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- March 28, 2022
- Real-estate
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- 03 Mins
How To Spot The Best Realtor?
Purchasing a home is a huge undertaking and likely the most important financial decision you will ever make. Finding an experienced real estate agent to help you through the home-buying process is crucial when you’re ready to make a purchase.
Online ads, newspaper listings, and yard signs all show that real estate salespeople are competing for your attention. However, it can be daunting to choose the correct specialist among the many available options. If you want to make sure you hire the right realtor for your real estate transaction, follow these guidelines.
1. Have your mortgage application pre-approved (Find a trusted agent)
It’s not uncommon for prospective homeowners to engage a real estate agent and begin looking at properties before ever approaching a mortgage broker. Talking to a lender first is a good idea because they can help you figure out how much you can afford.
Learning your borrowing limit and seeing any problems early on are both benefits of getting preapproved for a mortgage. That way, you may narrow down your search to houses within your budget range. More importantly, it will demonstrate to the realtor (and the seller) that you are a serious purchaser. In highly competitive real estate markets, a preapproval letter is almost required for sellers to take your offer seriously.
2. Ask around for recommendations from people you know
Inquire among your contacts for the name of a real estate agent they enjoyed working with. You should look for someone who specialises in helping people like you. For instance, first-time purchasers have different requirements than, say, move-up buyers or people who are downsizing from their current property.
Find a Realtor that actually knows what they’re doing. Which indicates they’ve signed on to follow the NAR’s code of ethics as a member of the NAR.
3. Research potential candidates
Check out a potential agent’s internet presence first. Look at the reviews they’ve gotten online, as well as their website and social media pages. Don’t freak out at a couple of bad reviews, but a lot of them should raise red flags.
Verify the agent’s licence status and look into any complaints or disciplinary measures filed against them by contacting the state agency in charge of real estate in your area. You might also check the Better Business Bureau website in your area to see whether the candidates you’re considering have had any complaints lodged against them.
4. Make sure to ask for and follow up on references
If you’re looking for a real estate agent, make sure to ask for references from previous customers and a list of homes they’ve listed and sold in the past year. You should get in touch with them to learn about their experiences and the help they received from the agency. You should inquire as to whether they would use that agent again for future real estate deals.
5. Carefully review the terms of your contract
Once you have decided on an agent, you should have them put everything, including their real estate commission, in writing for your review. However, in most cases, the seller, not the buyer, is responsible for this cost, which averages roughly 6% of the transaction price of the home and is split in half between the seller’s agent and yours. Of course, the commission rate is usually up for discussion, and the going rate for commissions these days is a bit lower.
The term of the actual contract is another important consideration. If at all feasible, try to keep the duration of your contract to under six months. The National Association of Realtors found that, on average, homes listed for sale in November 2022 were only available for purchase for 24 days. Keep your housing alternatives flexible if you haven’t found the one you want within a few months.
Conclusion
Having a reliable realtor on your side can make a world of difference while navigating today’s competitive housing market, where little inventory and high prices can severely limit your purchasing power. By following the aforementioned methods, you can discover the proper real estate agent to help you find a great house at a reasonable price.
