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Watching Out for You, the Buyer
Rick Pearson, a real estate investor, met his buyer's agent when she brought her pets to his wife, a vet. Combing personal contacts is a good way to find an agent.
(By Matthew Robb For The Washington Post)
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One other option is through real estate agents' professional associations. Both the National Association of Realtors and the National Association of Exclusive Buyer Agents have online databases.
Once you have a few names, schedule interviews. Your questions should be very different from the ones you would ask when choosing a listing agent.
"When you're hiring a listing agent, you want someone who's a great marketer, but that's not our job," said Stephen Israel, president of Buyer's Edge, a Bethesda company that works exclusively with buyers. Instead, the job of the buyer's agent is to find you the right house and help you negotiate the best deal.
Early on, you need to decide how much tolerance you have for "dual agency," in which the same brokerage is working both ends of the deal. This is very common, especially where one or two brokerages dominate a local market. Many real estate agents work with both buyers and sellers, which can be awkward if one of their prospective buyers is interested in one of their listings. Whose interests do they represent then? If you're considering working with an agent who also works with sellers, ask her how she handles this situation. State law and the brokerage's rules will guide the answer.
That conflict doesn't happen with exclusive buyer's agencies, a setup that some people prefer, including Pearson. But such agents aren't always the best choice, a point even exclusive buyer's agents concede. "Some traditional brokers are good, and I wouldn't say you shouldn't use them," Richeimer said. "I want a good agent first, an exclusive buyer's agent second."
You'll want to call previous clients and ask if they would work with their agent again. Is the agent knowledgeable about the market? Does he return phone calls promptly? Did he negotiate assertively on the buyer's behalf?
Fleming, whose clientele is evenly split between buyers and sellers, said it's important to pick someone whose working hours coincide with yours. Will this person be available to show you houses on the weekends or in the evenings?
Perhaps most important, make sure you get along with the agent. You will be spending hours together in the coming weeks and months. "It's a little like going into a short-term marriage," Glink said. "Why pile on the stress by working with someone whom you don't get along with?"
Clarify exactly with whom you will be working. "Watch out for the team concept," said Richard Courtney, author of "Buyers Are Liars and Sellers Are Too" and a real estate agent in Nashville. That arrangement might leave you working with an inexperienced agent instead of the well-known agent who attracted you to the brokerage.
To make full use of their services, buyer's agents say, call them early in your house search. Otherwise, house shoppers may be wasting a lot of time, Richeimer said. "People can have some pretty strange ideas about what they can afford," she said.
As the agent shows you houses, provide feedback. It's okay to change your mind about what you want. Buyer's agents say they practically expect you to.
But don't think you have to tell them everything, particularly when it comes to your finances. "Your agent is not your therapist," Glink said.


