| 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. |
