of agreement i.e. service, duration and compensation.
- Remember that the buyer’s agent has to work for your interest. It is a responsibility of your agent to resolve if a conflict of interest occurs.
Benefits of Exclusive Buyer’s Agents
- As the agent represents you rather than property owner, your agent will not accept ‘listings’ and will recommend properties that are actually good for you
- The agent negotiates the price and will clarify the terms on your behalf
- A local agent knows all about the properties in the area
- An experienced agent can assist you with selecting which properties are good or bad to buy
Good Exclusive Buyer’s Agents
A good exclusive buyer’s agent can help you to find your desired property. Here are some basic points of what a good buyer’s agent should have.
- Certificate to state they have passed an exam of the real estate buyer’s agent council – This should guarantee that they have wide knowledge within this field
- Experience in the area – It is important to hire local agents as they know the area best
- Recommendations from your neighbours and friends – Take advice from your friends and neighbours to make a decision. Good compliments from other people means the agent have taken a good care of clients.
- Work as a full time exclusive buyer’s agent – Full time agent spends more time working with you.
- Have a certificate of Accredited Buyer Representatives or Certified Buyer Representatives – This can guarantee an ability of the agent.