Wrkngreagent pages

The Importange of Working with Professional Real Estate Agents

What’s Inside: 1. Benefits to Working with Professionals 2. Finding a Military and Veteran Friendly Real Estate Agent 3. Best Practice for Your Best Interest 4. Interview Questions for Finding an Agent

BENEFITS OF WORKING WITH PROFESSIONALS Trying to Save Money by Not Hiring a Real Estate Agent May Cost You Later

Not using a professional real estate agent to save money in your real estate deal may cost you later. Whether you are buying or selling, you are negotiating a complex transaction with potential pitfalls that could impact your bottom line. A professional agent can use their knowledge and skills to guide you through the real estate process.

Connections Real estate agents have connections in the market that benefit buyer and seller. Agents work with many people involved in the real estate transaction process, including loan officers, home inspectors and attorneys. If you have a problem or need a service, your agent has the contacts necessary to help you immediately.

For example, if you need a home inspection but can not find anyone to do the job before the lender’s deadline, your agent may have an inspector she has a relationship with who will help.

Knowledge Of Market Knowledge of the real estate market you are buying in is invaluable in the home buying or selling process. An agent can give a buyer informed opinions about the home’s future value, the neighborhood amenities and schools and whether the investment is solid. Sellers benefit from an agent’s market knowledge because the agent uses it to market the property to the most interested audience and get the highest price. Proper marketing is crucial.

Buyers may be wary of an over-marketed home, while a poorly marketed home may not sell for months.

Negotiation Edge Buyers and sellers both negotiate the home price. The buyer is looking to get the house at the lowest price, while the seller wants

the highest price possible. Agents apply their experience to the price negotiations without actively interfering by providing advice to their party. Your agent can help you evaluate the pros and cons of each offer or counteroffer you receive. An agent helps with the legal paperwork required for offers so your interests remain protected during the negotiations.

Legalities Buying or selling a home involves a lot of paperwork and is a complex process with different deadlines. Since an agent has experience in real estate transactions, they can use their knowledge to ensure the process goes smoothly and nothing important is missed. If you have any questions about the papers you are signing, your agent will help you and get the answers if they do not know.

Education and Training All real estate agents must have a license in the United States.

While the exact licensing process varies by state, professional agents must have some specific real estate education and usually have to pass a test to get one. An agent also has knowledge of the specific real estate laws and procedures in the area they are working in, as some of the required training is location specific.

FINDING A MILITARY FRIENDLY AGENT What to Look for While Interviewing, Best Practices, and Interview Question Suggestions Finding A Military and Veteran Friendly Real Estate Agent Now that you know the importance of working with a professional real estate professional, you need to find an agent that is a VA home loan specialist.

When interviewing for an agent, use the following guidelines: •

Self-identify as military or veteran.

•

Ask about the agent’s experience working with the military and / or veteran community.

•

Ask the agent if they have had specific training on the VA Loan program.

•

Ask the agent to share their opinion about the VA Loan program with you.

•

Ask for references and check them.

The responses above may vary and it comes down to your gut instinct.

However, under no circumstances should you work with an agent or lender that discourages you in any way from using your VA loan benefit during the home buying process. Your agent should be an advocate for you and the VA loan to the seller. There are times when the VA loan is not your best financing option in a particular market, but remember, no one should ever discourage you from using a benefit that you have earned.

Best Practice For Your Best Interest Once you have identified the home that you want to make an offer on, ask your real estate agent and / or VA approved lender for an apple to apple written loan comparison between the VA loan, FHA loan, and a conventional loan. This will put the decision of which financing option is best for you in your hands.

Your Real Estate Agent should have VA-specific Knowledge. So much goes into it. The Real Estate Agent needs to negotiate your best price and terms. They should know what to expect from the VA appraisal. They need to help sellers understand that an offer to buy using VA financing is not a sub-par offer in any way. You should ask your Real Estate Agent if they are familiar with VA requirements with homeownership. Can your agent pinpoint areas of concern from a home inspection that an appraiser may require to be repaired outside of what has been negotiated?

Your Real Estate Agent should know the Military Lifestyle. Something civilians can easily take for granted is the lifestyle of a military family. It is challenging and stressful for a family to uproot from their familiar surroundings and make connections with new communities. It is not just about a reasonable commute to the local base, it is about finding a home in a community that best serves the needs of the family with their budget and lifestyle. Finding that careful balance while working with the military clients that are viewing homes in another state takes patience, skill, and compassion for the transition they are about to make. Added to that scenario is the quality of life of the family while the military member is deployed. The soldier needs to know that their family is in a good place and cared for in their absence.

