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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? |
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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.
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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? |
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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.
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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? |
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Many homebuyers 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? |
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4. Will you show me properties from other companies'
listings? |
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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.
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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? |
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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.
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6. How will you get paid? How are your fees structured?
May I have that in writing? |
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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. |
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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? |
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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.
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8. Will you give me names of past clients who will give
references for you? |
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Interviewing a Realtor® to help you buy a home can be very
similar to interviewing someone to work in your office.
Contacting a Realtor®'s 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.
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9. Do you have a performance guarantee? If I am not
satisfied with your performance, can I terminate our Buyer
Agency Agreement? |
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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® at Keller Williams Realty understand the
importance of win-win business relationships, and that the
Realtor® does not benefit if the client does not also
benefit.
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10. How will you keep in contact with me during the
buying process, and how often? |
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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 Realtor®'s systems, which makes for a far more
satisfying relationship. |
