How To Find a Great Realtor

If you decide to enter the Real Estate market, either as buyer or a seller, you know that you need to enlist professional help. In fact, you will need a whole team on your side. If selling, you may want to work with skilled contractors, surveyors and stagers. If buying, you will likely need an inspector, mortgage, title and insurance brokers. In New York state you will also need an attorney. But the one person, who's really going to make a difference is a realtor. Real estate agents help you assemble the winning team, and guide you through the complexities of a real estate transaction. They negotiate on your behalf the best price and terms, coordinate all the tasks, and ensure communication between all parties involved. They lower or eliminate all the risks, and ensure that the deal completes timely and without hiccups. In a real estate transaction, a great realtor saves or even makes you a lot of money!

Many real estate agents and brokers are members of the National Association of Realtors (NAR) and adhere strictly to their Code of Ethics. At the end of July 2022, there were over 64 thousands licensed Realtors in New York state. So how do you find that really great one?

Types of real estate agents

There are two types of real estate agents:

• Listing Agents represent sellers in a real estate transaction. Their role is to help you price the house properly, prepare it for market, advertise it, collect offers, help you analyze and negotiate them, then coordinate the process to ensure successful closing.
• Buyer Agents help you define your needs and wants, and promptly identify properties matching your search criteria. They may have access to properties that are not listed yet, giving you an edge on a competitive market. They help you strengthen your offers and get them accepted. They help you evaluate and negotiate properties without emotions allowing you to avoid pitfalls. Finally, they guide you through the process and help you compile your winning team along the way.

Agents are compensated by the selling party - typical commission of 6% of the sale price is split between the agents representing buyers and sellers. In New York state it is legal for the same agent or brokerage to represent both, buyers and sellers. While this may present certain conflict of interest, if you're comfortable with that arrangement, an agent may be willing to lower their commission, if he or she doesn't have to share it with others.

Where to look for real estate agents?

Lots of people start their search online, but most find their realtors by word of mouth referrals from friends and family. Here are some ideas:

• Your network - ask your family, friends, neighbors and coworkers who recently bought or sold their houses;
• Research - look for listings in your area, check local agents and brokerages online, including social networks, attend local open houses to meet them in person;
• Official directories - check the NAR online directory to find local Realtors
• Other agents - if you need an agent in an area you're not familiar with, ask your local Realtor for recommendations.

In your online search results remember to scroll over the links to sites that promise to connect you with the "best agents in your area", "trusted", "vetted" and "lowest commission" brokers. Those are sites that only promote agents, who pay for being listed on their platforms.

How to chose the really great agent?

Once you get a few referrals, or find your potential real estate agent candidates online, contact them to examine their credentials:

• Experience - great realtors have been working in the area for at least eight years - look for agents with experience relevant to your situation (first time buyers, commercial real estate, investors, etc);
• Education - great real estate associate brokers completed higher level training than real estate agents; great realtors often specialize in relevant fields (Resort & Second Home Specialists, Accredited Buyers Representatives, Seller Representative Specialist, Seniors Real Estate Specialist, etc)
• Local Knowledge - great real estate agents tend to follow their local market closely, they know recent trends, they know which streets and neighborhoods are sought after and appreciate quickly, they know local schools and busy streets to avoid;
• Skills - great agents know the value of properties on the market, and will help you price your listing properly to maximize interest; if you're buying, great realtors will help keep your emotions at bay and avoid pitfalls;
• Marketing - great realtors know how to create strong listings with appealing descriptions, photographs, videos, and virtual tours to stand out online where most buyers start their search, they will ensure the listing is posted on multiple sites to maximize exposure and interest in your property;
• Availability - great realtors are committed to their profession, and work full time (often 24/7); they answer your calls, text and emails promptly; they are flexible to adapt to your schedule;
• Attention - great agents work solo, or in teams; chose a realtor that meets your requirements - working solo builds great personal rapport, working in teams ensures availability;

Great realtors want to work for you, interview them!

When you hire a real estate agent, you will sign a contract that will give them exclusivity to represent you for a certain amount of time (usually 2 to 6 months). Since they will work for you, you should interview them before signing that contract.

To help you get started, if you're hiring a Listing Agent, here are a few questions you could ask:

• What's their experience selling the type of property you have.
• Ask them to prepare a marketing plan for your property. How and where are they planning to advertise it? What kind of marketing materials will they prepare and will they target prospective buyers?

If you're looking to buy a house, consider the following:

• How are they going to identify houses meeting your search criteria? You want to make sure they find the properties before you do.
• If it's an investment or commercial property, ask them about their experience in that market. Ask about pro-forma profit and loss, net operating income or ROI, to understand their familiarity with the investment real estate market.

Decide on an agent

Get to know your candidates, evaluate and choose wisely. Take your time and don't choose hastily. The person, or team you chose to represent you will become an important part of your life. You are about to entrust them with important decisions affecting your life and wealth. Make sure you like working with your great realtor, ideally their personality will suit yours and over time you become friends, not just business partners!