So, you are ready to start searching for an agent, but what should you be looking for?
With Selling Later Search, we give detailed agent profiles that help you make the best choice when buying or selling. In this article, we will break down each feature on an agent's profile so that you understand why it matters and what to look for.
Represents:
Some agents only represent buyers, some only sellers, and some represent both. This filter will help you weed out any agents that only represent buyers if selling, and vice versa.
Solo or Team:
If you like working with just one person throughout the whole experience, then you will want to find an agent that works by themselves or "solo." If you don't mind working with a larger group of individuals, then a team might be a good option for you.
Sometimes teams will have one strong, veteran agent, and then a bigger group of younger, less experienced agents underneath them. Other times the team might be a bit stronger with more experienced agents. If you select a team, make sure you interview the ones you will be working with to ensure they have a good sales record and experience in their field.
Year Of Establishment:
It's important that your agent has experience when handling the biggest financial decision of your life. That doesn't mean your agent needs 25+ years of experience, but they should certainly have a few years under the belt of full-time agent experience.
Full-Time Or Part-Time:
If you are looking to move quickly on a home in a hot market, you will likely need someone who is a full-time agent that can make themselves readily available. If you are more casually looking in a market where things are sitting for a few weeks, a part-time agent might be ok for you.
Negotiates Commission:
Some agents negotiate their commission with clients, and others stick with a firm number for their services. We believe it is important that you know that upfront. If negotiating what you pay is important to you, save yourself some time and use the "negotiates" search filter so that you can weed out the ones that do not.
Unlike most agent search platforms, agents do not pay Selling Later anything when you are connected, so you should have ample room to negotiate with agents that choose to do so. Learn more about those other search platforms here.
Average Listing Commission:
If you are unsure of how commissions work, this article should help you.
We believe consumers have a right to see in advanced what an agent charges in commission. We also believe they should be able to freely shop and compare pricing.
For this section, we've asked agents to include what they charge for listing, as well as what they include to the buy side. If the agent you are looking at is showing 5% commission to sell your home, that percentage is likely split in half so that the listing side gets 2.5%, and the buyer's agent will receive 2.5%. Always confirm with the listing agent on what their exact split will be with the buy side.
If an agent has "flat fee" selected, please note that the buy side commission is not normally included in the flat fee. If you decide to offer buyer agent commission, you should expect to add 2% or more to your flat fee is you choose to pay the buyer agent's commission.
Average Buyer Commission:
Agents are no longer allowed to say that "buyer's agents are free," because technically they are not. A lot of times, a seller will offer to pay the buyer agent's commission, but that commission is coming out of the funds that the buyer is giving to the seller (and likely mortgaged for 30 years).
If a seller opts to offer less than what your buyer agent typically charges (example: the seller offering 2% but the buyer agent normally expects 2.5%) then you would be on the hook for that .5% If the seller chooses to not offer a commission to your buyer's agent, you will be on the hook to pay the whole 2.5%.
While this information should be disclosed to you when you start working with an agent, we believe you should know this before you even contact them.
Buyer Rebates:
A buyer rebate is when your buyer's agent gives you a portion of the commission they earned from your sale. This can be in the form of a percentage or flat fee and is typically applied toward your closing costs. Rebates are also used if building a new construction with agent representation.
If this is important to you, be sure to use the "buyer rebate" filter when searching for agents. Be aware that the following states currently do not allow rebates (which is dumb): Alabama, Alaska, Kansas, Mississippi, Missouri, Oklahoma, Oregon, and Tennessee.
Transactional Work As For Sale By Owner:
If you choose to sell as a for sale by owner, some traditional real estate agents will walk you through the process and paperwork for a flat fee or small percentage. They typically step in after you found the buyer and have agreed upon a price. This agent should not be advising one side or the other and instead just ensuring that the proper paperwork and flow are followed.
Form Of Communication:
A big issue we have seen arise between sellers, buyers, and their agents is poor communication. This is why we have agents select their fastest form of communication. This does not mean they do not use other forms, but just show their favorite and most responsive way to communicate with you.
Works With/Majority Experience:
Some loans are a little more detailed than others. Knowing which loans an agent has or has not worked with is important. Especially if you are buying with a VA loan or FHA that may require a few additional criteria during the inspection. You can look a little further to see which loan they have the most experience with.
Where They Live:
Using an agent that lives within the area you want to buy or sell in has its advantages. They typically have the inside scope on the local market and also understand the neighborhood well. This comes in handy for relocation clients or buyers who are looking to move to an area they are unfamiliar with.
School Districts:
When moving to a new area with children, sometimes it helps to use an agent that also has children within the local school district.
Buyer Admin Fee:
This fee is charged to buyer clients. Know that this fee is coming from the broker (who your agent works for) and doesn't necessarily end up in your agent's pocket. This fee often isn't discussed until you sign an agreement with your agent or place an offer.
LGBTQIA:
We ask this question for buyers and sellers who would feel more comfortable working with a supportive, inclusive provider. Please be aware that some service providers choose to keep any opinions outside of work to themselves and may opt to leave this section blank.
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