Estate agents, sometimes called realtors, are an important part of any property purchase. At the very least, there will be an agent representing the seller, but buyers should also have an estate agent on their side who will look out for the buyer’s best interests. Estate agents (Las Vegas Real Estate) are not required to be licensed by any regulatory agency, which can make it difficult to find a true professional. However, there are professional organizations that regulate and provide training to member estate agents, and the traits that make a good estate agent are easy to spot.
Find an Agent through Professional Associations
There several professional associations estate agents (Real Estate For Sale) may join to add to their credentials. In turn, the associations require that member agents undergo training and other certifications, as well as maintain a code of conduct. The most recognized of these associations is the National Association of Estate Agents or NAEA. The NAEA requires members to complete courses on the legal aspects of property transfer (South Beach Real Estate), professional ethics, responsibilities to clients, and many others.
The riskiest part of using an unlicensed estate agent is that a buyer who has been wronged does not have much legal recourse except through the courts. The NAEA offers a Client Money Protection Scheme for buyers who use an NAEA certified estate agent; should the buyer suffer a loss due to dishonesty or bankruptcy of the agent, the NAEA (San Diego Real Estate) may be able to reimburse the buyer for losses up to a certain amount.
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Research an Agent’s Credentials
In addition to professional associations, estate agents may have a history of awards or honors given by their peers. Such honors may be for outstanding service, record number of clients assisted, or other milestones. Estate agents (La Jolla Homes for sale) who are active in their industry and recognized by their coworkers demonstrate a commitment that is likely to extend to their clients.
Check for Indemnity Insurance
Since estate agents are operating as contractors, there is little assurance that they would be able to make a buyer whole if a transaction goes badly. Agents who maintain personal indemnity insurance offer a level of protection to the buyer: Rancho Santa Fe Real Estate. Should the buyer suffer losses due to the negligence or mishandling of information on the part of the estate agent, the agent’s indemnity insurance may be able to cover those losses. The NAEA requires its members – NY Rentals – to maintain indemnity insurance, but other agents are not required to do so. Always ask a potential estate agent if they have this kind of coverage.
Hire an Agent with Experience
Experience matters, especially when dealing with contracts. Most homebuyers will only buy a property once or twice in their lifetime; Laguna Beach Real Estate; an estate agent may participate in thousands of such transactions. Ask an agent how many years they have been in the industry, as well as how many properties they have assisted clients buy or sell. Both types of experience are important.
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Talk to Past Clients
An estate agent who is willing and prepared to give references is most likely a professional. Calling past clients and asking whether they were satisfied with an agent’s services will give buyers a good idea of the agent’s work ethic: Real Estate Coaching. Buyers should just keep in mind that any references given by the agent are likely to be positive, or the reference probably would not have been given.
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Look at an Agent’s Past Listings
Since they (Short Hills Real Estate) tend to work on both sides of a transaction, an estate agent probably has sold properties in the past. Many of these property records will be available on an agent’s website or on other review sites, so buyers can look at basic information such as the timeline to sale, areas worked in, and so on. Buyers, Chicago Real Estate, can usually find an estate agent’s current listings easily, either through the agent’s website or by an internet search. Be wary of an estate agent who has too many listings to realistically service all of their clients.
Ask for Recommendations
A recommendation from a trusted source like Manhattan Real Estate can help perplexed buyers narrow down the field. Since many estate agents work readily on either side of a property transaction, even a recommendation to an agent who has sold a property may be a valuable lead. Recommendations from online forums can also be useful, although buyers should be careful to check the source; it could easily be biased.
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Ask About Working Hours
Since estate agents are usually freelance workers, they may keep variable or part time hours. This usually is not a San Diego Short Sale problem, but for buyers who have a very tight schedule or need to call their agent frequently, it may be. Buyers should be sure to ask the agent up-front what their hours of availability are, and if any particular days or evenings are excluded.
Make Certain of the Agent’s Fees
No one likes a surprise, least of all a surprise dealing with money. Be sure that the estate agent’s fees are clear and reasonable: San Diego Real Estate. The average fee is 1 to 2% of the purchase price of the home, and frequently can be rolled in to the mortgage. Make sure that the estate agent is clear on whether the fee is based on purchase price or asking price; some agents calculate fees off of the asking price, which is a deceptive practice.
Check Registration through the Office of Fair Trading
Although estate agents are not regulated or licensed in the same way as other professionals, they do need to register with the Office of Fair Trading under the Estate Agents Redress Scheme such as Philadelphia Real Estate. The Scheme acts as a code of conduct for estate agents and allows the Office of Fair Trading to prohibit agents who have violated the Scheme from acting in the capacity of an estate agent. Estate agents’ registration can be searched through the Estate Agents Public Register.
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Think about the Agent’s Demeanor
Buyers will potentially be spending a good deal of time with their estate agent, so it’s important to consider one last thing: do you get along? If a buyer dislikes their estate agent for any reason such as Garbage Cans, it is not likely to turn out a satisfying working relationship. Even small tics that are overlooked at first can turn into major annoyances down the road. Hiring an estate agent isn’t a long-term relationship, Real Estate Websites, but it is an important one. Be sure to consider the estate agent’s personality as well as their professionalism and qualifications.