One way to know whether you have a good agent is to consider all of the steps (both simple & complicated) within a real estate deal and apply what you've learned to your own agent. Here is a simplified list to help you identify and crosscheck from start to finish...
When it comes to shopping for a home, assumptions will always come back to bite. Be sure your agent confirms facts from all parties.
A good agent should ask you questions -- lots of them -- about where you've lived, what you liked and disliked about both the home and the neighborhood, where you work, how long you plan to stay there, your future family plans, and more. This is all to the greater good of helping you find the right property, and possibly revealing a neighborhood or property type that wasn't on your radar.
If you don't already have a mortgage broker to help you with your loan, your real estate agent should be a good resource to provide referrals for someone trustworthy.
Real estate agents work on real estate transactions every day, and they have contacts who can help with mortgage, title, appraisals, inspections, and beyond. Use them!
Agents can give you an idea of realistic sales price tags, and they can also typically put you in touch with people like mortgage brokers or even sometimes credit counselors to help get you in the best position possible to buy. The pre-approval process outlines the parameters of how much house you should be buying as compared to your monthly income and expenses.
Whether or not you have/want kids, your agent would be remiss not to have the "and this neighborhood has access to the best schools" conversation with you. Why? If you intend on selling at any point down the road, schools are always a huge determining factor for families in the market for a new home.
Your agent should give you a rundown of which elementary, middle, and high schools service the areas where you're searching.
Your agent should be able to answer any questions and explain how each neighborhood compares against others. You'll probably have questions about everything from where to buy groceries, where to walk to dog, and even what people do for fun on weekends. Lifestyle is what we are truly seeking when house hunting.
You might think that finding a home is as easy as looking through Zillow & Realtor listings. For some lucky people, that may be true. But most buyers have to check out endless potentially unsuitable homes before they find "the one" that's their long-term best fit, and pictures (especially online) can be deceiving.
An agent should hook you up with an MLS feed that will alert you when a home that meets your criteria hits the market -- and help you come up with alternate strategies if your price range is not yielding quality listings.
For sellers, this is one of the most critical jobs that your agent will complete. Pricing the home correctly right out the gate is vital to selling the home quickly and for fair-market value.
Some agents will inflate the possible sales price and tell sellers that they can always reduce the price if they don't get an offer. Although this is certainly true, those agents are misrepresenting a bigger truth: your listing is going to get the most attention from qualified buyers within the first 48 hours of hitting the market. Price reductions after the home is listed usually do not attract as many views as new market listings -- and you may need to reduce the price well below fair-market value to generate buyer interest if you start off too high.
Ask prospective agents how they calculated that sales price, whether it lines up with the typical price-per-square-foot in your area, and how long homes priced in that range tend to stay on the market.
One main function of hiring a real estate agent is to utilize their marketing platforms to advertise your home for sale. Some homes require more marketing than others but agents should have a plan to market every home they list. And marketing goes far, far beyond putting photos on the MLS, Zillow, and realtor.com.
FOLLOW MY HEELS offers professional photography/videography, FREE staging for any listing, and a dedicated marketing professional to promote on multiple social media and digital platforms.
Once you've identified a neighborhood and found a good home, is the agent's work mostly done?
Not remotely. A real estate agent proves his or her worth on the negotiation floor, and you should expect nothing less from your agent. From landing on an offer price that seems fair to all parties, to including contingencies, to stipulating timeline, a real estate agent is your guide on the journey to buying a home, and this is where a good agent really shines. You deserve an advocate in this home sale transaction.
When a buyer is financed for a home loan, the lender must know that the investment is solid -- that's where the inspector comes in, and the inspector will have to enter the picture before closing.
Your real estate agent should help you find a qualified inspector who will give a fair assessment at a reasonable cost.
For a buyer's agent especially, this should be a must -- and it's a good idea for a listing agent, too. The inspector is going to look at the nuts and bolts that put the house together, from the foundation to the wiring to the exterior, and note the home's condition.
