When you’re figuring out how to choose a real estate agent, it’s important to consider what type of agent you need before starting your search. Some agents represent the seller, others work for the buyer, and some handle both roles. Here’s a breakdown of each type:
Buying: Finding the Right Buyer’s Agent
A buyer’s agent represents the buyer in a property transaction. They help locate listings within the client’s price range, arrange viewings, assist in making offers, and negotiate with the seller to secure the best deal. Once a contract is signed, the agent guides the buyer through the closing process.
Selling: Understanding the Role of a Selling Agent
When a seller accepts an offer, the agent assisting the buyer is referred to as the selling agent. However, their duty remains to the buyer, ensuring their interests are represented throughout the transaction.
Seller’s Agent: Advocating for the Seller
A seller’s agent, also known as a listing agent, represents the seller’s interests. They recommend pricing strategies, list the property on multiple listing services (MLS), market the home, host open houses, and negotiate offers on behalf of the seller.
How to Choose a Real Estate Agent That’s Right for You
In today’s competitive market, choosing the right agent can be challenging. Whether you’re buying or selling, follow these steps to find the best fit:
1. Do Your Homework
Stephen Moranis, a former president of the Toronto Real Estate Board (TREB), advises treating your search like a job interview. He suggests interviewing at least two or three real estate agents before making a decision. Ask yourself:
- Are you comfortable with this person?
- Can you easily communicate with them?
- Do they understand your needs and goals?
2. Learn About Their Experience
Professor Cynthia Holmes of Ryerson University emphasizes the importance of local market knowledge. Ask potential agents:
- How much experience do they have in your neighborhood?
- How many similar properties have they sold?
- How many listings do they currently have?
3. Analyze Market Data
Moranis points out that realtors have access to extensive data that buyers and sellers often overlook. Request information on:
- Recent sales trends in your area
- Average time properties stay on the market
- Competing offers and bidding strategies
4. Discuss Their Marketing Plan
A strong marketing plan sets great agents apart. Ask your potential agent:
- Will they host open houses?
- Will they use professional photography and staging?
- How will they promote your property online and offline?
5. Be Wary of Dual Agency
Some agents represent both the buyer and seller in a transaction, a situation known as a double-ended deal. While not always unethical, it’s important to ensure transparency. Real estate lawyer Mark Weisleder suggests involving a third party to oversee offer presentations to maintain fairness.
Final Thoughts on How to Choose a Real Estate Agent
Finding the right real estate agent requires research, interviews, and a clear understanding of their experience and strategy. Whether you’re buying or selling, taking the time to vet potential agents ensures you have a trustworthy professional by your side.
By following these steps, you can confidently choose a real estate agent who aligns with your goals and helps you navigate the market successfully. If you’re looking to buy or sell a home, schedule a consultation.
