260 Route 171 Woodstock, CT 06281

214 Flanders Rd. Suite A Niantic, CT 06357 

CRPREMIER.COM

 

Are you looking for a new home? What is the first step? Typically, a buyer will go online looking for homes on one of the big national websites like Zillow and Realtor.com. When they find a home, they like they click the link to make an appointment to view it. They are then connected to a local agent who will meet them at the property. This seems like a relatively easy process except that most people don’t realize the following: 
  1. The State of CT requires that all Licensed Real Estate Agents sign a contract with the buyer before showing any properties. This can be awkward when meeting at the property.   
  2. Many times, the buyer doesn't want to sign any paperwork since they have just met this agent and they don’t know each other well enough to sign paperwork.
  3. If the buyer doesn't like the property, and they are not willing to sign the contract. The agent has just worked without compensation. You may think. Just one house isn't a big deal. Well, often it isn't just one house, and an agent may work for many weeks without receiving any compensation. A buyer / seller agent usually split a commission which is paid by the sellers.
  4. If the buyer does like the house, they will usually consent to signing the contract with the agent, so they can proceed to writing up an offer. However, now you have a random agent that you may or may not work well with and it could make the difference of whether you get to the closing table or not.
  5. The Agent also is now obligated to pay the national website (Zillow etc.) up to 40% of their commission back to Zillow for connecting them with the buyer. This can be a significant amount of the agents pay.
These situations can become confusing to a buyer, and it is up to the agent to navigate through this process in a way that the buyer understands.  So I wanted to take the time to provide some important information to educate buyers and help streamline the buying process.Let’s start with a few facts you may find interesting:     Did you ever wonder where websites like Zillow, Realtor.com and others get the property information from? They actually get it from a Database Called the Multiple Listing Service or MLS for short.  Where does this data come from? When a Real Estate agent lists a property, they put all the photos, and home data into the MLS and then websites must sign a contract with the MLS (for free) to extract the property information and display it on their websites.  Then they must have feeds to update that data regularly. Which in some cases is not always done in a timely manner and can cause confusion when the websites information is not accurate due to lack of updating. So pricing and property information may not be accurate. Data integrity is so important and our MLS is the primary source of this data and therefore the most accurate.   
 What should a buyer do?  My recommendation would be to find a local agent. Ask you friends, often word of mouth is the best source. If you don't have anyone a friend can refer you to the next option would be to interview some agents. Call, email, or text a few, see how they communicate with you. Having a good communication relationship is key to the success of your purchase or sale.  Read online reviews about them. Agents contact information is online and most are very accessible through multiple avenues.   Maybe this seems like too much work? However,  given that you are buying the most expensive purchase you may ever make ( a home) it is well worth the effort. Choosing an agent should be an informed decision.  Here are some questions you can ask an agent to determine if they would be a good fit for you. 
    Interviewing tips: 
 Let the agent know you are not sure if you will be buying, and you are just exploring your options.  Information obtained from a local agent will help you determine the best time for you to buy.  Most agents are happy to provide information, understanding that it is what you need to make an informed decision. If someone is too pushy, just move on to the next one. Interviewing is an important part to you overall success.     
Here are some questions you can ask an agent to determine if they would be a good fit for you. 
  •   Do you work in the towns/ location I’m interested in purchasing a home?
  •   How long have you been licensed.  Keep in mind, newer agents can be just as good as more experienced agents if they have a support network in the office. They are often very motivated and engaged.  So, if they are newer, just ask what their office support is like or are they independent. 
  •    Do you sell Real Estate full or part time? Depending on your schedule, this may be important for your schedule to view homes.  So, make sure the agent has time when you will be looking.
  • Determine your preferred communication method: phone call, email or text and ask if they are comfortable with this method as your primary communication preference.
  • Ask them to outline the home buying process from showings, submitting offers, inspections to closing.  Being informed streamlines the process incredibly!
  •  Ask if they have a recommended network of lenders, home inspectors and attorneys. Utilizing people that are the best in the field and having a good team can make a huge difference in the process. 
  •  If you don’t want to take the time to search and interview, call a local real estate office, and ask to speak with the manager.  Let them know what you are looking for in an agent and they can often connect you with an agent that will work hard for you! Utilizing a local agent to buy or sell a home can make a huge impact on how smooth your transaction goes.  
  • When buying a home, there is typically no fee for the buyers agents services, so make sure to ask and confirm this is the case with each agent you interview. 
One of the most important aspects of this process for buyers is the data integrity of the properties.
Earlier I mentioned that the MLS is the database that feeds the national real estate websites such as Zillow, Realtor.com etc. The transmission to other sites can be anywhere from 15 minutes to 24 hours later after a property is entered into the MLS. By partnering with a local Realtor, buyers can gain access to the MLS data instantly, often times giving them an advantage in the market. This can make a huge difference to buyers and give them a head start on new properties.  In conclusion, partnering with a local agent will help you position yourself in the Real Estate market and help you get into the home of your dreams. 
Happy home hunting!  
 Written by  Carol Ryniewicz Broker / Owner of CR Premier Properties 
Multi-Million Dollar top producerCT Magazine 5 Star Award WinnerNorwich Bulletin Best Real Estate Company 2022