|
|
|
1. Are
you a full-time professional Realtor®? How long have you
worked full time in real estate? How long have you been
representing buyers? What professional designations do
you have? |
|
|
Knowing
whether or not your Realtor® practices real estate on a
full-time basis can give you a piece of the puzzle in
foreseeing scheduling conflicts and, overall, his or her
commitment to your transaction. As with any profession,
the number of years a person has been in the business
does not necessarily reflect the level of service you
can expect, but it is a good starting point for your
discussion. The same issue can apply to professional
designations. |
|
2. Do
you have a personal assistant, team, or staff to handle
different parts of the purchase transaction? What are
their names and how will each of them help me in my
transaction? How do I communicate with them? |
|
|
It is not
uncommon for high real estate sales producers to hire
people to work for them or with them. They typically
work on a referral basis, and, as their businesses grow,
they must be able to deliver the same or higher quality
service to more clients.
You
may want to be clear about who on the team will take
part in your transaction, and what role each person will
play. You may even want to meet the other team members
before you decide to work with the team overall. If you
needed help with a certain part of your home purchase,
who should you talk to and how would you communicate? If
you have a question about fees on your closing
statement, who would handle that? Who will show up to
your closing? These are just a few of the many important
considerations in working with a team.
|
|
3. Do
you and/or your company each have a website that will
provide me with useful information for research,
services, and how you work with buyers? Can I have those
Web addresses now? And who does the emails? Can I have
the email address now? |
|
|
Many home
buyers prefer to search online for homes and home buying
information. There are certain privacy and comfort
levels that you might appreciate in starting a
preliminary search this way, and often it is just a
matter of convenience, having 24-hour access to
information. By searching the Realtor's® and the
company's Web sites, you will get a clear picture of how
much work you would be able to accomplish online, and
whether or not that suits your preferences. When I have
a question, how quickly do you respond to emails?
|
|
4.
Will you show me properties from other companies'
listings? |
|
|
Some real
estate companies do offer their buyers' agents a higher
commission if they are able to sell "in-house" listings.
In such circumstances, there can be added incentive to
show you a more limited range of homes than you might
consider. If this is the case with your Realtor®, you
should be very clear on how this will impact your home
search, if at all. You also should determine it this
affects how much your buyer agents fee will be.
|
|
5.
Will you represent me or will you represent the seller?
May I have that in writing? How will you represent me,
and what is the direct benefit of having you represent
me? |
|
|
The goal
here is to ascertain to whom the Realtor® has legal
fiduciary obligation, which may vary from state to state
or even locale to locale. In the past, Realtors® always
worked for sellers. Then the listing broker was
responsible for paying the agent or sub-agent that
brought a suitable buyer for the home. And even though
the buyer worked 'with' an agent, the agent still
represented and owed their fiduciary duty to the seller.
An
additional situation in some states is dual agency. This
is where the buyer decides to have the listing agent
prepare the offer for him. A knowledgeable buyer may
elect this situation which should be fully disclosed to
all parties. In some states it also affects the
broker's/agent's fiduciary responsibilities to the
seller.
Although Realtors® today almost always have a sense of
moral obligation to buyers, this original type of seller
agency still exists in certain areas. In other areas, a
formal method of buyer representation called Buyer
Agency exists to protect buyers. Find out what is
available in your area and make yourself comfortable
with the extent to which you will be represented.
|
|
6. How
will you get paid? How are your fees structured? May I
have that in writing? |
|
|
This is an
issue that can also be related to agency. In many areas,
the seller still customarily pays all Realtor®
commissions through the listing broker. Sometimes,
Realtors® will have other small fees, such as
administrative or special service fees, that are charged
to clients, regardless of whether they are buying or
selling. Be aware of the big picture before you sign any
agreements. Ask for an estimate of buyer costs from any
agent you contemplate employing.
|
|
7.
What distinguishes you from other Realtors®? What is
your negotiating style and how does it differ from those
of other Realtors?? What geographic areas to you
specialize in? |
|
|
It should
be important to know that your Realtor® has unique
methods of overcoming obstacles and is an effective
negotiator on your behalf, but most importantly that
your Realtor® can advocate for you in the most effective
ways.
|
|
8.
Will you give me names of past clients who will give
references for you? |
|
|
Interviewing a Realtor® to help you buy a home can be
very similar to interviewing someone to work in your
office. Contacting a Realtors'® references can be a
reliable way for you to understand how he or she works,
and whether or not this style is compatible with your
own.
|
|
9. Do
you have a performance guarantee? If I am not satisfied
with your performance, can I terminate our Buyer Agency
Agreement? |
|
|
Understand
that, especially in the heavily regulated world of real
estate, it can be increasingly difficult for a Realtor?
to offer a performance guarantee. Sometimes you may find
a Realtor® who is willing to guarantee that if you are
dissatisfied in any way with their service they will
terminate your Buyer Agency Agreement. If your Realtor®
does not have a performance guarantee available in
writing, it is not an indication that he or she is not
committed to perform, but rather that he or she is
willing to verbally promise some kind of performance
standard. In fact, Realtors® understand the importance
of win-win business relationships, and that the Realtor®
does not benefit if the client does not also benefit.
|
|
10.
How will you keep in contact with me during the buying
process, and how often? |
|
|
It's a
good idea for you to set your expectations reasonably in
accordance with how your Realtor® conducts business. You
may be looking for an agent to call, fax, or email you
every evening to tell you about properties that meet
your criteria which are new on the market. On the other
hand, your Realtor® may have access to systems that will
notify clients of new properties as they come on the
market (which could happen several times a day or
several times a week). Asking this extra question can
help you to reconcile your needs with your Realtors'®
systems, which makes for a far more satisfying
relationship. |
