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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?
Knowing whether or not your agent practices full time can help
you determine potential scheduling conflicts and 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? 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 agents who sell a lot of houses to hire
people to work 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 people.
You may want to know 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. If you have a
question about fees on your closing statement, who would handle
that? Who will show up to your closing?
3. Do you have a Website that
will provide me with useful information? Can I have your URL
address? Who responds to emails and how quickly? What’s your
email address?
Many homebuyers prefer to search online for homes because it’s
available 24 hours a day and you can do it in the privacy of
your own home. By searching your real estate agent's Website you
will get a clear picture of how much work you would be able to
accomplish online.
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 limit the
range of homes you are shown. This may impact your home search
and how much your buyer agent's 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 real estate agent has
legal fiduciary obligation, which may vary from state to state
or even locale to locale. In the past, agents 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.
Dual agency is where the buyer
decides to have the listing agent prepare the offer for him. If
you are a knowledgeable buyer, you may choose to do this, but
only with full disclosure to all parties. In some states it also
affects the broker's/agent's fiduciary responsibilities to the
seller.
Although seller agencies still
exists in certain areas, agents today almost always have a sense
of moral obligation to buyers. Find out what is common in your
area and understand what kind of agent you have before you begin
to work with them.
6. How will you get paid? How
are your fees structured? May I have that in writing?
In many areas, the seller pays all agent commissions. Sometimes,
agents 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 real estate agents? What is your negotiating style and how
does it differ from others? What geographic areas do you
specialize in?
Each agent has unique methods of overcoming obstacles and
negotiating deals. The most important thing is to make sure your
agent is an effective advocate for you.
8. Will you give me names of
past clients?
Interviewing an agent can be similar to interviewing someone to
work in your office. Contacting 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?
In the heavily regulated world of real estate, it can be
difficult for an agent to offer a performance guarantee. If your
agent does not have a guarantee, it does not mean they are not
committed to high standards. Typically, he or she will verbally
outline what you can expect from their performance. Keller
Williams® Realty understands the importance of win-win business
relationships: the agent does not benefit if the client does not
also benefit.
10. How will you keep in
contact with me during the buying process?
Some agents may email, fax or call you daily to tell you about
properties that meet your criteria, while others will keep in
touch weekly. Asking this question can help you to reconcile
your needs with your agent's systems.
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