Buying a home has always been hard.
In August, it got even harder.
Home shoppers now must sign a contract with their agents before getting professional help, thanks to new rules under a National Association of Realtors’ court settlement.
While you don’t have to use an agent to buy a home, 89% of home buyers do, NAR figures show.
Home sellers long ago had to master the skills for hiring an agent, said Lisa Dunn of Laurel Real Estate Resources in Rancho Santa Margarita.
“Now, I guess it’s to become standard operating procedure with buyers,” she said.
As of June, the top 25% of agents handled 70% of the sales in the California Regional Multiple Listing Service, which covers most of Southern California, according to Laguna Beach consulting firm Real Data Strategies. That left the remaining 75% scrambling for a third of the business.
“Dabblers and part-timers are the scourge of this industry,” said Pomona agent Fred Van Allen, of First Team Real Estate. “You need a pro.”
So, how do you find a pro? And how do you avoid working with an ill-informed underachiever who only sees you as a dollar sign?
Agents and real estate experts recommended the following tips.
Do you need an agent?
Hiring a sales agent is not required.
And many DIY buyers actually manage to purchase a home without paying the extra $19,000-$23,000 agents typically command for medium-priced Southern California homes.
See also: How will new real estate rules work? Your questions answered
Zillow, Realtor.com, Redfin, Homes.com and myriad other websites provide lists of homes for sale.
Some buyers and sellers said they used an attorney to handle the paperwork at a fraction of the cost.
Industry insiders advise against going it alone, however.
“There are a lot of wheels turning and many moving parts in a real estate transaction,” said Aimee Hanson, a Minnesota broker and a long-time instructor at licensing course provider Kaplan Real Estate Education. “You need a trusted partner during this process,…
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