There is a Misconception out there that Realtors cost you money.
The REALITY is that as a buyer, your agent is going to be indispensible, and the seller pays their fee, so you won’t have to pay them a dime. In fact, because of how much money is at stake, a good realtor can save you more money than almost any other person you’ll work with in your life. BUT the key is, you have to choose the right one. And the way to do that is by cutting through the clutter and focusing on a few very specific things:
First let’s talk about what not to do. You don’t want to choose your agent based on who’s sign in posted in front of the house you like. There’s nothing wrong with calling on the sign, just realize that the agent with the sign in the yard has a signed agreement to watch out for the SELLER’S best interest.
Find a “Buyer’s Agent” and be loyal to them.
A lot of people don’t know that there are actually 2 kinds of realtors: buyer’s agents and seller’s agents. Most realtors do both, which is fine, you just want to make sure your agent is dedicated to YOU as a buyer.
A good buyer’s agent will be someone who’s looking out for things you might not even think of yourself. They will be looking to educate you, to try to help you develop a strategy. They’re not someone who will sell you something just to sell it to you, but they first of all help you get clear on what it is you’re trying to accomplish. They help you realize that there are a lot of different ways to do it, and maybe the way you want to do it, or the way you came to the realtor to do it, isn’t the best outcome for you.
Here’s a perfect example of this point. I was talking with a realtor recently, who told me some people are coming to her saying “I only want to look at foreclosures.” It turns out in almost every case that they read an article online, or they purchased a tape program on how to make a million dollars in real estate….and that’s what they got in their head was the best way to do it.
Well a professional can tell you that in today’s market the foreclosures have made up such a big part of the market for so long now that other sellers are having to lower their prices, and you can get the same, sometimes even better deals on non-foreclosures. So as the market continues to change, it’s more and more important to work with a pro, and be open to taking their advice.