Buying a Home for Physicians: How to Find a Real Estate Agent

If you’re a physician or other medical professional planning to invest in real estate or buy your dream home, you may find it challenging to look at properties without the help of a real estate agent.

Real estate agents or brokers assist people in buying and selling houses.

Their role includes educating you on market conditions and guiding you through every step, from home search to closing a deal.

However, finding a good real estate agent can also be overwhelming, especially for a first-time buyer.

If you don’t have much knowledge or experience with real estate, here’s how to find a real estate agent suitable for physicians or healthcare workers.

Know What Real Estate Agent to Find

Before you find agents, it’s important to know what kind of agent you should work with. To help you differentiate between the types of real estate agents, here are some of them you might encounter:

• Buyer’s Agent: This real estate agent provides a list of potential properties, offers expert advice, prepares price evaluations, and walks you through the buying process. Ultimately, a buyer’s agent represents and negotiates for you to help you secure your desired property.
• Seller’s Agent: A selling agent will represent you if you want to sell a property. Their role includes listing the property for sale, setting a price, and looking for potential buyers.
• Dual Agent: This agent represents both the buyer and seller. Stumbling upon one is rare, but it can happen in smaller markets. Working with a dual agent can streamline the homebuying process but may pose a conflict of interest due to their role.
• Real Estate Broker: Unlike other real estate agents, brokers have a higher level of education, licensing, and knowledge, as they ensure compliance, review contracts, and supervise agents, among other responsibilities. Real estate brokers may work independently, hire other agents, or start their own firms.
• Realtor: This real estate professional is an active member of the National Association of Realtors (NAR) and may work as a real estate agent or broker.

The best agent for you depends on your needs. If you’re buying a home, it’s best to work with a buyer’s agent. However, you may also consider hiring a broker or realtor if you prefer someone with more knowledge and stronger certifications.

How to Find a Real Estate Agent to Buy Your New Home

Explore these common ways to find a real estate agent online and offline.

1. Research Online

Many real estate agents and firms now have a strong presence online. You can search for them via search engines and social media platforms.

When looking through agents or agencies online, check their online presence and the content of their websites or social media accounts. Some of the things you need to check include:

• Follower Count: Having a fairly high amount of followers online means that a lot of people know about the real estate agent or agency. It also shows how they invest their time and effort in marketing themselves.
• Reviews: Consider the positive and negative comments, and avoid those with more complaints than compliments.
• Professional Information: Look for a transparent agent that provides their professional information, services, contact details, and office address, if any.

Also, check platforms like Better Business Bureau if the real estate agent has had complaints in the past. It’s also important to confirm with your state’s real estate regulator if a potential agent has a license or certification.

Searching online is ideal for those who want convenience and prefer to contact the real estate agent directly.

2. Look Through Official Referral Sources

Check your local chamber of commerce to find active and licensed real estate professionals. You can also look for agents under the NAR through their NAR Member Directory.

Another option is to contact well-known or local real estate brokerage firms with a good reputation. The firm will then assign a suitable agent based on your needs.

3. Ask Family and Peers

Asking for recommendations is a foolproof way to find legitimate and reliable real estate agents. After all, it’s easier to trust a person if they’re recommended by someone you know.

Don’t hesitate to ask your family, friends, colleagues, and even neighbors. When asking for recommendations, don’t forget to ask why they vouch for an agent. If they bought a house through the agent, ask them about their experience working with them.

Overall, personal referrals will give you first-hand insight into the agent’s skill, experience, and reliability.

4. Reach Out to a Real Estate Referral Agent

If you already know a few agents but want to buy a property in another state, you can ask them to refer you to someone they know and trust from your preferred state.

Your local agent may also receive a cut from the other agent’s commission as payment for connecting you.

Tips Before Working With a Real Estate Agent

Before you find and start working with an agent, here are some things you should know and consider.

