Real estate experts go by a few different names, although the distinctionshouldn’t matter for you as a first time home buyer. Important is to make certainthe broker or agent you chouse is a licensed real estate professional. All realestate brokers or agents are licensed and regulated by each state.
To the average home buyer or seller, the difference isn’t much. To become a realestate agent, an individual must complete the required number of classes andpass the agent’s exam. To become a broker the agent must than take additionalclasses, have a specified amount of experience in the field (normally 1 year), andpass another exam.Having a real estate broker license confers certain privileges, including the rightto open, run, and own a real estate office, and to work independently without anoffice. A real estate agent must work for a broker, who is responsible for thatagent’s actions.
Work With a Broker Instead of an Agent?Not necessary! Although it would seem that a broker may have more experienceor be more knowledgeable than an agent, it is not always the case. A lot ofexcellent real estates agents have choose not to become brokers because theyhave no intention of ever running their own office. The experience andknowledge of a real estate agent who has been working in an area for ten yearswill far surpass that of a brand new broker.
Realtors vs. Non-RealtorsA realtor is a broker or agent who belongs to the National Association of Realtors(NAR), and subscribes to that organization’s code of ethics and conduct. Thereare about 2 million real estates agents and brokers in the US, of which around800,000 belong to the NAR.Is it better to work with a realtor than a broker or agent who is not a realtor? Notnecessarily, because when you look for an agent or broker you must look for thebest, most knowledgeable, and most reliable agent or broker. Don’t worry abouttitles, designations, and how many diplomas he or she has.Finding a Real Estate Agent or BrokerFinding a broker or agent who meets your needs and is compatible with yourpersonality can be tougher than it sounds. Buyers who have the worstexperiences are often those who just walk into or call a neighborhood shop andask for anyone at random.
But how can you find a good agent or broker? Here are three valuablesuggestions:
a. Open your local newspaper to the real estate section and see who runsthe biggest ads, week in and week out
b. You can ask your parents, relatives, or friends for referrals. But beforetaking any decision, make sure they had a great experience with the agentthey used
c. Call your local board of realtors and ask for the names of agents who soldthe most property last year.
Choosing the Right Agent or Broker
In addition to looking for an experienced agent, try to find one who suits yourpersonality. Working with a real estate is a little like a short-term marriage. Even in the best of circumstances, the pressure will mount and you may not alwayslike what’s happening, or how a situation is being handled, or how a situation isbeing handled. You’ll be in close proximity for an undetermined amount of time ?at least 3 to 6 months from start to closing—so it’s a good idea to find someonewith whom you’re compatible.To ensure you’re working with the right person, take on the responsibility ofinterviewing several agents or brokers before you take your final decision. If yousimply take a friend’s or relative’s suggestion, you may find yourself working withthe wrong agent or broker, looking in the wrong neighborhoods, and touringhomes that are too expensive.
Here are the most important sixteen questions you should ask the agent orbroker when you’re making the interview:
1. How many years have you been in the real estate business?
2. How many years have you been with this company?
3. How many residential real estate transactions have you complete in each of the past three years?
4. What percentage of your home business is with home buyers?
5. How old are your clients in average? Do they have children?
6. What was the price range of the homes you helped people buy and sell last year?
7. What was the average price of the homes you helped your clients buy and sell? If you want to buy the home of your dreams in less time with less money, than click on the link bellow to discover the most powerful home-buying strategies real estate companies don’t want you to know and save at least $13,000 in additional fees & taxes guaranteed.
8. Are you an exclusive buyer broker? Do you ask home buyers to sign an exclusivity contract?
9. Do you charge an up-front fee that is later applied to the commission?
10. What are the primary neighborhoods or communities in which you work?
11. How familiar are you with the schools, crime statistics, and demographics of the various neighborhoods.
12. What style of home do you most frequently work with?
13. Are you a smoker or nonsmoker? (if this is important for you)
14. How many home buyers or sellers do you work with at a given time?
15. How do I reach you? Can I e-mail you? Or phone you at home?
16. Do you work with an assistant? Will I be working with an assistant or with you?
You can find out a lot about agents just by the way they answer these questions.If they bristle and seem reluctant to share information with you, that may be asign of things to come. If they’re open and friendly, and you develop a connectionon the phone, you may have found someone with whom you’ll enjoy working.
Carey Pott is an experienced mortgage broker and owner of January Financial in Foothill Ranch, CA. He has helped hundreds of clients find the best financing for their home purchase or refinance needs. You can find more information on mortgage financing here.
Carey is also a frequent contributor to many websites with mortgage articles, including Home Experts Online.
