How to Select A Realtor
- Kevin A Petersen
- Jun 25, 2024
- 4 min read
Purchasing a home is often the largest investment you will make in your lifetime. In Utah the median home price has increased to over $550K and will likely continue to increase. At these prices most homeowners have to utilize a 30 year mortgage to afford the purchase.
That's a long time and a lot of money to not have the upmost care taken to ensure it's a smart investment.
What to look for?
The first thing to consider in hiring a professional to help you buy or sell real estate is selecting a Realtor or Real Estate Agent; in Utah the majority are Realtors. To be either a Realtor or a Real Estate Agent you must pass certification tests and receive a license from the state. Utah is unique that 90% of the real estate sales are completed through the MLS(Multiple Listing Service) site UtahRealEstate.com. To utilize this site members are required to be a member of the Salt Lake Board of Realtors and the National Association of Realtors. Being part of these organizations changes your title from Real Estate Agent to Realtor and is accompanied with additional training, code of ethics, and other professional standards.
In short, a Realtor is often preferred as they have more training, have a higher level of responsibility and approach real estate in a professional manner.
Competence. Since this is going to be a very long commitment, likely a 30 year mortgage, and a very expensive commitment, you should have someone who is competent and knows what they are doing. There will always be unique situations in every real estate transaction, however don't look competence in the face they've handled your exact situation before, but instead that they know who to ask questions, how to get to the bottom of challenges, and that they think critically about the solutions. If you've seen them be competent in other areas or work, they will likely be competent handling your business.
Someone who has your best interests at heart. If you get the feeling that your agent is trying to sell you on a home so they can get paid, that may not be the right agent for you. Contrast that feeling with someone pushing you a little to get out of your own way and see the potential of the home. Humans are creatures of habit and often it's uncomfortable to leave the den of our home and move somewhere new. We often compare everything we see to the home we're in now. Your agent should help challenge you to think about the possibilities of the home and how to see yourself in the home.
Communication is one of the most important things to look for in my opinion. Quite often there are things that need to be completed quickly during a real estate transaction. A missed signature, a needed document, or even a quick decision. All of these require someone you can call and get a hold of within a couple hours. Remember to be flexible in the form of communication, telephone, email, text, etc. Although an agent is representing you they will likely be representing others as well and needs to be able to support everyone.
Market/Area Knowledge - Knowing the market is important because when it comes time to make an offer, you'll want someone who can help you with a strategy for your offer to be accepted. At times the market is moving very quickly and homes go under contract within a few days of hitting the market. Other times the market is pretty slow and it takes 30+ days for a home to go under contract. There will be differences in the contract for these scenarios. Area knowledge is also important to make sure you are going to be in an area you'd like, as well when it comes to analyzing the price of the home. Sometimes areas are so unique that homes 2 blocks from each other wouldn't be considered comparable and can't be used to compare price.
Where to find an agent?
Friends and Referrals of friends - Having someone you know and trust to refer someone who they know and trust provides a lot of credibility. There are a million plus real estate agents / Realtors in Utah, it's likely within 2 degrees of separation someone you're connected to can share a referral. I feel referrals are the strongest approach due to the credibility but also because you're not connecting with some random stranger that you know very little about.
Online searches is another way to find an agent. You can also look on social media platforms which will let you see and hear the agent and get a good understanding of how they approach things. Put those online stalking skills to good use!
Here are some search terms to consider for online searches:
Salt Lake Realtor, Utah Realtor, Salt Lake City realty, LGBTQ+ Friendly Real Estate Agent, LGBT Realtor Utah, West Valley Realtor, Real Estate Agent, Realtor Near Me, Lehi Real Estate Agent, South Jordan Realtor, Real Estate Agent West Jordan, Provo Real Estate, Sandy Realtor, Realtor Draper ........ You get the idea.
Before you sign a contract!
Ask Questions - Get to know them a little bit as you're going to be spending a lot of time working with them. Do you have common interests, what do they like about real estate, how have they helped others, what's been something that's been a big challenge for them, what do they know of the area you're considering, what forms of communication work best for them, and how will you know they're putting your best interests first. Trust your gut and sleep on it if you need to.
Representation contracts can be filled out to cover a specific property, a specific county, and have an element of time/duration. Don't be afraid to specify what you want on your representation contract so it's in your best interests. Sometimes a contract for one specific address and 1 month might be a great way to take a test drive with the agent and see how well you both work together. Doing a longer duration would represent that you're comfortable with that agent and are wanting to continue moving forward.
Remember the top real estate agent or top realtor in your area or state may not be the best fit for you, take the time to find someone you feel meets your criteria and will be a good fit.
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