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The home buying series, assemble a winning team in New Milford, CT – Part 5 – The Realtor®

August 21, 2009

The home buying series, assemble a winning team in New Milford, CT – Part 5 – The Realtor®

Key Player #4
In the series this far we have learned about putting together a winning team for your home purchase. The professional lender, the inspectors, the real estate attorney, and this series we will look at finding a Realtor®.  One of the first things you need to know is that not all real estate sales people are Realtors®. The following explanation is taken from the National Association of Realtors®,
 “A real estate agent is a Realtor® when he or she becomes a member of the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate®, the world’s largest professional association. The term “REALTOR®” is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and abides by its strict Code of Ethics.”
Do ask if the person is a real estate sales person or a Realtor®. I am proud to be a Realtor® and even prouder to have served for the last 7 years on my local and state Board of Realtors® in various positions.

First let me get the legal “stuff” out of the way. Your Realtor® has a fiduciary responsibility to you. Acting as your agent we owe you certain things. Connecticut has buyer agency laws, and you should be signing a contract with your agent to represent you. Once this contract is signed your Realtor® owes you the obligation of confidentiality, the obligation of assisting you to find the best home possible for the best price possible. If you aren’t hearing back from your agent after signing a Buyer Broker Agreement, then you have a problem! At the same time, you are agreeing to work exclusively with your agent to find a house for a set period of time. There is also a clause that states you understand that your agent will be paid his or her commission by the seller, yet your agent is working for you. It also further states that if the seller does not pay the commission, your agent broker will look to you to pay the commission. This has always been on the Buyer Broker Agreement, however in the past few years it has become a very important part of the document. There are times when in fact there will be no money to pay your agent the commission due. This fact should be uncovered early on, if not prior to even viewing the home, so make sure you fully understand this clause in the contract before you sign! You do have other options, there are other relationships you can have with a Realtor®, however you need to understand that if you do not have an “Exclusive Right To Represent Buyer” contract (Buyer Broker Agreement) with your Realtor®, you are not owed the obligations of confidentiality, etc. The agent will not really be working for you, although the agent can still assist you with finding a home. This is a key point to remember. Also remember that even if you choose to have this type of relationship, if there is no money available from the seller, this agent who assisted you still has the legal right to look to you to pay commissions. Everyone needs to get paid for what they do, and Realtors® work on commissions only! If we don’t sell, we don’t get paid! 

REALTOR logo
(As a side note here, if your agent does not have a valid contract to represent you it is possible that at the closing table, if they cannot produce this contract when asked, their entire commission will go to the listing agent.)

What should you look for in a Realtor®? Someone who listens to you, who takes the time to understand what your situation is, someone you feel you can trust and someone who you feel you can work closely with. I tell my clients that they will be my new “best friends”. We will talk often, either on the phone or by email. I will come to know very intimate things about their lives, so it is important that my clients know they can trust me. I like my clients! Make sure you like your Realtor®! Also, technology is key in real estate these days. Find out if the agent is utilizing the latest tools in the real estate business. I set my buyers up with something called a Listingbook Account which allows them to search the Multiple Listing Service through my account. It has become a favorite with my clients, and for me it is an invaluable tool as I can actually see what you look at, allows you to change your parameters, and even lets you give a thumbs up to favorite homes and send me quick messages about questions you might have. From start to finish, I will be there for you. Taking you to look at a home, writing up the offer, negotiating the best deal possible, attending inspections, communicating with all the other team players, explaining the process as we move through it, and finally, attending the closing with you! That is my job as your Realtor®!
the Puzzle GuysI have a team of people that can help you to hit that home run when purchasing your home! Please read the rest of my series to find out more of what you should look for in your home buying team and how we can all help you to achieve your dream of home ownership!
Part 3 – The Home Inspectors
If you are looking for a home in the Greater New Milford area I would be happy to discuss your options and answer any questions you might have. Feel free to call me at 203.460.1775, or email me at andrea@andreaswiedler.com.  If you would like to get to know me better, check out my website or read more of my blog
© 2009 Andrea Swiedler. Unless otherwise noted, the content, both written and in pictures, is the property of Andrea Swiedler. If you wish to use something you see here, please email me (andrea@andreswiedler.com) with your request. Most likely I will oblige, with a link back to my original content as well as an acknowledgment. Although imitation is the highest form of flattery, please let me know before you decide to bestow this form of flattery on me! Thank you.

 

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