Aside from communicating with your attorney-in-fact, another person who will be very much involved as you buy your first property will be your real estate agent. Investment and comparison platform Bankrate lists down 4 tips on how first-time property owners can make sure that they’re dealing with a professional real estate agent.
Find out how experienced your agent is
“If they haven’t been in business five years, they’re learning on you and that’s not good,” says Robert Irwin, author of “Tips & Traps for Negotiating Real Estate.”
Ultimately, what you’re looking for is someone who is actively engaged in a particular area and price range. You’ll want an agent to demonstrate knowledge of the area and homes in your range.
Gauge the agent’s knowledge of the area
A good agent should know about other properties that are available in the area, Irwin says. Mention a house in your area that recently sold or is for sale.
If the agent knows the property and can give you a few details, that means he or she really knows your area, he says. “You want someone like that, who’s on top of the market.”
Talk with recent clients
Ask agents to provide a list of what they’ve listed and sold in the past year, with contact information. With past clients, “I’d like to know what the asking price was and then what the sales price was,” says William Poorvu, adjunct professor emeritus at Harvard Business School and co-author of “The Real Estate Game: The Intelligent Guide to Decision-Making and Investment.”
Ask about professional recognitions
Peer-given awards count, says Ron Phipps, a past president of the National Association of Realtors. One that really means something is the “Realtor of the Year” designation, which is awarded by the state or local branch of the NAR.
“These agents are the best as judged by their peers,” Phipps says. “That’s a huge endorsement.”
