Many people think you only hire a professional real estate agent if you are trying to sell your home. After all, when you sell your house, you want someone in your corner, representing your best interests and getting you the best possible price. You can have these same benefits when you are a looking to purchase a new home, too. A buyer's broker is a real estate agent who is looking out for you. This is especially important if you are a first-time home buyer, but in general, why not hire a professional to deal with the other professionals? Here are three things you should know about hiring a buyer's agent.
How Do You Find A Buyer's Broker?
You may already know a real estate agent you want to work with, but oftentimes, especially if you are relocating to a new area, you don't have anyone specific mind. The National Association of Realtors allows you to search for an Accredited Buyer's Representative (ABR). The ABR designation is applied to realtors whose focus is working with clients who are buyers rather than sellers. This way, you can be assured there won't be a conflict of interest and your broker will only be representing you during negotiations. You can also check the classifieds or ask the Chamber of Commerce if they have a recommendation.
Interview Potential Candidates
Once you have two or three names to choose from, give them a call and schedule an informational meet and greet with the broker. Questions to ask include:
- How long they have been selling real estate?
- How many clients are they currently working with?
- What would they say is their typical client; is it businesses looking for commercial property? First-time home buyers?
- What is there fee structure?
Once you have the answer to these questions, ask yourself if you can see yourself working with this person.
How Is A Buyer's Broker Paid?
A real estate agent, whether they are working for the seller or the buyer, are usually paid on commission. Once you find an agent, you will want to go over the pricing so you are very familiar with any contingencies that may apply. For example, are there any other fees that would apply, or what would happen if you are out driving one day and find a for-sale-by-owner house on your own? The broker may also require a retainer fee. The best working relationships are those where the financial details are upfront and contractually agreed upon by both parties.
For more information about finding a real estate agent or buyer's broker, contact an agency in your area today.