Why your real estate agent is the MVP of your home-buying team
In basketball, every position on your starting five plays a major role. Your point guard sets up the offense. Your center serves as a pivot and low post threat. And your power forward is often a key defender and rebounder. But it's your go-to scorer whom you typically rely on to rack up the points and win the contest.
In the game of real estate, your agent, who serves as MVP of your home-buying squad, plays this role. Think of him or her as your personal LeBron James — a versatile expert skilled at many positions who can lead you to the promised land of your first home by putting you on the right path to the right property — right away.
“A good agent can save you valuable time by identifying the best homes that fit your criteria, typically narrowing your search very quickly to the top five or so options. With an experienced agent on your side, you won't have to spend weeks or months going from one open house to another to find the perfect place,” says Jay Batra, broker and founder with New York City-based Batra Group Real Estate. “Plus, they sometimes have access to inventory even before it hits the market.”
What's more, your agent can help assemble the rest of your team.
“They can manage all the parties involved and the entire process on your behalf,” says Elizabeth Convery, founder and broker with VERY Real Estate in Philadelphia. “They likely have relationships with all the other team members you'll need, including a lender, inspector, title company and property attorney — and can make recommendations to you accordingly.”
Seth Lejeune, Realtor with Berkshire Hathaway Fox & Roach in Malvern, Pennsylvania, says that these latter benefits are particularly important.
“Most agents have preferred vendors they can suggest. Having a team of familiar vendors can increase the chances of a smooth transaction,” says Lejeune, who adds that you can choose these professionals yourself and aren't obligated to go with your agent's recommended experts.
Additionally, an experienced agent knows the ins and outs of specific areas and the types of homes that can pay you back later with higher resale value, “which helps protect your investment. They can also help ensure that you buy something that will fulfill your needs now and in the future,” says Laura Schwartz, Realtor with Keller Williams Realty in McLean, Virginia.
What's the difference between a Realtor, an agent and a broker, you ask? According to the National Association of Realtors (NAR), any person who earns a real estate license can be called an agent, whether that license is as a sales professional, an associate broker or a broker. A broker, meanwhile, has earned education exceeding the agent level (as mandated by state laws) and has passed a broker's license exam. A Realtor is either an agent or broker and is an NAR member; a Realtor must abide by that organization's code of ethics and its 17 articles, enforced by local real estate boards.
The “Realtor” title (a trademarked term) “is an added protection that your agent will act ethically, with integrity, and cooperate with other real estate professionals, which is a critical component once you start negotiating a home purchase,” Convery says.
To help choose the right agent or Realtor for you, it's important to follow recommended criteria.
“This person should be a good communicator and listener — someone who's easy to talk to and understands what you're looking for,” says Jen Teague, Realtor with Keller Williams Ellis County in Waxahachie, Texas.
Experience can make a big difference, too.
“Pick someone who has been licensed for at least a few years and who can furnish a list of closed sales. You don't want someone who does this part time as a side gig,” Schwartz cautions.
Listen to your gut instincts, as well.
“You should work with someone you trust,” Batra says. “It's also good to select an agent who specializes in your neighborhood and has sold similar houses in the area.
To help you narrow down the right real estate candidate, ask these questions:
How long have you been licensed and how many sales have you closed?
Are you an agent or Realtor? Full time or part time?
Will I be working directly with you or someone else from your team?
What sets you apart from other agents?
What's your strategy to help me save time and money?
Do you have online reviews I can see or past clients I can contact?