How to Buy Arizona Real Estate

Great!

You’ve done some basic research on the Arizona real estate market and you’ve talked to a lender and understand how to get your loan.

The next step, if you haven’t done it already, is to select a Realtor to work with in Arizona.

Real Estate Agents and Realtors

In Arizona, all real estate agents (or, “estate agents” as they say in Britain) must be licensed by the State of Arizona Department of Real Estate.

Many 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 a strict code of ethics.

How to Find a Realtor

The two most important qualities most people look for in a Realtor are 1) Knowledge, and 2) Trust.

You will want to look for a Realtor 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 Realtor for you to use. Research Realtors online.

You should contact Realtors until you find one you feel comfortable working with.

I want to be your Realtor!

I am a full time Realtor who supports his family by helping people buy and sell Arizona real estate. I’m familiar with many of the special concerns of Canadian and British buyers.

I also hope this web site shows you a glimmer of my personality and helps you decide if you would enjoy working with me.

John L. Wake
Associate Broker, M.S. ABR
HomeSmart Real Estate
Scottsdale, Arizona

How Much Do I Pay My Arizona Realtor?

Normally, nothing.

Realtors can get paid many different ways. Below is the most common scenario by far in Arizona.

First, let’s take a step back. A home seller and a Realtor reach an agreement to have the Realtor sell the home. In return, the seller agrees to pay the Realtor - usually a percentage of the final sale price - when, and if, the Realtor sells the home. This written agreement is called a “Listing Agreement.”

With the signed Listing Agreement, the seller’s Realtor can now promote the home in the MLS and reach many thousands of other MLS Realtors who in turn reach many thousands of home buyers.

The seller’s Realtor will state in the MLS that he will pay X% of the final sales price (or sometimes a flat fee) to any other member of the local MLS who represents the ultimate buyer of the home.

Therefore, in most home sales in Arizona, the seller has a Realtor and the buyer has a separate Realtor.

Since you are a buyer, your Realtor is usually free to you because your Realtor will be paid by the seller’s Realtor.

Don’t worry about a conflict of interest arising because your Realtor is being paid by the seller’s Realtor. By Arizona law, your Realtor is your “fiduciary” and is obligated to represent your best interests and not those of the seller.

FYI: A single real estate agent can legally represent both the buyer and the seller but this it is less common and it can open up a whole can of worms.

Next Tutorial: How to find your future Arizona home

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