1) Exclusive Buyer Agent – Most real estate agents work with both buyers and sellers, so technically, almost all agents are “buyer agents”. But a lack of loyalty can lead to potential conflict of interest. Exclusive Buyer Agents or EBA’s, only work with consumers buying real estate. They do not list homes for sale or ever work for homesellers. Their Broker and other agents in their brokerage do not list or work for sellers either. They often represent the homebuyer in a capacity where they have fiduciary duties. In other words, they got your back!
2) Experience – Outstanding real estate agents acquire the experience they need by being involved in the business full time. Attending seminars, meeting with other agents/brokers, getting extensive practice in the field, perpetually learning new technologies and continuing their education are all critical. The difference between a licensed agent who has been practicing for two years and one who has been practicing for two decades is prodigious.
3) Education – The State of Florida requires a high school diploma or GED to qualify to become a Licensed Sales Associate and the pre-license course is only 63 hours. So the entry barriers to the real estate profession are relatively low in Florida. The real estate business is one of the few white collar professions that does not require at least a bachelor’s degree to become a licensee. While a Master’s degree from an Ivy League College is certainly not required, education is one of the more important qualities when choosing an exclusive buyer agent.
4) Local Knowledge – Everything about real estate is, of course, local. A well versed buyers agent is an expert in his market area. Knowledge of school districts, flood zones, tax assessments and amenities are just a few of the important details to consider.
5) Market Knowledge – Along with local knowledge, a well rounded grasp of what is going on with today’s real estate market is imperative for a buyer agent. Even more important is knowing what to do with that knowledge. In a sellers’ market, unpleasant things like multiples offers, escalation clauses, appraisal gap addendum and offer deadlines are common; whereas in a buyers’ market, they are all but unheard of.
6) Professional Background – As professionals, real estate agents generally need to expand their horizons to gain a distinguished background. Real Estate Boards and groups like the National Association of Realtors, https://www.nar.realtor/, offer training, forums and peer to peer feedback. Earning professional certifications, designations and other significant achievements are essential to any well seasoned practitioner and those they represent. A homebuyer can greatly benefit if, for example, their EBA happens to be a licensed real estate instructor as well.
7) Availability – Especially in a heated Sellers’ market, buyer agents need to be nimble and readily available. When a hot property hits the market, he has to act quickly before it is gone! An agent that is too busy or working with too many clients usually cannot provide a homebuyer with the level of service they need to achieve their goals. Sometimes less really is more!
8) Professional Relationships – Professionals are often judged by the other professionals they do business with. A savvy real estate practitioner will surround himself with highly skilled mortgage brokers, Title companies, attorneys, contractors and others who their clients may need. One’s reputation often hinges upon the company they keep!
9) Personality – One of the most important tasks of an EBA is to get along with the listing agents! People normally work with people they like. So if everything else is equal, a listing agent in a multiple offer situation is likely to choose the offer from the agent they liked the best. Important parts of an agent’s personality, especially during negotiations, cannot be overlooked. The way they carry themselves, their mannerisms, even the way they dress. It’s harder for an agent to prevail in negotiations when they are wearing flip flops and a tank top as opposed to khaki’s and a tie.
10) Integrity – The integrity of a buyer agent is a big part of what makes them a buyer’s agent in the first place. Consumers are advised to check the background of everyone they consider retaining, regardless of their profession. Beyond a LinkedIn or Google Search, anyone can verify a license, file a complaint or report unlicensed activity with the Department of Business & Professional Regulation, http://www.myfloridalicense.com/DBPR/.
The 10 qualities listed above should help determined homebuyers find the best EBA available to achieve their goals, even in the most challenging of markets.
Happy House Hunting!