Top 12 Questions a Buyer Should Ask
The Top 12 Questions a Buyer Should Ask When Screening Realtors to Assist Them on a Home Purchase
In a random survey, statistics revealed 82% of people who bought or sold a home had a miserable experience (Real Estate Marketing University, 1999) blaming it mainly on their real estate agent. Is your agent looking out for your best interested or are they just trying to pressure you into a home purchase?
Purchasing a beach home is one of the biggest financial and emotional investment decisions one makes. This report is designed to assist you in making an informed decision in retaining a real estate professional that you can count on in accomplishing your goals.
1. Do you have current technology to send me listings on a daily or weekly basis? Because you don’t want to miss out on a great buy, it is critical that you are being provided with market updates. A good Realtor has invested in cutting-edge technology to keep you informed.
2. Do you have support staff in place if you are unavailable to “show” us homes? A good real estate practitioner has employed systems either with fellow agents, assistants, or has a “Showing Specialist” available on relatively short notice to show homes.
3. Do you communicate by e-mail? Yes, this question sounds absolutely stupid, but it’s absolutely true. Your Realtor should be equipped to communicate with you fast and efficiently. Imagine waking up in the middle of the night with a burning question that you just want answered. With e-mail, you have the opportunity to get it off your chest immediately and with a good realtor a response should be in your inbox in a timely manner.
4. How many “Buyer Side” Transactions have you completed in the past few years? Be cautious of real estate agents gloating about “10 years experience,” the average agent sells 4.5 homes per year (NAR, 2001), a good one sells over 24 homes per year. In this example the good sold 10 years worth of property in just one year.
5. Can you provide me with the names and phone numbers of your past three clients? This is a biggy and yes, call them to see how the agent performed. Steer clear of any agent that does not provide some names.
6. Do you work with or research “For Sale By Owner” (FSBO) properties?When working with a buyer, it is not uncommon that a Realtor avoids FSBOs like the plague. Why? They are afraid you will work with the seller directly and hence they would miss out on earning a commission. A good agent has experience in working with and negotiating on behalf of the buyer for their FSBO purchase.
7.Can you provide closing cost estimates? Your Realtor should be financially competent to give you some basic estimates of your closing costs BEFORE you even write an offer on a property. That way you, will have no surprises at closing.
8.What is your policy on returning phone calls? This is the most common complaint from consumers. A good agent will have a system in place to let callers know exactly when calls will be returned.
9. Do you do this full-time or part-time?If the agent is “part-time” walk, no, run away as fast as you possibly can. Generally speaking, 52 people are involved in a real estate transaction from start to finish. You need an agent that can manage those relations and not be limited to nights or weekends.
10.What percentage of your practice comes from referrals and endorsements from past customers?A “referrable” agent is someone that is trustworthy and worth their weight in gold. A great realtor generally receives at least 70% of their NEW customers by recommendations or endorsements from their current or past customers.
11.Have you ever had a grievance or complaint lodged against you with your local association or State real estate department?
12. Goals and expectations? You should outline your goals and expectations with your agent. Your agent should then, in turn, put these goals and objectives into practice in serving you, keeping in mind what is best suited for you and your family.