Almost every home is going to have something "wrong" with it per the inspection; houses, like all other goods, deteriorate over time, and building codes change. A good agent will help sellers prepare mentally and financially to tackle any possible issues, and a good agent will also take note of what the inspector finds to help the buyer negotiate repairs in the deal.
Speaking of negotiation: Who should pay for the repairs if the home needs a new roof or (heaven forbid) some foundation work?
That's going to be between the buyer and the seller, but an agent really should be available for both sides to help with the negotiation process. There's no right or wrong way to manage repairs; some sellers will want to tackle them while others will prefer to knock some money off the asking price and ask the buyer to handle them. Whatever the case, the real estate agents should be the people managing this negotiation.
Many buyer's agents will make a point to attend the appraisal and make sure that the appraiser has access to everything he or she needs and can get any information necessary to complete the appraisal thoroughly. Although it is not required, if you feel more comfortable having your agent onsite during the appraisal process, be sure to communicate directly to your agent.
A lot can change between the time you put in an offer on a home and actually move in. The real estate agent should be the person who knows all of the different parts and pieces of the transaction and is willing to serve as the point of communication between them.
If the appraisal is delayed, or there's an issue with the loan, then the agent is one who is communicating that information to the people on each side who need to know. An agent's job is to make the transaction easier for you, and that typically means managing the messages for everybody.
As the closing approaches, there's a lot to do for both buyers and sellers who are getting ready to exchange ownership of a home.
Both buyers and sellers need to pack and arrange for at least a truck to move their things. Sellers are also going to have to clean the nooks & crannies such as the oven, the bathrooms, etc. before they hand over the keys.
Your real estate agent should be sharing resources to help with some or all of these activities.
If the mortgage loan doesn't go through, then the sale is lost. An experienced real estate agent will make sure that the loan is ready to go in every way.
For a buyer's agent, that probably means working with the buyer to ensure that they have all the documentation that they'll need to present to the mortgage broker, and helping the buyer track down any missing pieces of paper.
And for the listing agent, that means keeping in close communication with the buyer's agent so that there are no nasty loan surprises while everybody waits for close.
There are a lot of moving parts and pieces to a real estate transaction, and a good agent is going to be there to make sure that those parts and pieces are moving correctly -- and to work on anything that could be a problem.
If two appraisals need to be reconciled, the inspection repairs need to be documented, or the title search hasn't happened yet, then the agent is the person who tracks down the gaps and whips everything into shape.
Buying a home can turn into a process fraught with anxiety, feelings of missing out, and even sadness surrounding a big change. Sellers especially might be caught off-guard by how they feel about leaving a house when the time comes to pack everything up.
Emotions are part of the package, you might be feeling a little blue about everything, and your agent will be there to help you get your bearings and power through.
When all is said and done and you've got most of your possessions transferred from one home to the next, your agent knows that your life is still in upheaval and will check in to make sure everything went smoothly with the move. Did you forget anything at your old place? Do you need help cleaning and getting settled in? A caring agent will ask you these questions and help solve any problems that emerged as a result of changing your address.
As stated before, all homes deteriorate -- so you can expect to have to make some repairs on your new place at some point, even if the inspection indicated that everything was perfect. But who do you call to take a look at your plumbing or your landscaping?
Ideally, you'll already have a list of local contractors in hand that your agent provided for you when you moved in -- but if not, this is something else that your agent should be able to help with. So ask!
If someone asks you in three or four years whether you can refer them to your agent, and you can't even remember your agent's name, don't feel too bad; it's not uncommon for clients and real estate agents to lose touch as years pass.
The best agents make a point to keep in contact with their best clients, helping celebrate your homeownership anniversary, ask how you're doing, and generally stay apprised of any emerging housing needs that you might have. If you want to keep in touch with us at FOLLOW MY HEELS, give us a call at (443) 350-6737 or (410) 287-8080 / email followmyheels@gmail.com
Communicating your homeownership needs (and hopes & dreams!)
When it comes to shopping for a home, assumptions will always come back to bite. Be sure your agent confirms facts from all parties.
