Finding the perfect agent
- 26.06.2007
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How to find (or not) the right agent for you
What is the best way to find an agent and know that he or she is the right one for you? Good question.
For starters, let’s look at how buyers find agents much of the time. They’re scanning the paper or surfing the Internet and spot an ad that interest them … or they see a For Sale sign in the piano teacher’s neighbourhood … so they pick up the phone and call the agent representing the listed property and its owner. They make an appointment to view the property where they meet the listing agent. For some reason the house is not right but the agent’s next question is (and they only do this about 100% of the time ) “Can I show you something else?” And if the answer is “Yes”, the chances are good that after showing thirty more properties the agent makes a sale. Realtors, of course, all know this is how it happens and that’s why they advertise properties and hold open houses. But selecting a realtor in these scenarios is assuredly not the best way to go.
It is surprising that most buyers do not invest nearly as much time or energy in finding their agent as sellers do. Because the buyers agent has a great deal more influence over eventual outcomes than a listing agent does.
There are three basic types of agents. A “listing agent” who takes listings, places them on the Multiple Listing Service (MLS) and deals mostly with sellers. A “buyer agent” who generally works with buyers and has a good knowledge of properties being offered for sale by scanning the MLS system and viewing listings. They are accustomed to dealing with buyers and meeting their needs. The third type is the hybrid “ who act for whomever they can.
Let’s go back and insert you into our original scenario. You called the listing agent. She showed you the property and you like it. So you ask her to prepare an offer. Now let’s assume the listing agent and the seller have been friends since high school, their sons both play on the same hockey team and they play golf together every Sunday morning “ fiduciary duties notwithstanding “ where do you think her loyalties are? So why would you not want your own “buyers agent” who has a duty to work in your best interest but more importantly knows you but doesn’t know the seller?
If you’re interested in buying a home, the first thing you should do is hire the best “buyers agent” you can find. How do you find a good one? Ask the people you know and trust “ especially those who have had recent dealings with a Realtor in the same neighbourhood. If you don’t know anyone with buying experiences, ask local mortgage lenders or real estate lawyers. They are in a unique position to know who the better agents are. In short, just ask around. When it comes to real estate, everyone seems to have a story to tell.
But before you select an agent and sign a “buyer representation agreement” consider:
- Does the agent know right off about properties that are available that might be suitable or does he or she have to do extensive computer research? A good agent should have a passing familiarity with what is available and be able to tell you if your expectations are reasonable.
- Does the agent ask you questions? One way you can tell if an agent is on the ball is by the questions he or she asks you. Asking about your finances allows the agent to determine the price range that will work for you. Asking about your needs and expectations allows the agent to refine what you really seem to want.
- Does the agent seem to be to be “sympatico” with you? Do you feel comfortable with him? Do you share a similar vision and values? If not “ find another one.
You want someone working for you who is open and honest with you and will not waste your time telling you what you want to hear.
The Perfect Agent
A recent study looked at the most important attributes people want in a real estate agent and asked respondents to identify a celebrity or historical figure that best exemplified that attribute. It seems the perfect agent would possess the charm and experience of Bill Clinton, the will of Margaret Thatcher, the integrity of Pope John Paul II, the intelligence of Albert Einstein, the work ethic of Mother Theresa, the negotiating skills of Henry Kisssinger and have the personality of Oprah Winfrey.
If you find someone like that, please send her over, because we’ve got a contract waiting …
