First-time homebuyers, especially those new to Hawaii, often don’t have knowledge of the complexities and differences of Hawaii's unique real estate market. It’s up to the Realtors in Hawaii to educate these first-time homebuyers on the homebuying process to ensure a smooth and stress-free transaction.
Finding the Right Agent
One of the best ways to find a great Realtor is to ask your family and friends for referrals; however, it’s imperative that you take the time to meet and interview the agent yourself to go over their qualifications and experience. Bear in mind that the average real estate transaction takes about 45-60 days to close (and sometimes longer due to unforeseen complications), so it’s important that your values, personalities and goals are aligned. This may be the largest purchase of your life, so it’s crucial that you like your agent and trust them to represent your best interests in the transaction.
Agent Qualifications
In the U.S., most real estate agents are members of the National Association of Realtors® (NAR) and are bound by a strict professional Code of Ethics. Whether you're buying or selling, it’s critical that you find a licensed agent who’s a member of NAR to work with and represent your best interests in a real estate transaction. Non-members aren’t bound to the same standards and ethics. All Locations agents are NAR members.
Of course, you'll want your real estate agent to be honest and ethical, but the agent that you choose to work with must also be responsive, reliable and able to outline each step of the transaction clearly.You'll also want to partner with a professional, full-time agent.
How Are Real Estate Agents Paid?
Another issue that is often misunderstood is how agents are paid. In August 2024, the rules around agent commissions changed as a result of a settlement between NAR and a group of home sellers. For more information about the settlement and the changes to how agents are paid, watch the below video or visit our blog.
Buyer's Agents vs. Seller's Agents
The role of the buyer's agent is to represent the buyer's best interests. A buyer's agent will help a buyer to find a property that matches their requirements and help them obtain that property for best price with the most favorable terms.
The role of the seller's agent (also called a listing agent) is to represent the seller's best interest. A seller's agent will sell a property for the highest price in the shortest amount of time, with the most favorable terms.
The buyer's agent and the seller's agent have different objectives, as they represent opposing parties. However, each has a duty and responsibility to collaborate with their respective client to reach the best terms and conditions possible.
On occasion, an agent might represent both the buyer and the seller. This is called dual agency. While there are various forms of dual agency, Locations does not permit its agents to act as a single agent in a dual agency transaction.
To summarize, homebuyers and sellers—especially ones new to Hawaii real estate—should work with a knowledgable Realtor® who will protect their best interests and help them to get the best deal. If you don't have a Realtor, you can find one here—you can even search by languages spoken.