Use a Real Estate Agent who can identify with you. There is a personal interest that a veteran Real Estate Agent has in making sure military members and their families are in good hands, similar to following a code. We have been there, and we have genuine concern that we are doing our best to advocate for those that continue to defend our freedom. For me, this is the most personally rewarding thing that I get to do – helping people and families fulfill their dreams through homeownership.

THE IMPORTANCE OF WORKING WITH PROFESSIONAL REAL ESTATE AGENTS · PAGE 2

INTERVIEW QUESTIONS FOR FINDING AN AGENT Make Sure Your Future Buyer or Listing Agent is the Right Fit for You Questions to Ask When Finding a Buyer’s Agent How long have you been working full time as a buyer’s agent in residential real estate?

If you read the previous post, this question probably looks familiar, but it is an important question, whether you are buying or selling a house. As with a listing agent, a buyer agent’s answer to this question will w depending on their experience. While the amount of time they have been in the business is not a guarantee of their ability, helping people to buy a home is mostly learned while working on the job. Hiring a Realtor who has been making a full time living from helping home buyers for at least a few years will put your mind at ease.

How many homes have you helped people buy in my target neighborhoods?

A buyer’s agent with experience in helping people buy homes in the areas you want to live will have a better chance of being able to assist you with finding what you are looking for. You may have to use your own judgment as to whether or not you think the real estate agent knows the neighborhood. Having helped people buy homes nearby previously is a good sign for the Realtor knowing the area.

Do you know of local, regional, state, federal or other home buying programs that can help me with my purchase or with making post-purchase improvements?

If the buyer agent really knows the area, and the laws and public programs regarding residential real estate purchase assistance, they should be able to at least discuss alternative home purchase programs with you, even if you may not qualify. In addition to public programs, non-profits in the area may offer grants and loans, too. Public or private, these programs could include funds and loans to help with the purchase, or to help you make repairs and improvements once the sale is complete.

What type of incentives are being offered by home builders and home sellers right now?

Not every real estate market has seen home prices hit the bottom yet. That means there are some motivated builders and sellers out there itching to sell off their properties. Even in places that are experiencing a rise in prices and buyer interest, there may be some other opportunities besides public and private programs that can help get buyers into a home.

What credentials / certifications as a Buyer Agent have you received?

As I discussed in the post Why Choose a Realtor vs. a Real Estate Agent, Realtors have access to advanced education and certifications that can make them uniquely qualified to represent buyers. For example, the skills that Realtors gain through Accredited Buyer Representative (ABR) certification from the National Association of Realtors® can give them knowledge to negotiate better on the buyers behalf and increase the success of navigating the purchase process. The Certified Buyer Representative (CBR) designation also gives Realtors similar skills.

What are your fees and how do you get paid?

Fees for buyer agents vary and shopping for the best fee for the most experienced Realtor could be in your best interest. Mostly, the real estate commission for both Realtors representing each party is paid by the seller. However, real estate transactions can be negotiated a number of ways, and that may include the possibility that the buyer could pay sales commission. It is best to learn up front how your buyer agent will be paid for their services.

How will we keep in touch about potential homes, our bids and the next steps to follow?

Communication is vital in a hot real estate market and this summer it really has been heating up. You will want a real estate agent that is easy to contact, but also has a communication style that you like. Some things that you may want to know could be whether any of the Realtor’s associates will be in communication with you or whether you will primarily be communicating directly with the buyer agent. Do you prefer to communicate on the phone or via e-mail? Are you interested in an internet-savvy Realtor with Facebook, Twitter and Pinterest profiles? Be honest about your expectations to see if your communication styles are compatible.

Could you please give me the names and phone numbers of your five most recent clients?

Just as with listing agents, you will want to talk to the previous clients of your buyer agent. Talking to recent clients, listening to their experiences, and asking them if they would work with this buyer agent again can be a good indication of what to expect.

If the previous buyers were pleased with the results of their transaction, liked the communication style, and approved of the work ethic of the Realtor, you probably have found a good buyer agent to hire. If the buyer agent does not want to provide client references, you may not want to pursue the relationship.

