Picking the right real estate agent to help you find your next house could save you thousands of dollars and many hours of inspecting homes that aren’t right for you. Here are some questions you should ask to ensure you get the right person working for you.
What are your professional qualifications?
Look for someone who is a full-time REALTOR® and a licensed real estate agent. REALTORS® are real estate professionals who belong to the National Association of REALTORS®. They subscribe to a strict code of ethics and are committed to ongoing real estate education. A full time professional will also likely be able to connect you with home appraisers, home inspectors and lawyers. Ask whether your agent is a disclosed dual agent. This means he or she is allowed to act on your behalf and at the same time represent the person selling the house to you. It’s best to avoid this potential conflict of interest by hiring an agent who will work for you alone.
How do you get your business?
It’s a good sign if much of an agent’s business is repeat or referral. Someone who has satisfied past customers is more likely to satisfy you as well.
In what area of the city or region of the country do you normally work?
It’s best to choose an agent who normally works in the area where you want to purchase a home. He or she should be well informed on local property prices, schools, transportation and other services, and know how quickly you may need to act to get the house of your dreams. An agent who is up-to-speed on a neighborhood will also have enough knowledge of the area to be able to talk the price down during negotiations if, for example, other houses in the region have recently sold for less than the asking price.
How often will you keep in touch with me?
Your REALTOR® should spend at least an hour or two with you initially to get a good feel for what you’re looking for. After that, he or she should get in touch with you whenever new listings in the area and price range you want arise, and take you to see houses at your earliest convenience. In some markets or areas of the country, that could mean daily e-mails or telephone conversations.
If your agent shows you a home that isn’t suitable for you, he or she should take the time to find out why and tailor your subsequent home viewings accordingly. Even if the house of your dreams isn’t on the market yet, your agent should be calling you at least once a week to advise you on market trends. It’s a good idea to ask how soon your agent will return your calls. It should be by the end of the same day.
Will I be working with you alone, or with a member of your team?
A busy agent may hire employees to handle administration or other aspects of the business. There’s nothing wrong with a team effort to help you buy a home, but make sure it will be your agent who searches for the best listings, takes you to see properties, negotiates on your behalf, and reviews the final contract with you. If your agent is taking vacation in the near future, make sure you meet and are happy with the agent who will be filling in while he or she is away.
How much will your services cost?
Most agents are paid entirely by commission. Normally, this is four to six percent of the selling price. The exact percentage depends on factors such as the type of property and its value. You don’t have to come up with this money. In most areas, the seller pays the commission out of the selling price. Ask if there will be any other fees such as administrative costs.
How will you find me a home?
All REALTORS® should subscribe to the Multiple Listing Service (MLS), which gives them access to the listings of other agents both in their town and all across the country. If you’re planning on moving outside the U.S., you’ll want an agent who also subscribes to RELO®, which lists properties from around the world.
Your agent should also be able to direct you to look for homes on his or her corporate Web site where you may be able to take “virtual tours” of prospective properties online.
Can you provide me with references?
A good REALTOR® should be able to provide you with references from satisfied clients who have bought homes in your price range in the area where you want to move.
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