Home Buying Guide: Massachusetts
Often described by many home buyers as the “fun” part of the home buying process, looking for a home is your chance to find the perfect fit for you and your family. Finding a real estate agent for this step in the process of locating your dream home is a must. It is particularly important during this stage to thoroughly vet your real estate agent.
In my experience, real estate agents come in a variety of flavors. Some are very attentive to detail, some are all salesmanship, and others are blend of these two characteristics. You will want a real estate agent who can demonstrate to you in your interactions with them that they have excellent negotiating skills, that they are patient, and that they listen to what you want.
Find the Best Real Estate Agent
The best way to vet a prospective real estate agent is to set up an initial meeting with them and during that meeting spend some time discussing what you want in detail at the outset of the meeting. It is good practice, after your initial introductions and niceties, to take early control of the conversation and really detail your needs and wants to the broker. If you don’t know exactly what you are looking for in a new home or are unsure or unsettled about exactly what it is you want make that clear to the broker as well. Once you’ve taken this initial step sit back and let the broker take over, let them walk you through their sales pitch. When the broker has completed their sales pitch take a moment to quiz them on the earlier portion of the conversation. See if they remember the things that you are looking for in your dream home. A good real estate broker will be able to summarize your needs and wants and tell you how they are going to help you achieve them. A great real estate broker will summarize these needs and wants during the sales pitch, highlighting to you exactly what they can provide and how they can provide it.
If you don’t get either of these two results, a good listener or an active listener, move on and find a new broker.
Understand Your Real Estate Agent’s Motivation
Real estate agents in Massachusetts make money on commission (the exact commission will be spelled out in a contract made between yourself and the broker). While it is the seller’s real estate agent that contracts with the seller to determine the percentage commission that will be earned, that commission will be split with the buyer’s real estate agent. Because the buyer’s real estate agent is making money as a result of the sale of the home, remember that the agent is motivated by the split of the commission to get you to purchase a home.
The fact that a real estate agent working for the buyer is receiving a commission based on the buyer’s purchase of a home is a fact that you must be aware of. In my personal experience, anytime another party to a transaction is making money on my decision, that other party must be watched very closely. Trust but verify is a good motto to live by in any consumer transaction.
I am not suggesting that real estate agents want to steer you wrong, or are out looking to take advantage of you. In fact, real estate agents must abide by legal constraints and ethical codes in all of their interactions with their clients. However, I am suggesting though that it is in the financial best interest of a real estate agent to have you proceed with the purchase of a home – they make money directly as a result. The best practice when dealing with a real estate agent is to trust your gut and confirm any representations made by the agent through inspection of the property or other means.
A good real estate agent is a blessing because they will understand the market they work in, be able to provide you with a good fit for your needs saving you time and frustration in attempting to do all of the legwork yourself. Take your time even before physically visiting homes that you are interested in to find the right real estate agent that will represent you as you deserve to be represented.
Having found the home of your dreams you are now ready to proceed to Step 3 – Mortgage Options in Massachusetts.
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The information provided in the pages and posts of this website are for general informational purposes only. The information presented on this site is not legal advice, and no attorney-client relationship is formed by the use of this site.
