As of August 17, 2024, buyers who want to see a property for sale with a real estate professional must enter into a written agreement before seeing a home. That means buyers must make choices about the type of agreement and must be well-informed to make a good choice.
While many of these conversations start with the cost of agent compensation, starting there presumes that all real estate agents provide identical services, and that’s just not true. My fellow Philadelphian, Ben Franklin, once wrote,” The bitterness of poor quality remains long after the sweetness of low price is forgotten.” – let’s see what info can help you choose the best person to represent your interests.
- Not all real estate professionals are REALTORS® (members of the National Association of REALTORS®). Every member must adhere to the REALTOR® Code of Ethics, which is based on professionalism, serving clients’ interests, and protecting the public. Should a consumer feel they have not been served according to that code, a complaint may be filed with the local REALTOR® association.
- Not all real estate professionals have the same level of training. Every licensee needs to take introductory courses (usually titled RE Practice and RE Fundamentals) to pass their real estate test. Still, they and their future clients may not be well served if their education stops there. Their brokerage may or may not provide additional training, but you need to know what that might be. Getting a real estate license should be the start of your real estate education, not the end of it.
- Not all real estate professionals have the same level of expertise. More experienced agents may have taken specific courses resulting in certifications or designations educating them on working with Buyers, seniors, investors, international purchasers, relocating clients, military clients, etc. They may have taken courses in negotiation, contracts, financing, or other fields that can benefit you as a consumer. Many of these courses are the products of or offered by local REALTOR® Associations or national franchises.
- Not all real estate professionals have the same level of experience. Based on their experience, training, and previous transactions, Agents may have additional information about the property, neighborhood, or community that can inform your choice of property. Construction expertise, exposure to previous inspections, and knowledge of local municipal codes can all improve your transaction.
- Not all real estate professionals provide the same resources. Though most residential agents belong to a Multiple Listing Service, that isn’t the only resource available to help consumers find homes and analyze the differences between them. Some agents work for companies that provide substantial technology tools for the agent and the consumer, and some business models have agents working for them that have to provide their only tools and resources, and in that type of company, some of the agents will spend more or less to provide consumer-facing tools. The question of management support and transaction processing support is also something to consider. Will your agent have someone to turn to if there’s a problem that they haven’t encountered in their practice? Will you have someone in the company to turn to if you are dissatisfied with the agent you’re working with?
- Not all real estate professionals provide the same services. Buyers can work with agents exclusively or non-exclusively, but there may be a substantial difference in the services offered. An agent can provide services for a client who is committed to working with them exclusively that they may not offer if they are merely a face in the crowd of people that the buyer is working with. Different tools and technology may be made available for you to provide information on schools, markets, financing, or generally enhance your buying process.
Whatever you choose, don’t make the mistake of thinking that every agent is the same or that every real estate firm is the same. The choice is yours and your choice can certainly influence your home buying experience.