A good agent should ask you questions -- lots of them -- about where you've lived, what you liked and disliked about both the home and the neighborhood, where you work, how long you plan to stay there, your future family plans, and more. This is all to the greater good of helping you find the right property, and possibly revealing a neighborhood or property type that wasn't on your radar.
Recommending a mortgage broker
If you don't already have a mortgage broker to help you with your loan, your real estate agent should be a good resource to provide referrals for someone trustworthy.
Real estate agents work on real estate transactions every day, and they have contacts who can help with mortgage, title, appraisals, inspections, and beyond. Use them!
Get your pre-approval FIRST!
Agents can give you an idea of realistic sales price tags, and they can also typically put you in touch with people like mortgage brokers or even sometimes credit counselors to help get you in the best position possible to buy. The pre-approval process outlines the parameters of how much house you should be buying as compared to your monthly income and expenses.
Schools & Education
Whether or not you have/want kids, your agent would be remiss not to have the "and this neighborhood has access to the best schools" conversation with you. Why? If you intend on selling at any point down the road, schools are always a huge determining factor for families in the market for a new home.
Your agent should give you a rundown of which elementary, middle, and high schools service the areas where you're searching.
Feedback on area neighborhoods
Your agent should be able to answer any questions and explain how each neighborhood compares against others. You'll probably have questions about everything from where to buy groceries, where to walk to dog, and even what people do for fun on weekends. Lifestyle is what we are truly seeking when house hunting.
Helping you find your home, sweet home
You might think that finding a home is as easy as looking through Zillow & Realtor listings. For some lucky people, that may be true. But most buyers have to check out endless potentially unsuitable homes before they find "the one" that's their long-term best fit, and pictures (especially online) can be deceiving.
An agent should hook you up with an MLS feed that will alert you when a home that meets your criteria hits the market -- and help you come up with alternate strategies if your price range is not yielding quality listings.
Pricing your home
For sellers, this is one of the most critical jobs that your agent will complete. Pricing the home correctly right out the gate is vital to selling the home quickly and for fair-market value.
Some agents will inflate the possible sales price and tell sellers that they can always reduce the price if they don't get an offer. Although this is certainly true, those agents are misrepresenting a bigger truth: your listing is going to get the most attention from qualified buyers within the first 48 hours of hitting the market. Price reductions after the home is listed usually do not attract as many views as new market listings -- and you may need to reduce the price well below fair-market value to generate buyer interest if you start off too high.
Ask prospective agents how they calculated that sales price, whether it lines up with the typical price-per-square-foot in your area, and how long homes priced in that range tend to stay on the market.
Marketing your home
One main function of hiring a real estate agent is to utilize their marketing platforms to advertise your home for sale. Some homes require more marketing than others but agents should have a plan to market every home they list. And marketing goes far, far beyond putting photos on the MLS, Zillow, and realtor.com.
FOLLOW MY HEELS offers professional photography/videography, FREE staging for any listing, and a dedicated marketing professional to promote on multiple social media and digital platforms.
Offer negotiations
Once you've identified a neighborhood and found a good home, is the agent's work mostly done?
Not remotely. A real estate agent proves his or her worth on the negotiation floor, and you should expect nothing less from your agent. From landing on an offer price that seems fair to all parties, to including contingencies, to stipulating timeline, a real estate agent is your guide on the journey to buying a home, and this is where a good agent really shines. You deserve an advocate in this home sale transaction.
Choosing a home inspector
When a buyer is financed for a home loan, the lender must know that the investment is solid -- that's where the inspector comes in, and the inspector will have to enter the picture before closing.
Your real estate agent should help you find a qualified inspector who will give a fair assessment at a reasonable cost.
Attending the home inspection
For a buyer's agent especially, this should be a must -- and it's a good idea for a listing agent, too. The inspector is going to look at the nuts and bolts that put the house together, from the foundation to the wiring to the exterior, and note the home's condition.
Almost every home is going to have something "wrong" with it per the inspection; houses, like all other goods, deteriorate over time, and building codes change. A good agent will help sellers prepare mentally and financially to tackle any possible issues, and a good agent will also take note of what the inspector finds to help the buyer negotiate repairs in the deal.
