The Purchase Process: Seek Representation- Step 2

Ok, armed and ready with your pre-approval on your financing, it’s now time to tackle house hunting.  

But first, your next step should be to hire your own Realtor, one who will be working solely for you and have your best interest at heart.

Here are a few qualities to look for in an agent:

• Comfort Zone - You want an agent that you feel comfortable around and can easily talk to
• Reliable - You want an agent that is there for you when you call and is accessible
• Experienced -  It speaks for itself
• Educated -  You want an agent who is knowledgeable about the market as well as contracts, negotiations and other real estate related issues, I.e. Short Sales, Foreclosures
• Integrity -  One of the duties that agents hold dear to themselves is the “ fiduciary duty” to their clients.  This duty is based in trust and confidence

In addition to these qualities, it’s important to communicate your wants and needs with your Realtor; what your budget is, what size of home you want or need, location,  home style( single story , two-story), ...…to name a few.  Clear communication, though, is essential between you and your Realtor and will make this process quicker and easier.

Your Realtor may ask you to sign a Buyer Agency Agreement. This agreement defines the terms under which you and your Realtor will be working.   Terms such as timeframe for purchasing a home,  geographical area and compensation.  Note:  in most sale transactions it is usually the seller that pays the commission for the sale of their home, but in the cases where the seller is not paying the commission then your agent will look for compensation from you.

There are a few ways of finding your Realtor.  You could ask friends and family for a referral,  drive down to one of the few remaining brick n mortar offices and get “ the agent on floor duty” or these days it’s as easy as looking online to find a good Realtor.  Most Realtors have their own websites which will give you a glimpse into who they are, and how they work. Whichever method you choose,  I recommend meeting them in person to get a sense of comfort and chemistry;  a “ meet n greet” to become familiar with each other.

This is also a good time for both Realtor and clients to address their expectations to one another.