How To Find a Realtor as a First-Time Home Buyer

As a first-time home buyer, you undoubtedly want to purchase the property that best suits your needs and falls within your price range. No matter how much research you do on the home buying process, though, it’s typically best to find a REALTOR® who knows the ins and outs of the real estate market and can set you up with your dream home instead of you navigating everything on your own. While it’s possible to buy a home without a REALTOR®, having their professional expertise in your corner can help you avoid mistakes when buying your first home.

Since it can be hard as a first-time home buyer to know how to choose the right REALTOR®, let’s discover how you can narrow your search and end up with a professional who can help you meet your home buying goals.

What a REALTOR® can do for a first-time home buyer

Knowing that you’re a first-time home buyer, your REALTOR® should be willing to guide you from application to closing.

As you begin touring houses for sale, a REALTOR® should point out beneficial home features as well as red flags such as water damage, foundation issues or a pest problem. This will allow you to know exactly what you’re getting into if you make a purchase. Don’t hesitate to ask any questions. After all, one of their jobs is to find the answers to any concerns you may have along the way.

Your REALTOR® may also be able to provide some guidance on any first-time home buyer programs available in your state so you’ll have more potential options for achieving homeownership. Likewise, they may be able to assist in the preparation of certain mortgage documents you’ll need since they’re familiar with the process and the verbiage.

How to find a REALTOR® in five steps

By following these easy steps, you can quickly find a REALTOR® who’s the right fit for your first-time home buying journey:

1. Know what to look for in a REALTOR®

Before hiring just any REALTOR®, it’s important to make sure they’re equipped with a few tools, which will make your first-time home buying experience a positive one. These tools include:

• An active license: Confirm that your REALTOR® is licensed with your state’s real estate commission website or department and passed their exam.
• Experience working with home buyers: Look for a REALTOR® who’s well-versed in all parts of the home buying process and has a good track record – especially working with first-time home buyers like you.
• Good communication skills: Make sure your REALTOR® is responding in a timely manner, listening carefully as you explain your home buying goals and communicating with your best interests in mind.
• Knowledge of the local real estate market: Confirm that your REALTOR® is familiar with your desired location, the types of homes available there and the price range for nearby listings and recent sales.
• Membership with the multiple listing service (MLS): With this membership, your REALTOR® will have a source full of readily available information on the latest listings.

2. Find a REALTOR®

Here are some strategic ways to find the right REALTOR® for your first home:

• Ask for referrals from friends and family members. One of the best ways to find a REALTOR® is by reaching out to friends and family members who’ve bought a home in the past few years and can tell you about their personal experience.
• Drive through neighborhoods. Drive around neighborhoods you’re researching in your desired area and note the name of the real estate agent on any “for sale” signs. Also, consider reaching out to someone you might know who’s recently moved to or sold their home in the area. 
• Attend open houses. Open houses provide a great opportunity to freely browse local homes for sale while also giving you the chance to connect with the listing agent during your open house visit.
• Consult your mortgage lender. Your mortgage lender may be able to refer you to any REALTORS® they’ve worked with.
• Utilize online search tools. Browse agent directories on real estate listing websites to find information on licensed REALTORS®, including their ratings, past sales and more. You can also check out their social media platforms.

3. Prepare yourself before speaking with a REALTOR®

While your REALTOR® can help guide you through most if not all aspects of the home buying process, you are the one who knows your needs and finances best. Take the time to:

• Get a preapproval letter to look at houses you can afford.
• Compile a list of home buying goals with wants, needs and deal-breakers.
• Meet your mortgage loan requirements, which may include saving for a down payment.

These preparations can especially help in a seller’s market when real estate is in high demand and homes sell fast. By doing this legwork before or shortly after meeting your REALTOR®, you can make an offer sooner and get closer to locking down your dream home.

4. Interview multiple REALTORS®

From house hunting and deciding where you want to live to making your final offer, the REALTOR® you work with can make or break the home buying experience. To ensure you go with a REALTOR® who’s a good fit for your situation, it’s important to interview at least three or four real estate professionals before making a decision.

First-time home buyer questions to ask a REALTOR®

The home buying process involves a lot of moving parts and pieces from start to finish. As a first-time home buyer, be sure to ask your REALTOR® these questions before agreeing to work with them:

• Can you provide a list of references?
• How long have you worked as a REALTOR®?
• How many homes do you help buyers purchase each year?
• How do you help first-time home buyers stand out?
• How long does it typically take buyers you’ve worked with to find and purchase a home?

5. Choose your REALTOR®

Once you’ve picked a REALTOR® to help you buy your first home, simply let them know you’re ready to move forward. They may require you to fill out a buyer agency agreement stating that you’ll work exclusively with them throughout the home buying process, which includes searching for homes, making an offer and potentially negotiating with sellers on the purchase price. Your REALTOR® – known as a buyer’s agent in this instance – will receive their commission on the home you bought once the purchase is complete.

FAQs for first-time home buyers finding a REALTOR®

Let’s take a look at some common questions that first-time home buyers ask when looking to choose a REALTOR®.

1. When should I find a REALTOR®?

It’s most beneficial for first-time home buyers to contact a REALTOR® after obtaining a preapproval letter from a lender and before house hunting. This way, the REALTOR® knows the maximum home loan amount you can receive financing for. If you need help getting a preapproval, however, most REALTORS® can steer you in the right direction and will be willing to work with you even before you’re preapproved.

2. How do I reach out to a REALTOR®?

You should have the ability to easily reach out to almost anyone in the real estate industry. Real estate professionals typically receive communication via text messages, phone calls and emails. For the best experience, choose the method of communication that you most often use.

3. What’s the difference between a real estate agent and a REALTOR®?

A REALTOR® is an active member of the National Association of REALTORS® (NAR), which holds REALTORS® to high professional standards through continued professional training.

Similarly, a real estate agent is someone who’s licensed to help people buy and sell real estate, but they may not have additional memberships or the affiliation required to be classified as a REALTOR®. To put it another way: Real estate agents are REALTORS® in some but not all cases. However, all real estate agents in the National Association of REALTORS® are REALTORS® by definition.

4. How much does a REALTOR® cost?

As a buyer, you won’t directly pay for REALTOR® services. Most REALTOR® fees are paid on commission, which is typically covered by the seller when the transaction is complete with the buyer. Sellers generally agree to pay real estate agents 5% – 6% of a property’s sale price.

The bottom line: Purchase your first home with the right REALTOR® for you

Just like home buyers, no two real estate agents are the same. But this much is certain: The expertise of a real estate professional can play a huge role in helping you secure the best deal on a new home. Take the time to prepare and meet with REALTORS® you’ll consider working with who can effortlessly guide you through your first home buying journey.

Are you ready to work with a REALTOR® who can help you find your first home? Get a jump-start and begin the approval process with Rocket Mortgage® today.

The post How To Find a Realtor as a First-Time Home Buyer appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More.