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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 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
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?
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 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.
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® 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.
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 Realtor®'s systems, which
makes for a far more satisfying relationship. |