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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