Answer - Part 2
You asked a few questions:
Q: What does a typical agent do?
A: Work VERY hard to try to get a home for their buyers.
Q: what should I be expecting from my agent besides showing homes?
A: You have a right to expect the following:
â€¢ They should provide you with comprehensive lists of all available homes that fit your criteria.
â€¢ Autofeeds so that you get the latest listing as soon as they hit the market.
â€¢ Other valid options OUTSIDE your parameters.
â€¢ A CMA (Comparative Market Analysis) on every home in which you are interested. Our MLS has a wonderful feature called Cloud CMA which produces very helpful CMAs in a very short period of time.
â€¢ They should coach you to determine effective prices at which to write offers based on the current market trends and CMAs. Some buyers donâ€™t agree with their agentâ€™s coaching and never follow their advice. They think that if they switch to a different coach, theyâ€™ll get advice they want to hear. Thatâ€™s always an option â€“ but beware â€“ even though your current coach is not giving you the guidance you want, they may be giving you coaching that will actually get you a home. And at the end of the day, thatâ€™s the bottom line.
â€¢ They should write offers for you at the prices you want them to write at. You are hiring them to work for you. After their analysis, YOU are the one that sets the offering price. If they are not willing to write offers at your prices, find an agent who will. In reality, with todayâ€™s technology, an agent can prepare an offer, email it to you and have it signed by you electronically in less than 15 minutes. Another 5 minutes and the offer can be packaged and sent in. If you keep writing offers and loosing bids, that is what we call â€¦ a clue.
â€¢ Currently, agents earn the majority of their pay getting you safely through escrow once an offer has been accepted. Many deals fall out of escrow these days for a multitude of reasons â€“ it takes skill to hold everything together until it closes.
Q: My thought is that he/she should be able to tell me about the pros and cons of a location within a city â€¦
A: Yes and no. Agents have to be careful what type of information they provide so that they are not â€œsteeringâ€ you â€“ a practice that is illegal. See the following:
NO STEERING ALLOWED: 3 Important Facts To Know As A Buyer
As a buyer, you have more than likely done all the necessary research already: you know the best school score, walk scores and more. Google maps will quickly tell you how close you are from amenities, schools, shopping, etc. And with only 5-10 homes to choose from in an entire city, itâ€™s not rocket science.
Q: and what I should be expecting to pay at a certain location compared to another.
A: As for what to pay in any given location or neighborhood? The sellers have already done that for you. They are telling you what they want and, if itâ€™s a nice house in a great location, they will get what they are asking and more â€“ in about a week. If you want a shot at it, you need to play by the current rules. If you want to do it your way, you can have your agent write offers at the prices YOU think are fair â€¦ and see how that works out for you. If your agent wonâ€™t do that for you, then find one who will. As an aside, the number of agents out there who are willing to show you a number of homes every weekend and then write low offers â€œjust to seeâ€ â€¦ is a very small group indeed.
Q: Am I right?