Selecting a Realtor
Posted 08-03-2016 at 10:00 AM by MikeJaquish
I really liked this post, and do to this day.
Quote:
Originally Posted by MikeJaquish
Questions:
1. Is real estate your full-time, day job?
You cannot afford to work with a part time buyers' agent in this market. It goes too fast right now.
2. Do you have time for another client? How many buyers are you currently working with? How many in my price range? If the same property seems like a fit for two of us, how do you handle that?
3. How do you communicate? How often do you "check" email? Do you take emails on your phone? Do you do goofy texting on important topics without context or reference?
4. Do you or your firm charge a paperwork fee, brokerage fee, document fee, administrative fee, transaction fee, or any other junk fee? If the answer is "Yes," you need to really justify that the agent is really all that good, or demand that junk fees be waived.
5. Do you make more money, or have other incentive, to favor showing me your firm's listings? Will you show me listings from all firms?
6. Do you require dual agency acceptance? If yes, that is a red flag.
7. Do you handle the client through closing, or will I be handed off to a team member for looking and buying? If you will be handed off, meet the team member before engaging the agent.
8. Will you let me "Test Drive" you prior to signing a buyers' agency agreement? That is a benefit for you and the agent, IMO. You get to see how the agent presents property. The agent gets to see how you view properties.
Any agent you are considering engaging should have an hour or two to sit with you, go over some typical documents and explain them to you, and discuss their services and your needs.
You should be able to have SAMPLE documents to take with you and/or emailed to you.
If an agent ever tells you that "Buyers' Agency is FREE, and doesn't cost you a penny," grab your purse and head for the car. Ain't nuthin' FREE.
If it feels like a good fit with a particular agent, don't hesitate to sign a buyers' agency agreement. It puts you one step closer to buying, and is a totally separate meeting and function from writing a contract on a home.
You can make an agency agreement for as short as they may agree to and for as long as a year.
Never sign an agency agreement of any duration with any agent without an escape clause. "Either party may terminate this transaction for any reason prior to location of a suitable property" fits nicely in Section 13 of the NCAR Standard Form Buyers' Agency Agreement. Let that agent continue to earn your business through regular service daily or weekly, as needed.
1. Is real estate your full-time, day job?
You cannot afford to work with a part time buyers' agent in this market. It goes too fast right now.
2. Do you have time for another client? How many buyers are you currently working with? How many in my price range? If the same property seems like a fit for two of us, how do you handle that?
3. How do you communicate? How often do you "check" email? Do you take emails on your phone? Do you do goofy texting on important topics without context or reference?
4. Do you or your firm charge a paperwork fee, brokerage fee, document fee, administrative fee, transaction fee, or any other junk fee? If the answer is "Yes," you need to really justify that the agent is really all that good, or demand that junk fees be waived.
5. Do you make more money, or have other incentive, to favor showing me your firm's listings? Will you show me listings from all firms?
6. Do you require dual agency acceptance? If yes, that is a red flag.
7. Do you handle the client through closing, or will I be handed off to a team member for looking and buying? If you will be handed off, meet the team member before engaging the agent.
8. Will you let me "Test Drive" you prior to signing a buyers' agency agreement? That is a benefit for you and the agent, IMO. You get to see how the agent presents property. The agent gets to see how you view properties.
Any agent you are considering engaging should have an hour or two to sit with you, go over some typical documents and explain them to you, and discuss their services and your needs.
You should be able to have SAMPLE documents to take with you and/or emailed to you.
If an agent ever tells you that "Buyers' Agency is FREE, and doesn't cost you a penny," grab your purse and head for the car. Ain't nuthin' FREE.
If it feels like a good fit with a particular agent, don't hesitate to sign a buyers' agency agreement. It puts you one step closer to buying, and is a totally separate meeting and function from writing a contract on a home.
You can make an agency agreement for as short as they may agree to and for as long as a year.
Never sign an agency agreement of any duration with any agent without an escape clause. "Either party may terminate this transaction for any reason prior to location of a suitable property" fits nicely in Section 13 of the NCAR Standard Form Buyers' Agency Agreement. Let that agent continue to earn your business through regular service daily or weekly, as needed.
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