One of the best sections of George Souto 's series for first time home buyers was this post with advice on choosing a Realtor. It's good to see the support from those we associate with in the business of real estate.
1st Time Homebuyer Seminars ..... Choosing A Realtor. This part of the Seminar I have to give credit to an ActiveRain Member, and Realtor I worked with in the past on several Loans, Valerie Osterhoudt. Even though I do the 1st Time Homebuyer Seminars on my own, from time to time I do invite a Realtor/Agent I partner with, or a new Real Estate Agent to sit in on the seminar with me. Valerie had asked me if she could attend one of my 1st Time Homebuyer Seminars to see what I covered during the seminar. I was more than happy to have Valerie join me, but I told her I was going to put her to work. I asked her to send me some suggestions on what Buyers should look for when selecting a Realtor/Agent. I did not have to ask Valerie twice, she jumped on it right away and sent me what she referred to as the "4 A's" of selecting a Realtor/Agent.
- AVAILABILITY - When interviewing one important question is whether the Realtor/Agent will be available when you are. How many clients do they have, do they work full time or only work part time in Real Estate.
- ACCOUNTABILITY - Will the Realtor/Agent show up on time for appointments, do they answer their phone when you are with them, or do you have their full attention. You should always be their number one client. Will they return "your" calls in a timely manner.
- ATTITUDE- How do they act when you are discussing matters that are important to you. This is your chance to see if their personality meets your needs. See if you have a rapport.
- AWARENESS - When interviewing a Realtor/Agent, are they truly interested in what you are saying, truly listening to what you are looking for in a home. Any Realtor/Agent can show properties, but how well do they know the area you are looking in.
Valerie also made an additional point I thought was worth incorporating into my Seminars. The process can be very stressful, so it is very important for a Buyer to choose a Realtor/Agent who will not only have the qualities above, but also make their homebuying experience an enjoyable one.
The second topic I cover in this part of the Seminar, is that most Realtors/Agents will ask them to sign a Buyer/Broker Agreement. I will let the Realtors/Agents on this site give a more in debt explanation of this document, but for the purpose of the 1st Time Homebuyer Seminars, I keep it simple and only make them aware of this document.
- Buyer/Broker Agreement - Is a document which establishes a time period by which the Buyer will work exclusively with the Realtor/Agent they are signing the agreement with. A Buyer also acknowledges by signing this document they are not presently working with anyone else, and makes the Realtor/Agent aware of any other properties they have seen with other Realtors/Agents. A Realtor/Agent will want a Buyer/Broker Agreement signed for several reasons. The most important is they are assured they will not be spending all their time showing a Buyer houses, and then the Buyer goes and purchases a house through another Realtor/Agent. Also this document will make the Realtor/Agent aware of any possible conflicts there might be with previous houses the Buyer has seen.
There is more to this document, but for my purpose, as I stated before, I just want them to be made aware of it at this time. I will let the experts on this document (Realtors/Agents) explain it further at the time the Buyer is asked to sign it.
My final point in this part of the 1st Time Homebuyer Seminars is that there is no reason to not work with a Realtor/Agent. Working with a Realtor/Agent has every advantage and no disadvantages in my opinion. It is a service that is free of charge to them, because the Seller pays the commission. Some Buyers think they can get a better deal if a commission does not have to be paid to the Buyers Realtor/Agent, but this is not the case. If the Buyer is not represented by their own Realtor/Agents, and uses the Listing Agent, the Listing Agent will receive both sides of the commission. What I have seen when a Buyer uses the Listing Agent to represent them as well, is that at best the Listing Realtor may give the Seller a 1% discount if they represent both sides. However, by not being represented by their own Realtor/Agent the Buyer is putting themselves at risk, they don't really have anyone representing their interests in the transaction sense the the Listing Agent's fiduciary duty is to the Seller.
I am sure Realtors/Agents will have a lot more to say about this, so please go at it. I do Loans, I am not a Realtor/Agent, that is why I keep this part of the Seminar as simple as possible, and let the Realtors/Agents answer the questions which pertain to their part of the business. Again my purpose is to just make Buyers/Borrowers aware of the process.
Next I will go into the process of looking for a home, and what happens when they find one. Below are links to my previous blogs in this series in case anyone would like to go back and read them.
Previous Blogs In This Series:
- 1st Time Homebuyer Seminar Series
- 1st Time Homebuyer Seminar ...... Opening Questions
- 1st Time Homebuyer Seminars ..... Pre-Approval Process
Info about the author:
George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or firstname.lastname@example.org