Working with a Realtor

A good Real Estate Agent or Realtor should be more than just a great resource. Your Agent should be your advocate and your counselor, your guide and your problem solver – and someone that truly is committed to your best interests. Selecting the right Agent will make a big difference in your home buying experience. Not only will you get better information, expertise and service – but you will have more fun and less stress if you and your Agent are a good team.

How does a Real Estate Agent add value?

Interpretation and inside knowledge – In this Information Age, we can sometimes be overwhelmed by too much information! Plus, things are not always what they appear to be on the Internet. By working with a good Real Estate Agent, you will be able to get inside knowledge and expertise from someone who knows the Minneapolis Condominium and Loft market..

Streamline the search process - Finding the right home in Minneapolis can be a time consuming and stressful process. We can help you to clarify your search criteria and make the search process more efficient and productive. As we work together and review some options, your feedback will further clarify what you like and don’t like. With that information, we can further refine the process so that you are spending your time seeing only the right type of properties.

Act as your advocate – Whether you are a first time home Buyer or someone who has purchased many homes, it’s great to have someone “in your corner”. You may have many questions and need information. We can help. When you are shopping for financing or negotiating with the Seller, we can help. If issues pop up that may be challenging to getting the deal done, we can help. We are there for you when you need us.

What are the different types of Agents?

The subject of who Real Estate Agents represent and how they are compensated can be confusing. Legally speaking, an Agent is a person who represents and acts on behalf of another person. The Agent owes certain fiduciary duties to that person including care, confidentiality, full disclosure and accurate accounting. There are three main categories of Agents:

Buyer’s Agent – A real estate Agent who is employed by and represents only the Buyer is a Buyer’s Agent. The written agreement between the Buyer and Buyer’s Agent spells out the Agent’s duties and how they will be paid. The Buyer’s Agent is usually paid by the Seller through a commission split with the listing Agent.

Seller’s Agent – A real estate Agent who is employed by and represents only the Seller in a transaction is a Seller’s Agent. This Agent is also known as the listing Agent because the Agent lists the home for sale and markets it through the Multiple Listing Service. The listing agreement serves as a contract and spells out how the Seller’s Agent will be paid.

Dual Agent and dual agency – This occurs when a real estate Agent is representing the Seller and is also showing the home to potential Buyers. Dual agency occurs when the potential Buyer is working with an associate from the same real estate company that listed the home for sale. Keep in mind that a real estate Agent and their associates must maintain the confidentiality of their clients and cannot reveal information pertaining to price, terms or motivation to other parties.

How do I select the right Minneapolis Real Estate Agent?

Experience and knowledge – Your real estate Agent should have a good working knowledge of the locations and the type of homes that you are interested in in the Minneapolis real estate market. Understanding the process from start to finish and the commitment to acting in your best interests every step of the way will be critical. Being a specialist usually results in a better knowledge base that will translate into better advice and better recommendations.

Compatibility – Working with an Agent works best when together, you form a good team. This is a very personal and sometimes emotional process. Having someone that you trust and feel comfortable with - and who you enjoy working with - is a big item. Before committing to an Agent, spend some time together discussing your goals and looking at some homes. Once you feel comfortable and confident, go ahead and make a mutual commitment to work together and find the right home for you.

Referrals – Anytime that someone is looking for a provider of services, it’s a good idea to get referrals or recommendations from friends or family. While someone might look good during your first meeting or on their web site, there is no substitute for a recommendation from someone that you trust that has had a good experience working with that Agent.

How do we work together as a team?

Once you have selected your real estate Agent, there are some things to think about to make your collaboration as effective and productive as possible. There are things that both the Buyer and the Buyer’s Agent should do to make this relationship work well:

Agent responsibilities include listening to you to understand your goals, objectives and preferences. A good place to start is to have you complete a wishlist. This will help both parties to clarify what you want and what is most important to you. Your Agent will then be able to help with the search process, answer any questions about properties of interest, prepare an offer and negotiate on your behalf and solve any problems or issues that may pop up.

Buyer responsibilities include sharing information and clarifying what you are looking for. After you have looked at some properties, you will be able to refine your search and clarify what you value most in a potential home. Once you are looking at properties, feedback and communication with your Agent will be very helpful in locating the right options and making the process more efficient and less stressful. In fact, the shopping process can be very enjoyable if you are looking at the right kind of properties.