Hiring a professional and experienced real estate agent will not only facilitate the process of selling or buying property but also give you the assistance of someone who is looking out for your best interests and not their own. Unfortunately, as in any industry where employees rely heavily on commission to augment their salary, the real estate business has its own unethical agents who manage to take advantage of vulnerable customers unaware of what to look for in a top-quality real estate agent like Orly Chen.
Before hiring a real estate agent, always consider the following:
- How long has the real estate agent (or broker) been practicing? Doing business with a real estate agent who is new to the industry or cannot produce the proper qualifying documents may result in serious problems concerning the validity of your transaction.
- Is the person a real estate agent or a realtor? Believe it or not, there is a distinct different between the two titles. A real estate agent is someone who as passed a course consisting of 40 to 90 hours of training and has passed a state licensing exam. The details of this exam differ among states but have two basic things in common. One is that the real estate agent is taught specific best business practices and two, the agent is familiar with the Federal Real Estate Settlement Procedures Act and Fair Housing Laws.
- Alternately, a realtor has taken the same course and passed the same state exam but is also a member of the National Association of Realtors. While a real estate agent is allowed to sell or purchase real estate according to best practices under state law, a realtor is restricted to performing transactions according to a strict code of ethics enforced by the NAR. As a member of the National Associations of Realtors, a realtor is well aware of these codes and can be reported to the NAR by clients who think they have been subjected to unethical practices.
- How much does the realtor or broker charge for his or her services? Although the standard fee is between one and four percent of the final sale price, this fee is often negotiable, something that many people do no realize. Negotiating fees is entirely acceptable, especially now that the housing market is still experiencing instability, and a good real estate agent will provide you with the flexibility of discussing fees if desired.
- Which mortgage brokers are frequently aligned with the real estate agent or realtor? You can discover pertinent information about the agent by asking mortgage brokers about the integrity of a certain real estate agent. Many mortgage brokers refer clients to certain realtors because of their continued professionalism and superior service. Find out which realtors are preferred in your area before hiring a realtor.
- Do you feel like you are being pressured by your real estate agent? Brokers who give you documents to sign right away should be suspected of employing unprofessional tactics. Never sign anything you do not fully understand or do not feel comfortable signing. Agents who brush off questions regarding documents that they say need signed because the papers are “just standard documents” are not abiding by the real estate industry’s code of ethics.
- Finally, ask for references and talk to people who have previously used the real estate agent or realtor to find out whether this agent is the right one for your needs. Reputable real estate agents like Orly Chen will be well-known in the area and will also receive commendable confirmations from numerous customers who used their services in the past.