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4 Things Denver Homebuyers Should Ask When Hiring a Real Estate Agent

By U.S. News & World Report

Buying a home in a seller’s market is never easy, especially in a real estate market as robust as Denver‘s. Having the assistance of a good real estate agent can make the home-buying process immensely easier, but how do you choose the right real estate agent for the job?

Many people use personal referrals to find a real estate agent, but there are many things that should be taken into consideration before you hire someone to help you find your next home. Just because your cousin’s girlfriend’s sister is a real estate agent doesn’t necessarily mean she is the best real estate agent for you. Sure, she can probably help you find a house eventually, but can she help you get approved lending? Does she have spectacular contract negotiating skills? Is she a hard worker who is willing to drop her weekend plans to take you to see a new listing last-minute? Is she knowledgeable about the type of loan you are using, the price range you are qualified for and the neighborhood you are interested in?

Prospective homebuyers — especially those new to town — should contact several agents and evaluate them based on their level of experience, specialties, production rates, neighborhood knowledge, fee structure and personality before making a final decision. Denver’s top real estate agents according to OpenHouse Realty, a real estate data company (and U.S. News partner), recommend asking these questions before you hire an agent.

What’s your availability? Finding the perfect home takes a significant amount of time. You are going to spend hours scanning online listings, days touring houses for sale and weeks — possibly even months — interacting with your real estate agent, mortgage lenders and sellers’ agents. It can be an emotional process, and you need an agent who has sufficient time to dedicate to your home-buying journey. Being available means having a flexible schedule, a balanced workload and a respectable response time.

[Read: How to Avoid Getting Burned (and Burned Out) When House Hunting in Denver.]

“Availability is something big,” says Corey Wadley with Nostalgic Homes. “Ask how soon you can see properties. How many transactions are they currently handling? How many other clients do you have right now?”

You can’t expect a real estate agent to be at your beck and call, all day, every day. But, you can expect him or her to make you feel like your business is a top priority.

How many transactions do you handle each year? Production rate is a statistic that any real estate agent should be able to produce quickly and easily in conversation. It is a number that will not only give you an idea of the agent’s experience level, but also that person’s ability to handle challenges like unique contract contingencies, inspection concerns and tricky negotiations.

“It’s not just important to know production from a sales standpoint, but also to show how confidant you are,” Wadley says. “If you’re only doing a few transactions per year, you probably don’t have answers for your buyers in tough situations, which is where they need support.”

According to the National Association of Realtors, the average Realtor handles 11 transactions per year, and Wadley says that top-producing agents at his firm handle more than 60 transactions each year. However, this is not to say you shouldn’t necessarily use a less experienced agent or someone who is new to the industry. Just make sure the agent you choose to work with has a reliable team.

“If it’s a newer broker, find out who is helping them,” Wadley advises. “They will need support to help you through challenges.”

[Read: 5 Up-and-Coming Neighborhoods in Denver to Look for a Home.]

What are your specialties? Some real estate agents have expertise with certain types of home styles, price points, contracts, loans or clients. Some agents have taken classes to earn additional certifications, known as designations, to hone their skills in specific areas like distressed properties, contracts, land acquisitions or first-time homebuyers. Be sure to ask candidates if they have any special skills, knowledge or experience that may be helpful to you.

“The most important thing is that your Realtor is an expert on the area you’re interested in,” says Kelly Brink with 8z Real Estate. “Being especially knowledgeable about lending can be helpful to all buyers.”

Likewise, it’s important to be completely transparent from day one with any potential agents about your personal situation so they can best advise you. For example, are you a first-time homebuyer? Are you moving from out of state? Will you be using an alternative financing option like a Veterans Affairs or Federal Housing Association loan? These factors can help agents determine if they have the best skill set to help make your home search a success.

Additionally, it’s important to find an agent who has helped clients buy homes in the neighborhood in which you’re interested. If you’re planning to buy a home in the Highlands, you probably shouldn’t hire an agent who only has experience in Green Valley Ranch. Working with a real estate agent who is familiar with your desired area will ensure that you’re getting the best price for that type of home in that neighborhood. It could also mean hearing about upcoming listings before they hit the market.

What’s your fee structure? Although most real estate agents operate their business with similar payment models, fee structures can vary by company, location and market condition. Therefore, it’s important to have a conversation about money with each prospective agent.

[Read: How to Get the Most for Your Money in Denver Real Estate.]

Barb Cline with Colorado Realty Now says, “If I were giving advice to a buyer it would be to make sure to ask about the pay so you understand it well, and so there aren’t surprises at the closing table.”

Typically, the seller’s agent will advertise a pay rate on a home’s listing, including the commission the buyer’s agent will receive. If this amount is not up to par with how much your agent is willing to work for, the additional fees could become your responsibility.

Looking for a real estate agent in Denver? Our Find an Agent tool can match you with the person who’s most qualified for the job.

More from U.S. News

A First-Time Buyer’s Guide to Denver’s Cherry Creek Neighborhood

How to Get the Best Price on a Downtown Denver Condo

A Buyer’s Guide to Denver’s Highlands Neighborhood

4 Things Denver Homebuyers Should Ask When Hiring a Real Estate Agent originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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