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My wife and I are first time home buyers and are meeting with a few Realtors soon to interview them and see which one is the best fit for us. I know there is a wealth of information online, but I thought I'd throw this post up and see if I could get some help here.
What are some good questions we should ask Realtors when meeting with them? Thanks in advance!
I am going to go against the grain. Don't them if they are new, or how many houses they have sold. My first few deals went amazingly, and they were some of the easiest that they have ever encountered. Plus the enthusiasm of a new deal goes a LONG way for a new agent. Instead, ask something like "if we have difficulties in this deal, what resources do you have to help us through?" If they work for a big brokerage, they most likely have a plethora of helpful agents and brokers behind them to get them through circumstances.
I would also ask them about their particular area of service. Many realtors will only work within a certain boundary, instead of the entire town (if you live in a big area). I happen to work the entire San Antonio area, and while it was overwhelming at first, I now know enough to serve clients in any area.
Also ask them about their schedule, their personal life. Engage them on a non-business level. If a Realtor feels a personal connection to you, they will work hard to make you happy. Be personable, and see if there is any "chemistry" between you two. This goes a long way in business.
How many sides have you done in last 12 months? Please provide proof.
Why this question?
Because it separates the dabblers from the pros.
Fewer than 10 is a part-time amateur, in my opinion.
I like 20+.
More than 50 means you won't get the time-of-day from them. You will be dumped onto a junior helper.
Second most important question for me.
How many pieces of paper will I have to sign BEFORE the actual closing?
Any number larger than zero is instant disqualification for me. During our last sell/buy experience in 2011, the number was zero.
Third most important for me.
What is your preferred method of communication? Phone, fax, email, text?
Fax is a death answer.
I prefer email and hate texting. You may prefer something else.
How many sides have you done in last 12 months? Please provide proof.
How many pieces of paper will I have to sign BEFORE the actual closing?
Any number larger than zero is instant disqualification for me. During our last sell/buy experience in 2011, the number was zero.
.
How on earth do they make an offer without signing anything?
How many sides have you done in last 12 months? Please provide proof.
Why this question?
Because it separates the dabblers from the pros.
Fewer than 10 is a part-time amateur, in my opinion.
I like 20+.
More than 50 means you won't get the time-of-day from them. You will be dumped onto a junior helper.
Second most important question for me.
How many pieces of paper will I have to sign BEFORE the actual closing?
Any number larger than zero is instant disqualification for me. During our last sell/buy experience in 2011, the number was zero.
Third most important for me.
What is your preferred method of communication? Phone, fax, email, text?
Fax is a death answer.
I prefer email and hate texting. You may prefer something else.
I've read that from you before.. and I agree, digital is the way to go.. but I'll play devils advocate that most sellers/buyers that are new to the process might feel most comfortable doing everything in front of a conference room table. makes most sense to push the paper over and get a wet signature.. I'd have no problem, I guess, discussing everything on actual paper and then uploading to docusign, shifting the computer to my client and then walking them through signing up possibly for a new acct and then digitally signing everything.
seems wasteful in *some cases*
and email all the way. HATE HATE HATE texting, either a client of agent. I'll do it if forced to, but my fall back is email or a phone call. too much room for interpretation with a text imo
How on earth do they make an offer without signing anything?
Quote:
Originally Posted by MikeJaquish
He said "Paper."
Digitally signing removes paper. www.DocuSign.net
It's pretty cool stuff.
Some folks also like DotLoop.
There are others.
It is a subjective parameter, and rather silly to remove a good agent from consideration for producing paper documents.
docusign is a godsend. I cringe when I have to draft an offer for a foreclosure that doesn't allow it, or one that has addendums following that also won't allow digital sigs
What is your day job? What is your second job?
Proper answers: Real estate brokerage is my day job. It is my only job.
Can you afford to be in business?
Proper answer: Yes. You will never hear me moan about business expenses. Never. I can afford to do what I do.
Learn about availability of the agent, for showings, for communication. Have second thoughts if the agent proudly says they are on task 24/7/365. But, if they do, don't hesitate to test them with a call at 4:00 AM with even the most minor questions. 'Cuz, it is a bogus claim. And, who would want to work with an agent who never sleeps? They get cranky and sloppy. Better than to buy that rot, put in your buyers agency agreement that the agent will get a minimum of 7 hours of sleep nightly during the duration of the agreement.
Ask if the agent practices dual agency. How many sales has the agent closed in dual agency? This is important. If the agent is aggressive about pursuing dual agency, you may not get the representation you need, particularly as a first time buyer.
And agents who aggressively pursue dual agency may want to show you all the junk they have listed before showing you stuff from other agents. That does not serve you.
Ask if the agent is your point of contact from showing to closing. If there is a team, ask to meet the entire team. They are the people who will actually get you to the finish line. Some are great. Some, not so great. Ask if anyone without a real estate license will work the transaction with you. That shouldn't be necessary.
Ask about agent compensation. Does the agent make more money for putting you into one of the firm's listings rather than a listing from another firm? If so, why, and how much? Get solid answers, as higher compensation for an in-house listing is not aligned with serving you as a client and showing you any home on the market that fits your needs.
What is the most common commission you receive as a buyer's agent. Of course, there is no standard commission, but will the agent notify you if they see a higher commission or a bonus to them for a specific house? Will they disclose that? When? Proper answers: Yes. As soon as they know, but before you write an offer.
Has the agent had any buyer contracts terminate within the last year? It happens. Let the agent explain how and why, and as they talk, you will learn about how they view the business. You learn while they talk. So, get them rolling on some topic.
What length of time is your buyer's agency agreement in effect? Proper answer: X months, but it is a moot point. I put a right to terminate in all of them. If you don't like me, cut me free.
Things to not ask, as they make you look pretty dull:
How much on average do you negotiate off the list price for your buyers? Truly, one of the dumbest questions in the business.
glad I dont have to compete against someone such as yourself (as we are almost toe to toe in answers). I'll admit, my phone goes to silent around midnight, so I might miss a 4am call.. but with my horrible sleep schedule, I'd likely be up anyway and would see the incoming call lol
I think these are good questions, but I would go another route.
Yes I want a realtor who understands the process and has been through it many times, but more importantly I want a realtor that specializes in the area I want to buy in. They will know the ins and outs of the neighborhood, be able to come up with good comps to negotiate with if the seller wants too much money, and he/she will accurately know how much a home is really worth.
I also want a realtor who listens to my wants and needs, and doesn't try to oversell a house for me. I would also choose a realtor who would not show me a home they listed. Our previous realtor had another realtor show us a home that was her listing.
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For me, the most important question is