Understand the Loan and Homebuying Process

Before buying a property, learn everything you can about the process to ensure you understand what you’re getting into. Study the requirements, how it works, pros and cons, property tax, insurance costs, and financial concerns, among others.

This step will help prepare your personal finances, especially if you want to buy a home during residency or fellowship.

Pre-Approve Your Mortgage

Having your mortgage pre-approved before looking for houses lets you know the maximum amount you can spend. It’ll also save you time by avoiding houses you can’t afford, narrowing your choices.

Also, having a pre-approved mortgage shows real estate agents and sellers that you’re serious about buying a house and can actually afford one. This is an advantage if you’re buying in a competitive market.

Know What You Want

Before contacting an agent, you should already know what kind of house you want. Some of the things you may want to consider include:

• Type of house
• Property size
• Location
• Price
• Maintenance requirements
• Nearby establishments, spaces, schools, etc.
• Parking
• Energy efficiency
• Outside space

Determine your preferences for these factors to help your agent find the right home for you.

Interview a Few Real Estate Agents

Before working with an agent, consider talking to at least three agents before choosing one. To see if an agent suits your needs, you may ask them about the following information:

• Experience and expertise
• License and certifications
• Availability
• How they work
• Commission or rate

You may ask more questions depending on what you’re looking for. Ultimately, the right real estate agent should cater to your needs and help you find a suitable property.

What to Look For in Real Estate Agents

Although the list isn’t exhaustive, a good real estate agent should possess the following factors.

Relevant Certifications

Real estate agents must have a license to work in the industry. When you start meeting agents, verify if they hold a license in the state you prefer. They may also hold other certifications, such as:

• Accredited Buyer’s Representative: Represents you in transactions.
• Certified Residential Specialist: Knows how to handle residential real estate.
• Seniors Real Estate Specialist: Helps buyers and sellers of 50 years old and above.
• Real Estate Negotiation Expert: Negotiates and advocates for the client.

The agent may also hold other licenses and certifications if they’re a National Association of Realtors member. Look for these to ensure you work with a trained agent or realtor.

Length and Nature of Experience

Look for an experienced real estate agent to ensure that you work with someone with established connections, strong market knowledge, and experience in negotiating, among other factors.

Seasoned agents may even give you tips on real estate loopholes for doctors, helping you maximize the perks of your professions in terms of real estate.

Besides experience, consider working with agents who specialize in a certain niche. For example, some cater to first-time homebuyers, while others have clients from the healthcare industry.

Availability and Commitment

Consider working with a full-time real estate agent since they can dedicate most of their time to looking for a suitable property, making last-minute visits, and accommodating your preferred schedule and real estate needs.

You can ask the agent’s availability when you interview them. It’s important that someone will be dedicated to working with you, especially if they’ll represent you with negotiations and transactions.

Positive Reviews from Others

Although this is expected, remember to go for someone with a good track record. Look for someone with solid online reviews and feedback from previous clients.

If possible, verify the reviews by asking people you know or the agent’s previous clients. Ask the agent what properties they have recently listed or sold and get their previous clients’ contact information if they can disclose it.

Commission Rate

Agents generally receive five to six percent commission for each successful real estate transaction. Ask the agent about their payment terms, as some follow an hourly rate. Work with the agent that fits your budget.

However, note that this standard real estate agent commission rate may no longer be the norm, as the National Association of Realtors agreed to eliminate commission rules in March of 2024.

Manage Your Personal Finance and Assets with the Right Advice and Guidance

Medical professionals have demanding work and tight schedules, making it challenging to plan for their future or take the next step in their dreams.

If you’re considering real estate investing, buying your dream home, or saving for your future, get help from trained financial consultants who can provide sound advice and assist you with planning and other steps of the process.

If you need guidance and assistance with your finances and assets, talk to our financial advisors today!

Physicians Thrive’s financial advisors are equipped to maximize your home purchase for your financial wealth and savings.