There are many things to consider when you are purchasing a new home. Whether it is your first home or your fifth home, you should always have the help of a qualified buyer's agent.

A buyer's agent will protect your financial interest during the purchase process. The listing agent works for the seller. He represents the seller's financial interest. Many buyers think that by using the listing agent, they will save themselves money. The opposite usually occurs. The buyer pays more than he should because he didn't have the help of a buyer's agent.

Just as you would interview several agents to sell your home, you may also want to interview several agents to find a buyer's agent to represent you.

The following are tips to help you determine how to choose a buyer's agent:

1. How well does the agent know the targeted buying area? Your buyer's agent will be an invaluable resource for information regarding your targeted purchase area. He should be able to provide you with information about schools, shopping and municipal services in that community, as well as, provide a competitive market analysis so you don't overpay for a home.
2. What methods does the agent use to find a home that meets your criteria? A buyer's agent should use all sources available to find a home, including those listed in the MLS, new construction, For Sale By Owners, recently expireds/withdrawns and pocket listings (homes not on the market yet).
3. On average, how many homes will you view prior to making an offer? The answer to this question will vary. However, if an agent averages 40 homes before buyers are making an offer, he may not be showing homes that meet the buyer's specific criteria. You want to make sure your agent will hone in on the homes you are interested in and not just showing you everything that is on the market.
4. Is there a possibility that you will be competing with other buyers for a home? Even in the current market, you may see multiple offers in certain price points or popular neighborhoods. This information will help you determine how quickly you should see new properties as they come on the market.
5. What is the agent's average sales-price-to-list-price ratio? A competent buyer's agent should be able to negotiate a purchase price less than 99% of list price.
6. What separates this agent from others? Things you should be looking for are good communication skills, assertiveness, honesty, analytics, accessibility by phone, email and text messaging.
7. Who pays the buyer's agent's commission? In most cases, the buyer's agent is paid by the home seller. However, there may be cases involving For Sale By Owners who refuse to pay the buyer's agent. You need to know upfront if you will be responsible for paying the buyer's agent's commission and how much that will be.
8. Will you be required to sign a Buyer's Representation Agreement prior to viewing homes? In Tennessee, buyers are required to sign a Buyer's Representation Agreement prior to making an offer. Some agents will prepare that document at the time of the offer and others will require a signed document prior to showing homes. If you feel comfortable with an agent, there is no reason not to sign an agreement prior to seeing homes. Most agents will release you from that agreement if you are dissatisfied with their service.
9. Will the buyer's agent release you from a signed Buyer's Representation Agreement if you are dissatisfied with his service? As previously stated, most agents will release you from the Buyer's Representation Agreement if you are unhappy with their services but you should verify this prior to signing any agreement.
10. Can the buyer's agent provide references? Agents should be able to provide you with references. Keep in mind, that many new agents begin working with buyers prior to working with sellers and may not be able to provide you with references. This does not mean that you shouldn't hire them as your agent. You may find there is an advantage to working with a newer agent. Specifically, he will be able to give you more time and attention than a more seasoned agent.

Working with any real estate agent is more "an art than a science". Most buyers choose agents based on their ability to work well with that particular agent. Don't discount an agent because he has only been in the business a short time. It is more important for an agent to know the current market and be able to communicate well with you than the number of years he has been in the business. Obviously, more seasoned agents may be more knowledeable about the area and have better sales-price-to-list-price ratios.

Buyers sometimes mistakenly choose an agent based upon things totally irrelevant to the purchase, like the type of car the agent drives. Don't be sidetracked by these types of issues. There is absolutely no correlation between the type of vehicle an agent drives to the service he will provide. I know some very successful agents who drive older model cars. Don't be fooled by those who tell you these types of things should be a consideration. It has nothing to do with an agent's ability to provide you with excellent service.

If you are looking to buy a home in Franklin TN or the surrounding area, please contact Tammie White at (615) 495-0752. I would be happy to represent you in the purchase of your new home.