So, you want to buy a new home — and depending on your situation, you might need to sell one, too. You’ve been biking through the Fan, gawking at Victorian houses with pastel-painted bricks, or maybe driving through Short Pump, daydreaming about a white-picket-fence suburban paradise. At work, you take five-minute breaks to check Zillow, and you deep-clean your already pristine home every Saturday. Your next step is finding a real estate representative.
According to the Richmond Association of Realtors, the law requires that all real estate licensees sign a written agreement with their clients to ensure that buyers and sellers are aware of the type of representation that is available and the terms under which the representation will be rendered. Not all real estate agents are Realtors — a Realtor is a licensed agent who belongs to the National Association of Realtors, the largest trade association in the United States, and pledges to uphold a strict code of ethical conduct.
Before you sign a contract guaranteeing a relative stranger a 3% commission on several hundred thousand dollars, you’ll want to make sure that you’ve found the right partner. “Someone looking to buy a home in this market is going to need a very seasoned, savvy and strategic agent,” advises Catina Jones, founder and principal broker of ICON Realty Group.
In this sellers’ market, where most homes are receiving multiple offers, buyers’ agents must communicate clearly with their clients. “A lot of the onus is on an agent,” Jones says. “Some agents will have their first visit with the client at a prospective home — it’s really better to have a consultation or sit-down beforehand, so we can set reasonable expectations.”
Johnny Oliverio, a veteran agent with Park Plaza Properties in Sandston, says the first question buyers and sellers should ask is how many listings an agent has. “The most important thing that a buyer or seller needs to weigh is to make sure that the agent has enough time to work with you,” he says. “The Virginia Board of Realtors doesn’t put a limit on this, and working with seven people is different than working with one or two.”
Overworked agents might hire an assistant to help take their calls. Oliverio recalls one time when a seller missed out on a deal with him because an assistant to the seller’s agent blew him off. He helped his client buy a home in the same neighborhood with an agent who answered his phone call personally.
On the other hand, an agent with no listings or little recent success also waves a red flag. “It’s like a seesaw,” Oliverio says. “There might be [an agent] who has too many listings and really can’t handle you, but you don’t want to go with somebody with no listings, who has another job, who might not really know real estate. So it’s a balance.”
Sometimes, it makes sense to trust a professional with a recommendation. For example, if you’re buying a home and need mortgage preapproval, a loan officer can offer advice on potential agents.
“If someone comes to me for preapproval and doesn’t have an agent, I will recommend someone to them,” says Jackson Tarasovic, a mortgage loan officer with Southern Trust. “I’ll ask who they want to work with — what kind of personality are they looking for? A man, a woman? Someone aggressive? Or more laid-back, down to earth?”
In a hypercompetitive market, finding the right real estate agent could make or break a buyer’s chances of success. See our list of Referred Realtors for a guide to some of Richmond’s most trusted agents.
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