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OREGON REAL ESTATE AGENCY DISCLOSURE PAMPHLET |
Choose a BrokerHome sellers enlist the help of professionals to represent their interests, so why shouldn't home buyers do the same? The last thing you want to do is walk into a real estate office and pick the first person you see or operate under the impression that since you called on a listing, you are then required to work with that agent. You have the freedom of choice; the freedom to work with whomever you wish. It is prudent to do your homework and to find an agent who works well with you and will help protect your interests.
Finding an agent at an open house rarely works out in your favor. That agent is working for the seller of that house and owes his or her allegiance to the seller. If you're negotiating with a pro, you ought to have a pro in your corner, too. Find a broker who will agree to show you ALL listings, not just thier listings or even their offices listings. It helps to do some legwork of your own as well. Try finding a few homes of interest on the internet or in local real estate guides before you visit with a Realtor. If they neglect to offer listings you know are available, chances are, they are trying to limit your options by showing what they believe is better for you. Even if they are right, they still owe you the curtousey of explaining each available listing within your specified criteria.
It's commonplace now for buyers to sign up their own agents to represent their interests in a deal. If you want to be certain that the agent you are working for will represent only you, look for a single agency broker to represent you. The drawback to this option is that often times, these agents also have listings of their own. Being that they are a single agency broker, you will have to seek out another agent to negotiate on your behalf and to protect your interest if you decide to purchase a home the single agency broker represents.
Nail down how the buyer's broker expects to be paid. Most are still paid out of the seller's commission, but would you owe a commission if you buy a home being sold without an agent, or if you find a home on your own? A good buyer's broker will show you for-sale-by-owner homes as well as broker-listed homes, but you could end up paying the 3% or so commission out of pocket, or agreeing to a higher price so you can roll the fee into your mortgage.
In most states, when an agent represents both the buyer and seller in the same transaction, this is refered to as dual agency and is entirely ethical so long as it is handled properly. In many cases, you may be able to negotiate a better deal or gain a better perspective of the home through an agent who is well vetted in the property. Each state handles these offers differently, but in Oregon the Principal Broker is thought to be the mediator between parties and oversees the transaction to ensure that the privacy of both parties, is being protected.
How to find and pick an agentFinding and agent is easy, finding a good one takes a little more leg work. Search online for real estate in that area and you can find hundreds of Realtors serving that area. Asking just one person may not yeild the desired result. Consider asking the local Chamber of Commerce for a list of real estate brokers or brokerages. Look for real estate signs in front yards to see who is doing the majority of business. This is usually the result of good business practices and proficiency. Ask yourself if you would enjoy working with this person. Do they listen and pay attention to your concerns?
Interview a couple agents if you are still unsure. Ask questions about:
It's important to remember that most agents are more than glad to work on your behalf and would gladly work hard to keep your business. You want to be sure you are in the hands of an experienced, knowledgable Realtor who can educate you, not only on the local real estate market, but who is also able to shed a light on local politics, growth trends and other details affecting home values in the area you are searching.
Once you have selected an agent to work with, it will benefit you greatly if you show them loyalty and rely on them for all your real estate needs. This keeps them motivated to keep you informed of any new listings or price reductions on homes you've shown an interest towards. Brokers are not salaried employees and depend on the compensation from each individual transaction for their income. This compensation is already built-in to the purchase price and is not passed on to the buyer.
When you get down to searching for homes you'll want to provide your Realtor with as much detail about the property you are hoping to find as possible.
Tell them:
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