Over the years, I've had to deal with real estate agents, even though most of the ways to acquire property can, and should, be done without their use. For most people though, choosing a real estate agent can be a very important part of purchasing property. Sometime in the future, you will find a property that you are interested in buying, and it will be "listed" by a real estate agent. The question then becomes do I want to, or have to, deal with the listing agent, or should I find an agent of my own? Just because an agent lists a property, doesn't always mean you have to deal with that agent. (In some cases, property is listed "exclusively" with an agent, and other agents can't make deals on the property. In this case, if you really want the property, you have to deal with the listing agent.)
There are two types of real estate agents. The "seller's" agent, which is by far the best known, and the "buyers" agent. (Note! The information I am about to give you is in no way directed toward any individual person. I am only reporting my experience in dealing with real estate agents, and that of my friends and acquaintances. There are always exceptions to any group of people!) To find a creative agent, you will be looking for a buyers agent.
When you first contact an agent, which can be found in the phone book, and better yet, the classified ad section of your local newspaper, ask them if they will represent you on a future property purchase, that you haven't found yet. If they are slow to answer, or say no, then they are not what you are looking for. A buyer's agent will be quick to take your name and phone number to correspond with you later. If the agent does ask for your name and number, than ask if they have ever done an unconventional property transaction. Again, if they seam uncomfortable with the question, or answer no, follow up by asking if they would be interested in doing creative ideas on a property deal. The only right answer is yes! Most of the time, an agent who does creative property deals, has done creative property deals for themselves, as well as others, in the past. They will be quick to point out their past deals, with pride! They also will want to talk about how they did them.
When you finally find "your" agent, they will want to meet with you, to find out more about what you are looking for. Most of the time, the agent will probably have some homes of their own listed, which may fill your needs. This first meeting is very important to you, so you can see if this agent is someone you can work with (some people don't like other people just because). The agent needs you to be completely honest, and open, about where you stand on the following points: (A)What you need. If all you want is a home of your own, than tell him/her that, but if you want income property, say so. (B) Your present money situation. No money down can still reguire closing costs. A good agent though, can work with-in the boundaries you give. So if you only have a little cash, tell them that. This won't stop a good creative agent! (C)How comfortable are you with risk? This can be very important to the agent in determining how much property to deal on for you. A good agent won't put you in over your head!
Your agent should want to talk about your ideas. When you find a property, suggest ideas to your agent, from the ways in this program, that could make the deal work. Your suggestions can start the creative prossess working in the mind of your agent, which can lead to new ways of doing the deal. Talk to your agent often, esspecially when you find property your interested in. Always remember to use your agent, and them only, when ever possible. If you find a property listed with another agent that you want to submit an offer on, go through your agent, not the sellers agent. By doing business this way , you build a good working relationship with your agent, and they will always be looking out for whats best for you in all your deals.
Buyers agents usually are willing to take more risk than seller's agents. Buyer's agents will not be afraid to "loan" you their commission with a pay back over time. Most seller's agents won't do this. Seller's agents work for seller's, so they are looking out for what they feel is the best deal for their clients. I've sean seller's agents turn down beautiful, creative deals, just because they didn't understand the win-win concept.(Win-win is when everybody gets a solution to their problem). This shows that the attitude of the agent reflects back to most of their clients! Seller's agents are usually not fast to point out the flaws of a property, where as, your agent will use every flaw he/she can find to your advantage. A home selling for $100,000 needing $25,000 in repairs will still appraise at $100,000. Remember that the appraiser is usually picked by the real estate agent! Your agent will see most of these needed repairs and work out a deal that will get you the property, possibly no money down.
I hope this report gives you a general idea on which agent to pick if and when you need to pick one. Again I want to say that I am sure there are some good seller's agents out there, but I've not dealt with one yet, that even comes close to my agent!