Great!
You’ve done some basic research on the Arizona real estate market and you know where the money is going to come from to buy the home.
The next step, if you haven’t done it already, is to select a real estate agent to work with in Arizona.
Real Estate Agents and Realtors
In Arizona, all real estate agents must be licensed by the State of Arizona Department of Real Estate.
Most real estate agents licensed in Arizona are also Realtors. Only real estate licensees who are members of the National Association of Realtors are properly called Realtors. Realtors are committed to treat all parties to a transaction honestly and subscribe to the strict Realtor Code of Ethics.
How to Find a Real Estate Agent
The two most important qualities most people look for in a real estate agent are 1) Knowledge, and 2) Trust.
You will want to look for a real estate agent who is knowledgeable in the specific type of transaction you are planning and with whom you feel comfortable working.
Ask your friends in Arizona if they would recommend a real estate agent for you to use. Research real estate agents online.
Please keep me in mind also when you’re ready to talk to an Arizona real estate agent. Feel free to call me right now at (480) 600-0947 to get started. Thank you!
How Much Do I Pay My Arizona Real Estate Agent?
Normally in Arizona, buyers pay their real estate agents nothing.
Real estate agents can get paid different ways. Below is the most common scenario in Arizona.
Let’s take a step back. First, a homeowner and a real estate agent agree that the real estate agent will help the owner sell the home. The seller will agree to pay the real estate agent when and if the real estate agent sells the home. This written agreement is called a “Listing Agreement.”
The seller’s real estate agent can now promote the home in the MLS and reach many thousands of other MLS real estate agents who in turn reach many thousands of home buyers.
The seller’s real estate agent will typically state in the MLS that he will pay X% of the final sales price to any other member of the local MLS who represents the buyer of the home.
Therefore, in most home sales in Arizona, the seller has a real estate agent and the buyer has a separate real estate agent.
Since you’re a buyer, your real estate agent is usually free to you because your real estate agent will be paid by the seller’s real estate agent.
Don’t worry about your real estate agent having a conflict of interest, by Arizona law, your real estate agent is your “fiduciary” and is obligated to represent your best interests and not the best interests of the seller or the seller’s real estate agent.
FYI: A single real estate agent can legally represent both the buyer and the seller but this is less common and it can open up a can of worms. If your real estate agent also represents the seller, your real estate agent can’t tell you if the home is overpriced because that would be betraying his fiduciary responsibility to his other client, the seller. I personally won’t represent both the buyer and the seller in the same transaction. That way I can always give you my honest opinion when a home is overpriced.
NEXT LESSON >> How to find your future Arizona home
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