Looking to Buy a Home?
Strategies for Success
By Patricia Tan
When buyers embark upon the search for a new home, they usually have an idea of the kind of property they want to purchase, the size, location and some key features that are important to them. Basic decisions such as a condo or single family home are usually made early, and a budget for the purchase is established by deciding how much cash is available and going through a mortgage qualification process if financing is needed.
Then what?
Statistics and experience in the marketplace tell us that most buyers (around 99%) start their search for a home on the internet. However, internet searches alone cannot provide all of the facts needed to make an informed purchasing decision, and most buyers eventually look to work with a real estate agent to assist in the search for a home.
Identifying the right agent is key to the success of any real estate transaction. So how can you identify the right agent for you?
Here are six questions you should ask a prospective agent.
Are you a real estate agent or a Realtor®?
Only members of the National Association of Realtors® (NAR) may use the term Realtor®. This is an important differentiation, as Realtors® are bound by a Code of Ethics over and above the real estate licensing law. This means added protection for you as the buyer.
How long have you been in the business, and is this your full-time job?
This is a good indication of the agent’s experience and dedication to their profession. Generally, agents who have made real estate their full time career are more likely to be knowledgeable about the latest laws, standards of practice, trends in the market and how they may affect you.
Which real estate designations or certifications do you hold?
Designations and certifications indicate that the agent has undergone training developed by the State and National Associations of Realtors® and are an indication of how seriously they take the profession. Some of the most common designations are:
The Accredited Buyer’s Representative® (ABR®) designation is designed for real estate buyer agents who focus on working directly with buyer-clients
The Certified International Property Specialist® (CIPS®) designation, awarded to only 2,000 professionals around the world, indicates an agent who has specialist knowledge and skills for buyers from overseas.
The Certified Residential Specialist® (CRS®) network has more than 33,000 members committed to understanding market complexities and how to best position your interests.
The Graduate Realtor Institute® (GRI®) designation indicates in-depth training in legal and regulatory issues, technology, professional standards, and the sales process.
The Resort & Second Home Property Specialist® (RSPS®) certification is designed for agents who work with properties for investment, development, retirement, or second homes in a resort, recreational and/or vacation destination.
The Seniors Real Estate Specialist® (SRES®) designation program educates REALTORS® on how to ethically serve the real estate needs of seniors and counsel them through major financial and lifestyle transitions.
Do you work alone, or as part of a team?
An agent operating alone may do an excellent job, but if you need assistance at a particularly busy time, you may become frustrated by their lack of availability or responsiveness. Consider working with an agent who is part of an immediate “team” that includes other Realtors® and administration staff. .
How many buyers like me have you worked with in the past?
Your personal circumstances, level of knowledge and experience, interest in a particular type of home or location make you unique. Don’t be afraid to ask for customer testimonials or references, and the ability to speak to previous clients if that is what you need to feel comfortable in making a decision about the agent.
What are some of the common problems I may encounter?
The agent should be able to articulate a number of areas where they will exercise particular care in working with you and your situation as it pertains to market conditions. When these concerns require the service of another professional, such as a real estate attorney or tax advisor, the agent should be able to make the appropriate introductions and work together as part of a team.
Finding the “right” home will be a lot easier if you work, with the “right” Realtor®. Good luck with your search!
[1]Patricia Tan was born in England, and her career in international sales and marketing led her to live and work in many countries around the world before moving to Sarasota in 1997. Patricia is a Certified International Property Specialist (CIPS), Graduate Realtor Institute (GRI), and Transnational Referral Certified (TRC). She is involved in global activities of the Sarasota, Florida and National Association of Realtors, and currently serves as NAR President’s Liaison to U.K. Her real estate business operates from Coldwell Banker on St Armands Key, where her focus is to bring international buyers to the local market. She regularly makes marketing trips to Canada, Asia and Europe, to promote Florida’s Gulf Coast and the Sarasota area in particular. Patricia may be reached at 941-504-9232 or Pat@PatriciaTan.com [2].
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