How to choose a real estate agent

How to choose a real estate agent
By Sylvia Booth Hubbard • Bankrate.com


The decision to buy or sell a home is one of the most important financial decisions most people make, yet many give little thought to finding the real estate agent best suited to their needs.
Agents are often chosen solely on the recommendation of a friend or an ad in the newspaper. But choosing the right agent can save you time, effort and aggravation in finding the perfect home at a price you can afford or selling your home quickly for top dollar.

"Real estate has always been a mark of independence and freedom in this country," says Donald R. Brenner, professor emeritus at American University. "Owning property is very important, and when you deal with someone who is going to help you buy or sell a piece of property, you'd better find someone that knows what they're doing.
"If you pick up the phone book and choose from the yellow pages, you won't make a better decision than if you picked up the telephone book to choose a brain surgeon," says Brenner.

Shelley O'Hara, author of 'The Complete Idiot's Guide to Buying & Selling a Home,' says, "When you announce your desire to purchase a house, you may be surprised at the number of real estate people who want to represent you. Agents come out of the woodwork. You won't have to worry too much about finding an agent -- you do need to worry about finding a good one."

Paul Purcell, a partner in Braddock & Purcell, a real estate advocate in New York City, agrees. "Buying a house is the most important financial transaction most people will make in a lifetime," he says.
"The most important thing when either buying or selling a home is to select the right real estate agent, but people usually go about it backwards. They read a newspaper or get one of the home magazines in the supermarkets, and they call about a home they see advertised. They should first select the real estate agent -- one who will understand what they need and can navigate the system for them.

"Advertising is designed to make the brokers' and agents' phones ring. Typically no one buys the house they called for, but from that point on, they're joined at the hip with a real estate agent they don't know anything about -- whether they are good, bad or indifferent or new to the business. They need to find an agent before they find house."

Brenner explains, "You must make inquiries before you sign with an agent or broker. Commissions are usually substantial, so some real estate agents will try to sell you anything. They'll tell you every house is the best house they've ever seen, every room is the prettiest, your kids are going to love it, and your dog is going to bark nicely. They'll tell you anything!
"If you're selling, your property may be the most valuable thing you own and it is of utmost importance to find an agent you can trust," Brenner says. "A real estate agent has a high fiduciary duty -- a duty of trust and confidence. It is the most important duty of any sales person or broker in real estate. An agent must disclose all the material facts of any transaction -- everything they know about the property, good or bad. If a salesperson knows there are three inches of water in the basement every time it rains, he is obligated to disclose that fact." END OF ARTICLE.

I could not agree more nor could I have written the article any better. The article's most important point is to select an agent that you feel comfortable with. Someone with whom you can immediately tell that both of you "are on the same page". I could never understand potential buyers running to a listing agent on a property of interest. Sure, I realize that contacting the listing agent is the easiest method to get quick information but to continue to work with that agent on that property is a big mistake. Does the buyer need to be educated to the fact that the listing agent's priority is to the seller? (see my previous blog on dualing agents) That buyer should already have an agent selected who is certain to look out only for that buyer's interests. All real estate agents are not the same (but we'll save that for another blog).

Potential sellers have equally important but different concerns when selecting an agent. Selling agents should be interviewed just as "a potential employer" would do for a job position. The owner needs to hold the lisitng agent's "feet to the fire" and demand to know up front exactly what the agent is going to provide in commission structure, advertising, open houses, etc. After several "interviews" with various candidates the owner will have a much better feel for who will do a better job in listing their home and finding the right buyer. Remember, in most cases, it is not the agent, per se, that sells your home but the quantity and quality of the marketing that the listing agent provides in attracting potential buyers. Your strongest bond to your lisiting agent should be the "mutual agreement" on how your home will be marketed!

Overall the selection of your real estate agent should be similar to how you select other professionals you use in your personal and professional business dealings. The agent selection process should be the same as how you would decide on an attorney, accountant, physician, or any other professional who is trained in a specific area and who you trust is the very best at what they do.

Let me know what you think. How have you gone about selecting an agent in the past? Did this blog inspire you think a bit differently? Your comments are always welcome. Visit my website at http://www.alan-realtor for the latest and greatest real estate info. SeeYou..........

Should the public demand more from real estate professionals?

