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Many buyers don't understand agency and how it works. You should know that there are several different types of agency.
A buyer should form a relationship with an agent who will work for them as their buyer's agent. This type of agent can provide a wealth of knowledge and information about properties, disclosure, laws, and they will negotiate on your behalf.
Many buyers believe that by calling the listing agent and dealing directly with that person they will get the best deal. In some cases this may be true, in other cases it may be that you get the worst deal by doing this.
The most important thing for a buyer to do when selecting an agent is to find one that they are comfortable with. That comfort should include mutual trust and an easy, open line of communication. The agent should ask questions that tell them what you need and want. Example: If you are moving to an area for a year and do not want to rent the home that you purchase after you leave, the market may not indicate that you should buy a home. By asking you about your future plans the agent can tell you whether purchasing a home is the best choice for you.
Here are a few questions to ask a prospective agent prior to asking them to work with you:
1) Are they licensed and is their license up to date?
2) Do they work part-time or full-time?
3) What type of training do they take to stay current with the needs of buyers and technology?
4) Do they just take the state required minimum or do they go to additional seminars and conferences?
5) Ask them if they will take a lower commission. If an agent is willing to give away their income, how can they help you to negotiate for the best price on your home?
6) Are they familiar with a Buyer Contract and do they use them?
7) Are they willing to do a competitive market analysis for you when you find the home you are interested in?
8) How do they intend to keep you up to date with new listings?
9) What do they expect from you as a client?
10) Can they help you with the other aspects of the transaction such as inspections, financing, escrow, title and closing?
11) If you are looking for rural property or a specialized type of property such as historic, commercial, business, bare land or industrial ask about their knowledge in that area.
Example: Rural Property - Do they know about well flows, septic systems, joint road agreements, standards for shared wells, exclusive farm and forest use zonings, tax deferrals and financing of rural properties.
12) Ask them how they get paid and see what they tell you.
You hire an agent to protect your interests as a buyer and they are paid well to do this. If they do not have the knowledge to help you with the decisions that you need to make, when purchasing the home they are not the right agent. If the agent you are talking with recognizes that and tells you, it means they are a good agent who recognizes the type of properties they cannot handle. We as agents have properties that we have decided are not our forte. If I cannot handle a property for you I can always recommend someone who is qualified. Not every agent can be all things to all buyers.
Once you have found an agent that meets your needs, stick with them. Agents are only paid for their work if you buy a home. This is a risk we are willing to take, however as a buyer you will find that when you commit to one agent you will get much better service than if you hop from one to another. The agent that spent time with you when you knew you were working with another agent will never get paid so don't abuse them. Your agent can get you information on any property you want to see. Call your agent. If you happen to talk with an agent other than yours about property let them know up front by telling them. " I am working with Samantha Alley or RE/MAX Integrity, thank you for your time."
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