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Real Estate Wealth - Resources and Education

Real Estate - Choose a Realtor

The Relationship

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Remember, you are the boss. Search out a qualified realtor in the same way a boss seeks out a qualified employee. You will be paying him/her regardless if you are the buyer or seller. 

Look for someone who comes as a referral from someone you know and interview them. You may interview several and then hire on the one that you feel will do the best job for you. 

Don't sign anything with them unless you are absolutely sure you want to work with them. Many times they want to have you sign an exclusivity document so you don't buy something they have shown you without using them. They will want to protect the time investment they have given.

Commitments 

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Some things they need to commit to:
  • Dedicating time. They will likely be earning at least 3% of the asking price so they better put in some time (3% of $300,000 is $9,000 so make sure they put in the hours worthy of $9,000).
  • Finding the right deal. Some realtors look to find a deal to pacify you. Commit them to finding the right deal for you and not just any deal.
  • Educating you on processes and not just rushing you through things. You will be signing documents that put you into debt to some institution. Be sure you understand what you are signing.
  • They are to serve as your voice to all parties you deem necessary in the transaction.
A Common Scenario

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This is how you may consider using your realtor.

In an interview, give your realtor details about the type of property you are looking for. What price range are you looking in? how many square feet? what part of town do you want it to be in? carpet or tile? garage or covered parking? new or 4 decades old? rehab project or immediately available? time frame for purchase? other contingencies.

Over multiple weeks your realtor uses the MLS (multiple listing service) to find potential properties. You will go with them to view the places. Keep in mind they may not give you professional advice but you may ask them any question about the place and they will address the question with the seller's agent who will find out the answer and relay it back to you. You will find a home you want to buy and he/she will help you through the offer/contracts. The goal of an agent should be to look out for your best interests and protect you while achieving your goals. They should step you through the process and be your guide as you make the purchase or sell. Be sure to put them to work. They should be professional and available. Make sure you have one and make sure they do their work for you.