Source: REALTOR.ORG http://www.realtor.org/rodesign.nsf/pages/FS_2005PublicAware
The National Association of REALTORS® Public Awareness Campaign features a bold new message to homebuyers and sellers this year. While continuing to differentiate REALTORS® in the marketplace, the 2006 message highlights the integrity consumers can expect when working with a REALTOR®. Consumers put a high value on trust, and even more so when engaging in transactions as large as buying or selling a home. The new commercial, "Someone You Can Trust", highlights the honesty and integrity that REALTORS® bring to every transaction, and specifically mentions the quadrennial ethics training every REALTOR® must complete. The strategy behind this commercial is to help REALTORS® use the Code of Ethics as a way to market and differentiate themselves. In addition to the TV and radio, there is a special Web site, REALTOR.org/codeofethics, where consumers can get detailed information about the Code and REALTORS® can download materials to use with their clients. There is also a separate Code of Ethics within the Public Awareness Campaign section of REALTOR.org. Click on the "Code of Ethics" tab above to preview materials in support of this campaign.

As a member of the National Association of Realtors, I fully subscribe to and conduct my real estate business conforming to the REALTOR code of Ethics. When working with a real estate agent is it important to you whether he or she is a member of the National Association of Realtors? Your opinions are important! Your comments are always welcome. Make sure to visit my website at http://www.alan-realtor.com to get the latest and greatest info on real estate. SeeYou.......

Do dualing agents help or hinder clients?

No, this is not about agents that are in a skirmish, that would be dueling agents (with an E). Dual agency is a real estate term used to disclose to the buyer and/or seller in a real estate transaction that the agent representing them also represents the interest of the other party to the transaction. If this sounds like a conflict of interest it may very well be! In some states dual agency is prohibited by law; however in Louisiana it is perfectly OK so long as both the buyer and seller are aware that dual agency exists and sign off on a "dual agency disclosure" making certain that both parties have a clear understanding of what they are about to enter into.

I have to admit that the opportunity for "double siding" a transaction (which means twice the income---since the same broker (thus the agent) is receiving both the listing side commission as well as the buyer's commission) is a "marriage made in heaven" but it's also a difficult position to be in. The very core of agent representation should be an unfettered loyalty to the party the agent is representing. How can anyone represent both parties in the same tranaction at the same time? Agency (at that point) has been reduced to merely becoming a " mediator or referee ".

Over the years, I have saved clients a considerable sum of money with savvy contract verbiage. I have capitalized on (the other) agent's lack of knowledge in the negotiating process. I have negotiated items, which often is not apparent to the buyer, resulting in the seller paying hundreds more to close the deal....and on and on. I question with dual agency what the outcome of some of these instances would have been.

Will I continue with dual agency deals when the opportunity presents itself? You bet I will. Would I discuss the complications resulting from dual agency with a potential buyer or seller? You bet I would. Should you always have a buyer's designated agent working for you? You bet you should! What do you think about dual agency? Will this blog change the way you select your real estate agent representation? Let me know. Your comments are always welcome. Make sure to visit my website at http://www.alan-realtor.com to get the latest and greatest info on real estate. SeeYou....

What's with this St. Taminard?

Ever since a Times Picayunne article, which I believe coined the phrase St. Taminard (because of the large influx of St. Bernard residents moving into our area), a grass roots movement is seemingly taking place to make this "nickname" stick. Recently a restaurant opened in Covington, whose name I will not promote, which encapsulates the entire theme of the 9th ward and St. Bernard (attempting to find a "niche" among locals) for dining that advertise the "nickname" St. Taminard on the tee shirts the staff wears and blazened across the menus. Menu items are named for 9th ward and St. Bernard colloqual phrases and "buzz words". I have also seen bumper stickers on autos around town with cutouts of pine trees and shrimp boots on the decal and the slogan "welcome to St. Taminard" proudly displayed.

I was born and raised in the 9th ward (St. Claude Ave.) so I have no prejudice against the people who have recently become our neighbors. In fact, many of my real estate clients are St. Bernard transplants, and they are truly great people that I welcome with open arms into our little "hamlet" on the Northshore; however, there are some who seem to take offense to our parish being referred to as any anything else but St. Tammany. I know it's all in fun but to some folks it seems to erk them a lot.

What do you think? What are your feelings on this topic? Your comments are always welcome! Make sure to visit my website at http://www.alan-realtor.com for the latest and greatest info on real estate. SeeYou....