First-time homebuyers are finding it difficult to complete the process because they are focused on getting a loan first before finding a house. While the loan is important, having a conversation with a real estate agent is more important because they can help find a residence that is suitable for your preferences.
Once you have decided on which house to purchase, the agent can assist you in looking for a reliable mortgage lender but not the other way around. They have a database of reliable lenders, most of which they have done business with in the past. If you do it the other way around, lenders will only suggest agents that can bring them the money but are amateurish to deal with.
Choose an agent with extensive experience
Real estate agents who are making a load of money are experienced individuals who have a stacked schedule. Their expertise will help you identify and address any problems that might arise during the buying process. While they will not say “no” to a sale, you have to respect their time as well because they are dealing with multiple clients.
You can conduct 30-minute interviews with three agents that you want to work with. Use our related blog post for ideas about types of interview questions to ask your agent. Ask them about their experience and the good deals that they have helped their previous clients get. It’s best to have the interview in person so that you can build rapport with the agent. Once you have selected an agent to work with, thank the other two for their time. Don’t worry because they won’t sulk about the non-selection. Real estate agents move on to chase other opportunities.
Remind them that it’s a competitive industry
Be upfront with the agent that you are meeting with some competitors as well. Being honest with them elevates the trust level between the two of you and erases the doubt of whether you want to work with him after all. Admit that immediately to remove the elephant in the room.
Aside from looking at an agent’s track record, you must also look at their personality. It’s best to have a person that you can comfortably talk and deal with for months. This is what a personal meet-up can provide. If you don’t like their approach, simply thank them for their time and move to the next agent.
Hitting two birds with one stone
Hire an agent first and everything will fall into place. They can help you find the loan you seek with a lender that specializes in a certain type of financing. Understanding what your lender covers is an important part of the process that your agent can help you through. If you do it the other way around, you won’t have an idea what to do next because you don’t have an agent yet. Worst, you are pressured to find a house that fits your budget but not your preferences.
Real estate agents also know lenders that are in good standing. They will likely refer you to a local lender so that you can visit their office if you need clarifications. Working with a lender that is located in another city or state is not advised because they might not have a full grasp of the market in your area.
Agents know when it’s the right time to buy
Finally, dependable real estate agents are frank enough to tell you when to buy a property. They will give you the pros and cons of buying now rather than later and how your location impacts your decision. With their business built on trust, they will want what’s best for you. Therefore, you must depend on your agent until you get that house you desire.