Can I use an agent/licensee for a new home?
Yes, however buyers should be
aware of the differences inherent in working with sales agents/licensees who are employed
by the developer, rather than traditional real estate agents/licensees.
Builders
commonly require that an outside agent/licensee be present, and sign in, the first time a
prospective purchaser visits a site before payment of commission even is
discussed. At times when buyers use an advertisement to find the development
themselves first, builders can refuse to pay any commission regardless of how
helpful an agent/licensee may become later in the process. It is advisable to call the
development first and inquire about their policy on compensating real estate
agents/licensees if you are using one.
How do I find a real estate
agent/licensee?
Getting a recommendation from a friend or work colleague is an
excellent way to find a good agent/licensee. Be sure to ask if they would use the agent/licensee
again. You also can call the managers of reputable real estate firms and ask
them for recommendations of agents/licensees who have worked in your neighborhood. In any
case, whether you are a buyer or a seller, you should interview at least three
agents/lisensees to give yourself a choice. A good agent/licensee typically works full-time and has
several years of experience. If you are a seller, you should expect to review a
comparative market analysis, which includes recent home sale prices in your
area, when you talk to a prospective agent/licensee.
What about a buyer's
agent/licensee?
In many states, it's now common for an agent/licensee to represent the
buyers exclusively in the transaction and be paid a commission by the sellers.
More and more buyers are going a step further, hiring and paying for their own
agent/licensee, referred to as buyers brokers.
How do you find a good
agent/licensee?
Getting a recommendation from a friend or work colleague is an
excellent way to find a good agent/licensee, whether you are a buyer or a seller. Be sure
to ask if they would use the agent/licensee again. You also can call the managers of
reputable real estate firms and ask them for recommendations of agents/licensee who have
worked in your neighborhood.
A good agent typically works full-time and has
several years of experience at minimum. If you are a buyer, you don't usually
pay for your agent's/licensee's services (in the form of a commission, or percentage of the
sales price of the home). All agents/licensees in a transaction usually are paid by the
seller from the sales proceeds. It's legal
for an agent/licensee to represent the buyers exclusively in the transaction and be paid
a commission by the sellers. You also can hire and pay for your own agent/licensee, known
as buyer's brokers, whose legal obligation is exclusively to you. If you are a
seller, you should interview at least three agents/licensees, all of whom should make a
sales presentation including a comparative market analysis of local home prices
in your area. The best choice isn't always the agent/licensee with the highest asking
price for your home. Be sure to evaluate all aspects of the agent's/licensee's marketing
plan and how well you think you can work with the individual.
How much does my real estate agent/licensee need to know?
Real estate agents/licensees
would say that the more you tell them, the better they can negotiate on your
behalf. However, the degree of trust you have with an agent/licensee may depend upon
their legal obligation. Agents/licensees working for buyers have three possible choices:
They can represent the buyer exclusively, can represent the seller or can be a neutral licensee which occurs when a licensee does not represent either party but provides specific assistance agency. Alaska state require agents to disclose all possible
agency relationships before they enter into a residential real estate
transaction.
Where can I get information on
buyer agents?
For information on buyer agents, contact the your area's
Realtor association or National Association of Exclusive Buyers Agents: 320 West
Sabal Palm Place, Suite 150, Longwood, FL 32779. Phone: 407-767-7700407-767-7700, Toll-Free:
800-986-2322
800-986-2322 FREE, FAX: 407-834-4747, WEBSITE: www.naeba.org.