Purchasing a home is the biggest investment most homebuyers will ever
make. Using a real estate agent is the key to a successful search. To
help you select the best agent, there are several key issues you should
discuss with agents you are considering.
- What will you do for me?
This question is the crux of the interview.
The agent you hire should demonstrate what actions he or she will take
to help you reach your goals. Expect answers touting communication and
negotiation skills, personal commitment, and access to resources.
- What plan do you have to find a home for me?
Buyers should expect their agents to have a
plan to help them find the right house. Expect the agent to have
access to objective information about each property, professionals to
help with financing and inspections, and more.
- Do you have the time to devote to my needs?
Many real estate agents will promote the
number of sales they've had or how many buyers they are currently
working with, but does the agent have the time to devote to your
needs? If the agent is working with several buyers or has lots of
listings, make sure you're comfortable with the time they'll have for
you. If they've had few listings or sales, ask them how their lack of
experience can be overcome. If you tell them what you need, most
agents are willing to do what it takes to get the job done.
- How often will you communicate with me and how
often?
The success of your transaction depends on
regular communication. You should agree to the frequency of contacts:
contact is vital, even when nothing is happening! And, insist on
communicating with the agent, not just with the agent's assistant.
- How do you decide what price range to recommend
to me?
Choosing a price range is key to your search. Agents should look
for homes in the range you're comfortable with, not merely what you
qualify for. When it's time to make an offer, expect your agent to
provide a list of comparable sales, which should help you establish
your offering price.
- Explain to me how "real estate" works. What
happens in this process and what is expected of me?
Buyers need to understand the process so there won't be any
surprises. How offers are presented and negotiated, what happens
during escrow, which inspections are recommended, what estimated costs
will be, and any potential problems that could arise should be
addressed. A review of the purchase contract before you're ready to
make an offer is advised. If you and your agent are aware of what
could happen, problems will more likely be avoided.
- What type of training or education do you have
in real estate?
Most successful real estate agents devote
time to continuing education. The educated practitioner will know more
about the laws and practices affecting your transaction. Commitment to
education also indicates a higher degree of professionalism.
- What happens if I am not happy with your
services?
Besides learning what the agent will do for
you, you also need to know what recourse you have if the agent drops
the ball. Discuss how your relationship with your agent can be
improved or terminated so there are no surprises.
- What references can you give me for yourself and
your firm?
Number of sales is important but reputation is equally so. The
NATIONAL ASSOCIATION OF REALTORS®' survey of buyers and
sellers finds that 82 percent of them would use the same agent in
their next transaction. A firm's sales record will probably indicate
the success of their agents, but if considered without reputation,
that success will be short-term. Get references!
- Are you a REALTOR®?
Not all real estate licensees are REALTORS®. A REALTOR®
is a member of the NATIONAL ASSOCIATION OF REALTORS®, a
professional organization that keeps them informed on current laws and
other important issues. REALTORS® are obligated to follow a
Code of Ethics and can be disciplined for violating it.
Your relationship with your agent is a partnership: both have certain
responsibilities to insure success. Make sure your agent explains them
to your up-front. Bottom-line: You want an agent who will help you
find a home that meets your needs and can get you through closing with
as few problems as possible.
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