Negotiating home inspection repair requests
Speaking of negotiation: Who should pay for the repairs if the home needs a new roof or (heaven forbid) some foundation work?
That's going to be between the buyer and the seller, but an agent really should be available for both sides to help with the negotiation process. There's no right or wrong way to manage repairs; some sellers will want to tackle them while others will prefer to knock some money off the asking price and ask the buyer to handle them. Whatever the case, the real estate agents should be the people managing this negotiation.
Attending the appraisal
Many buyer's agents will make a point to attend the appraisal and make sure that the appraiser has access to everything he or she needs and can get any information necessary to complete the appraisal thoroughly. Although it is not required, if you feel more comfortable having your agent onsite during the appraisal process, be sure to communicate directly to your agent.
Communication, communication, communication
A lot can change between the time you put in an offer on a home and actually move in. The real estate agent should be the person who knows all of the different parts and pieces of the transaction and is willing to serve as the point of communication between them.
If the appraisal is delayed, or there's an issue with the loan, then the agent is one who is communicating that information to the people on each side who need to know. An agent's job is to make the transaction easier for you, and that typically means managing the messages for everybody.
Preparing clients to buy or sell
As the closing approaches, there's a lot to do for both buyers and sellers who are getting ready to exchange ownership of a home.
Both buyers and sellers need to pack and arrange for at least a truck to move their things. Sellers are also going to have to clean the nooks & crannies such as the oven, the bathrooms, etc. before they hand over the keys.
Your real estate agent should be sharing resources to help with some or all of these activities.
Staying on top of the mortgage
If the mortgage loan doesn't go through, then the sale is lost. An experienced real estate agent will make sure that the loan is ready to go in every way.
For a buyer's agent, that probably means working with the buyer to ensure that they have all the documentation that they'll need to present to the mortgage broker, and helping the buyer track down any missing pieces of paper.
And for the listing agent, that means keeping in close communication with the buyer's agent so that there are no nasty loan surprises while everybody waits for close.
Tying up loose ends
There are a lot of moving parts and pieces to a real estate transaction, and a good agent is going to be there to make sure that those parts and pieces are moving correctly -- and to work on anything that could be a problem.
If two appraisals need to be reconciled, the inspection repairs need to be documented, or the title search hasn't happened yet, then the agent is the person who tracks down the gaps and whips everything into shape.
Managing the emotional weight
Buying a home can turn into a process fraught with anxiety, feelings of missing out, and even sadness surrounding a big change. Sellers especially might be caught off-guard by how they feel about leaving a house when the time comes to pack everything up.
Emotions are part of the package, you might be feeling a little blue about everything, and your agent will be there to help you get your bearings and power through.
Following up after moving in
When all is said and done and you've got most of your possessions transferred from one home to the next, your agent knows that your life is still in upheaval and will check in to make sure everything went smoothly with the move. Did you forget anything at your old place? Do you need help cleaning and getting settled in? A caring agent will ask you these questions and help solve any problems that emerged as a result of changing your address.
Finding contractors
As stated before, all homes deteriorate -- so you can expect to have to make some repairs on your new place at some point, even if the inspection indicated that everything was perfect. But who do you call to take a look at your plumbing or your landscaping?
Ideally, you'll already have a list of local contractors in hand that your agent provided for you when you moved in -- but if not, this is something else that your agent should be able to help with. So ask!
Keeping in touch
If someone asks you in three or four years whether you can refer them to your agent, and you can't even remember your agent's name, don't feel too bad; it's not uncommon for clients and real estate agents to lose touch as years pass.
The best agents make a point to keep in contact with their best clients, helping celebrate your homeownership anniversary, ask how you're doing, and generally stay apprised of any emerging housing needs that you might have. If you want to keep in touch with us at FOLLOW MY HEELS, give us a call at (443) 350-6737 or (410) 287-8080 / email followmyheels@gmail.com
Financing 101