What is your experience working with the military and/or veteran community?

While the buyer’s agent does not have to be a veteran, it does help if they have experience working with military and veteran families.

Ask the agent if they have had specific wtraining on the VA loan program.

The VA loan program is the best loan program for those who have earned it. It is essential that your buyer’s agent has had training and experience on the VA loan. Knowing the ins and outs can be the difference with purchasing a home using the VA loan.

Questions to Ask When Finding a Listing Agent How long have you been working full time in residential real estate sales?

The answer to this question will vary. While experience is not guarantee of ability, selling real estate — like many other professions — is mostly learned on the job. You will feel more secure with a Realtor who has been making a full time living from marketing real estate for at least a few years.

How many homes have you sold in my neighborhood?

While it is all well and good for a real estate agent to say that they know your area and know your neighborhood well, if they have not actually sold a home there, how do you know how effective they are? You will have to use your own judgment to evaluate how well you think the real estate agent knows the neighborhood, but having some homes sold there will be a good indicator.

How close to the initial asking prices were the final sale prices of homes you have sold in the area?

This can be a pretty good indication of how skilled a Realtor is at pricing homes and marketing the property to suitable buyers. Of course, other factors may also be at play, including an exceptionally hot or cool real estate market.

On average, how many days does it take you to sell a home?

The real estate agent you interview should also have this information on hand and be able to offer overall market statistics from the local MLS. You also may want to double-check their work by comparing statistics for the overall market that may be available through your local Realtors association.

What types of specific marketing systems and approaches will you use to sell my home?

You will want to pick someone who is going to do more than stick a For Sale sign in the front yard. Look for someone who has progressive and innovative approaches, and knows how to market your property competitively on the Internet. Buyers today are doing 90% of their searching for homes online and the will want as much information about your home as possible, including photos, video tours and more. The more attractive your Realtor can make your home online, the better, so you may also want to find out how “social media savvy” they are by asking about their Facebook, Twitter and Pinterest profiles.

May I see a portfolio of other listings you have sold?

Ideally you want to find and hire a real estate agent who specializes in your type of home - waterfront homes, acreage real estate, golf course properties, and condominiums for instance. A real estate agent who has worked with your property type previously will be better equipped to give you the best odds a successful home sale.

How will you keep me informed about the progress of my transaction? How frequently?

Communication is vital in a constantly changing real estate market. You will want a real estate agent that has a communication style with which you are comfortable. Some things that you may want to know could be whether any of the Realtor’s associates will be in communication with you or how he or she will be providing feedback from potential buyers. Do you want updates on every move or would you prefer to be contacted only if a prospect is hot? Do you prefer to communicate in person, on the phone or via e-mail? Be clear and up front about your expectations and, if possible, set aside a day of the week to check in with the agent.

Could you please give me the names and phone numbers of your five most recent clients?

You will want to talk to previous clients. If the listing agent does not want to provide you with references, this may be a red flag.

You will want to ask recent clients if they would work with this real estate agent again. Find out whether they were pleased with the transaction, the communication style, follow-up and work ethic of the Realtor.

Tell me about your fee structure.

Do you charge a Broker’s Transaction Fee? If you are going to be paying a professional real estate agent to help you sell your home, you will want to know what you are paying before you agree to have them represent you. Once you have this information, keep it in your pocket and try to refrain from reacting if the price sounds too good to be true or too rich for your blood. Because you should be conducting multiple interviews with various Realtors, over time you will start to put together a picture of what is too high, too low, and just about average.

What is your experience working with the military and / or veteran community?

While the listing agent does not have to be a veteran, it does help if they have experience working with military and veteran families.

Ask the agent if they have had specific training on the VA loan program.

The VA loan program is the best loan program for those who have earned it. It is essential that your listing agent has had training and experience on the VA loan. Let them know that you are definitely open to accepting VA loan buyers.

THE IMPORTANCE OF WORKING WITH PROFESSIONAL REAL ESTATE AGENTS · PAGE 4

“ The willingness with which our young people are likely to serve in any war, no matter how justified, shall be directly proportional to how they perceive veterans of early wars were treated and appreciated by our nation.”

- George Washington

VETERANS ASSOCIATION OF REAL ESTATE PROFESSIONALS info@VAREP.net

w w w . V A R E P. n e t

951-444-7363