Your financing is secured and your ready to BUY a house. Now what? This is where a lot of people make a mistake. They go to open houses and work with the Listing Agent, the Realtor selling the house. The Listing Agent is working for their client who is selling their home, that is their priority, not you. The Listing Agent is unable to really divulge information that might be obtained by an Realtor representing you and your needs. Also, do you really think that the Listing Agent is going to negotiate on your behalf? Nope! Again they are working for the seller, not you. You are a customer and not their client. They are going to try and get the best price for their CLIENT and not their customer. So now you need to find a Realtor to represent your needs? How? And how much is this going to cost you??
How? That is not as difficult as you may think. Ask around and see who friends and co-workers have used. Look on Facebook and Instagram and check out their reviews or website. Once you found a few don’t be afraid to ask questions, interview your potential Realtor! How long have you been doing this? Don’t be afraid to use a new Realtor, they are learning but have the support of their office and colleagues. They are “hungry” so they will work hard for you and will be more available to you as they are not as busy. Seasoned Realtors are obviously good at their job as they have been around and know the market well. Ask if they are mostly a Listing agent (one who sells houses) or a buying agent (one who works with buyers). This is important as it will let you know where their priorities fall.
Next step is to meet with your chosen Realtor and see if you “click”. This is important. You are going to be spending a lot of time with this person and you want to make sure they understand you. Go out with them to a few showings and listen to what they have to say. Are they knowledgeable? Can they answer your questions and if they can’t are they willing to find out that info and get back to you promptly? Realtors don’t have all the answers and it is great when they say “I don’t know”. It means they are being honest with you and that is what you want in a Realtor. This is one of the biggest purchases of your life and you want someone who you can trust to help you with this purchase.
Now you found a Realtor…congrats! How much is this going to cost you for their service?…Nothing! Surprised? Your Realtor gets paid for their service when you buy a house. They are paid by the seller not you. So you are getting this amazing service and you don’t have to pay for it, sounds too good to be true. It’s true! This is why it is important to find a Realtor you like and stick with them. Once you have a Realtor you need to call them and ask them to show you a house you want to see. Don’t call the Listing Agent to show you the house and then put in an offer with your Realtor. That Listing Agent is going to take a percentage away from the commission your hard working Realtor has earned. It is also good if you choose one Realtor and not multiple Realtors. Only one is getting paid for their services and it is not fair to the other Realtors who have shown you homes as they are not getting paid for their services. Some Realtors will make their clients sign a Buyer’s Representation contract before they show houses. This protects the Realtor from you using other Realtors and ensuring that they will be paid for their hard work. I will go over this form in my next Blog.
Remember when I said the seller pays your “personal” Realtor? There is a scenario where you may have to pay your Realtor, it all has to do with the Buyer’s Representation contract and Comfree or For Sale by Owner. Stay tuned as I keep you informed on all you need to know about buying a home!