Rules for Home Buyers Working With Real Estate Agents
A real estate agent facilitates selling properties in the real estate market by acting as an intermediary between the sellers and the buyers. An agent is paid on a commission basis for the purchase or sale of a home. Below is a list of rules you can follow when working with a real estate agent.
Practice Open House Protocol
Request your agent whether it is good to attend open houses unescorted. If you receive a go-ahead, you could hand your agent’s business card to the open-house hosting agent to make them aware you are represented. Never ask the open-house host questions regarding the seller and their motivation. Your agent is best suited to ask the questions for you as they employ different approaches that work to your advantage. Never volunteer personal information to the seller’s agent as it may cause harm during negotiations once you make an offer.
Request for and Sign an Agency Disclosure
The law requires real estate agents to provide an agency disclosure to home buyers. The document, however, varies from state to state, and signing it serves as proof of receipt. It is often a disclosure, and you must read it thoroughly to understand what it entails. The single agency is the most common type as your agent puts your interests first as it is their fiduciary responsibility.
Respect Appointments and Be on Time
Home buyers must understand that a real estate agent works with many clients and potential clients. They should, however, set a specific amount of time for you, but you may not always be on top of their list. Since time is valuable for real estate agents, you must keep track of appointments. If you are running late due to unavoidable reasons or stuck in traffic, you may contact your agent to make them aware of your situation.
Sign a Buyer’s Broker Agreement With a Buying Agent
Signing a buyer’s broker agreement is necessary when you want to purchase a home. The agreement explains the agent/broker’s duties to you and creates a solid relationship between you and the agent/broker. If you are not prepared to sign the agreement with the broker, do not ask for assistance when searching for a property. Work with a title company to insure and research the property you want to purchase.
A real estate agent assists you in navigating the process of purchasing a home smoothly. A real estate agent handles the negotiations on your behalf to ensure you receive the best deal.