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Choosing a real estate agent

‹ Availability: Because the real estate agent will be you go-to person for
all your questions and concerns throughout the home-buying process,
accessibility is crucial. You need to be sure that the agent will answer your
calls or emails and take the time to listen and respond to your concerns.
‹ Personal relationship is vital: A home is a huge investment, both
financially and emotionally, so it’s important to have an agent you are
comfortable with. You will be spending many hours with your agent
viewing and discussing houses and you don’t want to feel rushed or
pressured by him.
You will know at the outset if you feel comfortable with your agent; you should
find someone else if you sense it’s not a good fit.
‹ Number of listings is not important: Don’t choose an agent simply based
on the number of his listings. All agents have access to the same available
houses; any agent can show you a house listed by another agent, even
if they are not part of the same office. In fact, using the listing agent as
your own agent can potentially create a conflict of interest: the listing
agent is working on the seller’s behalf and is legally bound to negotiate
for him, which may impact your ability to negotiate a better price or other
concessions.
In a limited number of cases, an agent may maintain an “Office Exclusive
Listing”, and other agents will not have access to that property.
An office exclusive limits the pool of buyers for the seller because the listing
agent is not collaborating with other agents from different brokerages.
Agent Exclusivity
The advantage of commitment to a particular agent cannot be overstated.
Unlike some other industries, where it is common practice to pay a retainer
or a fee for work regardless of the job outcome, real estate agents are
compensated only when a sale is completed – which could theoretically take
months or never happen at all.
For this reason, a real estate agent is motivated to do whatever he can to
close a sale, but will not be able to invest inordinate amounts of time in
clients who are not serious. If an agent realizes that the customer is shopping
around, talking to other agents, and calling sellers directly (any of which could
cost his commission), he will be unable to give that particular search his all,
as his client’s trust is his only guarantee of being compensated for his time. If
you do speak with an agent other than your own, such as at an open house,

46 | 2020 Lakewood Home Buyer’s Guide