What do you really want in your real estate agent?
As vacation homeowner Ed Reese said about real estate agents, “Yes, there are absolutely Johnny-come-latelies who are lazy and looking to make the easy buck in real estate, and there are also professional, hardworking, loyal agents. I’ve had both. The salespeople from the last agency I worked with had an ambitious sales and marketing machine that provided every statistic I could have ever wanted. This firm also has agents who are strictly ‘buying agents’ or ‘selling agents’ because different skill sets are needed for the two.
“I absolutely want a volume-oriented, marketing-whiz, deal-closer selling my house. However, I don’t really want the same type of person helping me buy a home. I would want a ‘buyers’ agent who focuses on research and responsiveness, who can be pleasant for hours on end and has experience in housing trends. The real estate agent is an important key to success in our industry. Good ones out there are worth finding.”
Some people feel obligated to deal with the first agent they contact, but don’t fall into that trap and let that determine your choice. Like this owner said, you’ll spend a lot of time with the agent you choose, so make sure you feel comfortable and can trust that person’s expertise.
Questions to Ask
If you know friends or vacation homeowners who’ve recently bought properties in your target community, ask if their agents were reliable, professional, and trustworthy. Get their names and interview several. Add them to those you found on your internet search.
In your quest for the perfect match, here are questions to ask when interviewing prospective agents:
* How long have you been selling?
* What areas of town do you specialize in? (Note that buying property in specific parts of the area can differ significantly as do the expertise of the agent in those specific areas. For example, on the golf course comes with different concerns than buying on the beach in terms of insurance and other factors.)
* Do you own properties yourself in this community?
* Are you a good negotiator? Ask for examples of specific deals that they’ve negotiated.
* What resources do you have that would support my purchase? What resources does your office provide?
* Would I be dealing exclusively with you or with something else?
* Are there benefits to spending part of my time with your assistant?
* Who will ride herd on the contract?
* Who facilitates the transaction in the background?
* Who actually talks to the sellers’ agent?
In my experience, it’s critical to be upfront and honest with the agents I work with. I’m eager to share my list of criteria with them, so nobody wastes time looking at properties that don’t meet that criteria.
Questions Agents Ask You
Agents will have a list of questions to ask prospective clients like you. Anticipate how you’d answer these questions:
* What specific criteria are you looking for? Which ones do you rank highest?
* Have you owned vacation property before? Do you own some now? (This helps them learn the level of knowledge you have as a buyer.)
* What other communities are you looking in?
* Can I refer you to a colleague in those areas?
* What are your goals for this property?
* Will you be renting it out? If so, do you need referrals to a rental agent or property management company?
When making an offer on your vacation property, it’s important for you and your real estate agent to be particularly savvy. After all, you assume you’ll recognize the right property to buy in a heartbeat. It’s easy to get caught up in a deal-making frenzy because, in most vacation destinations, prime properties get scooped up in a nanosecond—many of them even before a listing hits the Multiple Listing Service (MLS).
Experienced agents nurture customized lists of interested, viable clients and will contact them first when a desired property becomes available. A confident buyer knows each offer should be well thought out—price, location, amenities, and all that jazz—so they have some assurance that the buying decision made in a nanosecond is the right one!
What happens when the “right” property for you comes on the market? It’s easy to get bamboozled by an agent pushing for a quick sale. And if you hesitate, you need to have a good, solid reason. Ask yourself, “What’s the worst thing that can happen if I don’t spring to action on this property?” Well, the second-worst thing is that someone else beats you to the contract-writing table. You lose the chance to buy the property. But even worse—the first-worst thing—is that you could own a property that doesn’t meet your criteria—one that doesn’t fit your needs and could drain your finances, too.
"Profit From Your Vacation Home Dream," by Christine Hrib Karpinski (Dearborn Trade Publishing, Chicago), 2005, $19.95, 212 pages; Available in stock or by special order at local bookstores, public libraries, and www.HowToRentByOwner.com.
