Whether you’re a first-time buyer looking to purchase in the East Bay, or you’re considering selling your home, partnering with a skilled and locally knowledgeable Realtor© is a critical step. Here are some things to think about when choosing the best agent to represent you.

Local market knowledge

While it's valuable to consider an agent's overall experience, it's crucial for them to have knowledge of the local market. An active and well-informed agent will have insights into neighborhood trends, pricing, and market conditions specific to your situation. 

If you’re a buyer, your agent should be aware of the level of competition for your target property and may even know which other agents are likely to write on the same home. If you’re a seller, they may know of other properties similar to yours about to hit the market and which other local agents work with buyers who might be thrilled to own it. It may seem like minutiae, but this level of understanding can be the key to a successful transaction for buyers and sellers alike.

If you have particular requirements, look for an agent with the necessary networks and knowledge to navigate that market segment effectively. 

Communication style and availability

Real estate transactions require effective, consistent communication between agent and client. Do you like lots of details about the hows and whys or do you prefer a broad overview? How might this change during the course of your home hunt? 

For your part, it’s essential to communicate your wants, needs, and preferences as soon as possible. Most agents are eager to accommodate! It’s a good idea to ask about an agent’s availability and responsiveness. If you’re considering a team, who is your main contact and how do they work?

Negotiation skills

A significant aspect of a real estate agent's role is negotiating on your behalf. Ask about their negotiation strategies and how they have achieved favorable outcomes for their clients in the past. Do they have up-to-the-minute market statistics and can they interpret them? How would they handle an impasse? Are they able to steady the ship if things get shaky? 

Their ability to negotiate can make a substantial difference in the final deal you secure. Neighborhood and property type may call for different negotiation strategies, so again, local knowledge is critical.  

Network and brokerage support

Is the agent well-connected? A robust network offers access to a range of resources and support. Active collaboration with service and trade professionals is invaluable. They can help with everything from sale prep and staging to financing and inspections. A solid and cordial professional circle keeps your agent ahead of the curve.

The brokerage an agent affiliates with underpins their success. At Red Oak we’re committed to providing comprehensive agent support with marketing, innovative technology, market analysis, legal compliance, and more.

Compensation

Realtors® are typically compensated through commissions, a percentage of the property's sale price. In the East Bay, the standard commission rate ranges from 2.5% - 3.5% for the listing side of the transaction. The buyer's agent fee is negotiated as part of the offer, and typically falls around 2.5%. The offer specifies who's side of the ledger will take care of this fee. A large percentage of transactions in the Bay Area see the buyer and seller agreeing to subtract the agency fees for both sides of the transaction from the seller's side. The buyer proposes a sales price, and transaction cost terms including agency fees. The seller looks at the net, and the negotiations begin. All buyer's are required to have a signed Buyer Broker Agreements. The individual agent also shares their fees with their brokerage, and is subject to various additional fees for things like transaction management or marketing. They don’t get paid until the escrow closes.

Commission rates are negotiable, and it is important to discuss this with potential agents upfront. Consider the value provided by the agent, their expertise, and the level of service they offer. If you’re a seller, a “discount brokerage” may be tempting, but this approach can deliver disappointing results. For example, below you’ll see how Red Oak listings compare to those of a well-known digital brokerage: You’ll find that Red Oak outperforms on every key metric.

There’s more

The agency relationship is very important to understand. Your agent has a fiduciary duty to you and is bound to put your interests before their own. One of the first documents you will encounter on your real estate adventure is the Agency Disclosure. Be sure to read it thoroughly and ask if you need any clarification.

Though people often use agent and Realtor® interchangeably, they’re not the same! Realtors® are members of the National Association of Realtors, and their local affiliates. They benefit from relevant educational opportunities and certifications. Importantly, they subscribe to a comprehensive Code of Ethics. 

Are you looking for an adept Realtor® to guide you to your real estate goals? We would be happy to interview with you and see if we are a good match. Reach out to set an appointment.