Four LGBT First Time Home Buyer Tips for Choosing the Right Realtor

Purchasing a first home is a wise financial investment, especially with today's discounted prices, reasonable interest rates, and generous first time buyer tax incentives. But before looking at houses, savvy buyers will first spend time shopping for the right real estate agent to meet their needs. Most inexperienced buyers see a house they like and call the brokerage or agent whose phone number is displayed on the yard sign. As a result they enter into a professional relationship to make the biggest financial decision of a lifetime, and they do so with whatever agent happens to answer the phone.

Most consumers would never follow this strategy when hiring an attorney, a financial planner, a stock broker, or even a car mechanic. But the majority of first time home buyers choose their real estate professional in this random fashion and then cross their fingers and hope that everything works out well. If they later discover that they are not getting the desired results, these buyers have to start all over from scratch.

To eliminate this kind of aggravation and minimize the chance that a change in Realtors will occur in the midst of a search for a suitable property, LGBT buyers should follow these four helpful tips.

#1

Narrow the Field

Picking a Realtor involves finding a professional whose insight and experience is appropriate to the task. Some real estate brokers, for example, are entirely involved in the sale of new construction while others are primarily focused on sales of older homes in historic neighborhoods. While one agent may be the local expert on downtown condos and lofts, another may be better informed about bungalows or houses with large fenced yards in outlying neighborhoods. Buyers should first decide what general category of property they want to purchase and then choose a real estate broker with the right specialization and focus to help them.

#2

Find a LGBT-Friendly Realtor

The potential for silent homophobia within the real estate industry still exists, and may place invisible obstacles in the path of LGBT buyers. Buyers may even have trouble getting the expert help they expect if they select an agent who may be supportive of LGBT equality but who nevertheless lacks experience and understanding of LGBT legal issues surrounding home ownership. But the careful selection of a qualified Realtor who specializes in working with LGBT buyers can solve those problems before they ever surface. To narrow down potential candidates, buyers can use free resources such as GayRealEstate.com, an online network of LGBT real estate professionals worldwide.

#3

Understand Realtor Roles

Local real estate laws dictate the roles and fiduciary responsibilities that real estate agents and brokers play, and a buyer should clarify the role of each Realtor and then keep that in mind. Within some jurisdictions, for instance, real estate professionals act as dual agents. This means that they represent both the buyer and the seller at the same time. Those agents who are legally designated as exclusive buyer agents, on the other hand, are prohibited from listing homes on behalf of sellers. They work only for buyers, and are obliged to keep the buyer's best interests in mind throughout the entire transaction. Sometimes buyers prefer to work with an exclusive buyer agent because these Realtors are not busy trying to market and sell properties and can devote all of their attention to the buyer.

#4

Trust and Rapport are Essential

Always look for a Realtor with experience, a proven track record, and a verifiable reputation for customer service and satisfaction. But perhaps the most important attribute necessary in this kind of professional relationship is the ability to communicate and answer questions in a way that inspires confidence and trust. Without that kind of chemistry even the simplest transaction can become difficult, so buyers should trust their instincts and choose Realtors with whom they feel completely comfortable. That is one of the most compelling reasons for LGBT buyers to choose a real estate broker who is a member of a LGBT network.

Those who don't do this preliminary research run the risk of wasting valuable time and energy, and delays in the current market can be both frustrating and costly. Housing prices in many parts of the country are rising, mortgage interest rates may creep higher over the next few months, and the crucial deadline for taking advantage of the first time homebuyer tax credit is rapidly approaching. Any unexpected postponements caused by having to switch real estate brokers in the middle of the buying process can have substantial adverse financial consequences, and most buyers cannot afford those in this harsh economy.

But intentionally choosing the right Realtor can greatly enhance the first time home buying experience. This makes it easier to locate homes faster, negotiate from a more informed position, and ensure a smooth and flawless closing.

To find real estate professionals devoted to serving the LGBT community, visit www.GayRealEstate.com, or call toll free 1-888-420-MOVE (6683). The site is home to the largest online network of LGBT Realtors in the world.