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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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