Frequently Asked Questions

Why Should I Use an Agent?

1. Why should I hire an agent?
2. Is an agent more likely to find a buyer than you selling your home by yourself?
3. How should I select a real estate agent?

Agreements

1. What is a listing agreement?
2. These days many agents will ask their buyers to sign a buyer broker agreement. But what does the contract mean for the buyer and the agent?

Understanding Agency

1. What is an agent?
2. What is a buyer's agent?
3. What obligations does a seller's agent owe to the buyer?
4. What is dual agency?

Finding a Home

1. How can I find out about a particular community, the important features about the neighborhood and area?
2. How should I begin my home search?

 

Why Should I Use an Agent?

1.  Why should I hire an agent?

   Most people do not have the experience, knowledge or training to sell their own home in an effective manner. Also, they may not want to spend the time and effort necessary to bring about a successful sale. On the other hand, it is the mission of an agent to not only sell a property in a professional manner, but also to protect the interests of the public in any real estate transaction they are involved in. The resources and manpower of a broker's office also back a real estate agent, combining all the necessary elements to bring buyers and sellers together in a successful transaction.

   top

2.  Is an agent more likely to find a buyer than you selling your home by yourself?

   Research has shown that an agent will typically outperform homeowners selling their own property, especially in slow markets.

   top

3.  How should I select a real estate agent?

   Consider personal recommendations. Ask family, friends and anyone else whose opinion you trust, if they could recommend an agent. Generally, you will want to choose a real estate agent who you feel comfortable with, is knowledgeable, and who is able to provide the level of customer service and professional guidance that you require. If recommendations aren't an option due to a long-distance relocation, try interviewing agents who specialize in the neighborhoods you are interested in. You can locate these agents most effectively simply by calling your local real estate agent and obtaining a referral.

   top

 

Agreements

1.  What is a listing agreement?

   A listing agreement is actually an employment contract. It creates a special relationship between the principal (the owner of the property) and the broker (represented by the sales agent). It authorizes the agent to act on behalf of the principal to represent the principal's real estate to third parties.

   top

2.  These days many agents will ask their buyers to sign a buyer broker agreement. But what does the contract mean for the buyer and the agent?

   A buyer broker agreement creates no obligation on the part of a buyer to purchase a home; it only creates an obligation for a commission in the event a buyer purchases a home.

   The buyer broker agreement creates an exclusive representation of the buyer that would stipulate that if the buyer buys property in an area specified in the contract, then the buyer owes a commission to the agent. However, generally a commission is paid by the Seller. Anything that’s listed through the multiple listing service, for the most part, it’s the seller who pays the commission. However, some buyer broker agreements commit the buyer to making up the difference in commission should the seller pay less than the customary full 3% commission fee.

   The buyer broker agreement has advantages that make it worthy.

   An advantage of signing a buyer broker agreement is the understanding it creates between the buyer and the real estate agent. The benefit of the contract is it makes it very clear as to who does what so that there’s no mistake at the end of the transaction. The buyer broker agreement does create a duty on the part of the agent to use due diligence in pursuing and finding appropriate properties. The agent’s obligations start at the signing of the contract.

   As with any contract, be sure to discuss the agreement with your agent so that you have a full understanding of it and are comfortable with its content.

   top

 

Understanding Agency

1.  What is an agent?

   An agent is an individual authorized to act on behalf of another person, the principal. The agent owes a fiduciary responsibility to the principal, to act in their best interests.

   top

2.  What is a buyer's agent?

   A buyer's agent works on behalf of the buyer, not the seller. This form of agency takes the form of an employment contract between the agent and principal, whereby the agent is charged with locating a house matching the criteria specified by the buyer.

   top

3.  What obligations does a seller's agent owe to the buyer?

   The listing, or seller's agent, owes a buying customer the duties of reasonable care and skill; honest and fair dealing, and the disclosure of known facts.

   top

4.  What is dual agency?

   The Bartlett Group does not participate in dual agency.

   top

 

Finding a Home

1.  How can I find out about a particular community, the important features about the neighborhood and area?

   It is almost as important to learn about the neighborhood where you want to buy as the house itself. Here are some basics to consider. Before you make a decision on a house, try driving your usual commute from your workplace to the neighborhood, on a normal workday. Also, visit neighborhoods that you are interested in at various times to observe the activity in the neighborhood. To find out more about the schools serving the neighborhood, visit local governmental web sites; they almost always have a link to the local school system's site. If you can't find what you're looking for online, telephone the School Board directly to get answers to any of your questions.

   top

2.  How should I begin my home search?

   To begin your home search with confidence and purpose, you will need to consider your financial situation early on. Your ability to pay off a mortgage will determine the price range of the homes you start looking at. 1) Determine your price range by going through the pre-qualifying process. A loan officer, reviewing financial records that you provide, can pre-qualify, or even pre-approve you for a loan, thereby helping you set your budget. 2) Consider where you want to live, and make a list of the neighborhoods that you are interested in. Step 3) Make a wish list of what you are looking for in a home, and prioritize the list, from the most important features to less important. Step 4) Find a real estate agent to help your home search. Remember, using a buyer's agent costs you nothing, but can save you lots of time and money.

   top