I’ve written before questions you should ask when interviewing a listing agent. But how do you know if you’re working with a competent agent when you buy a home? Here’s a good start!
-
What is agency?
-
What systems do you have in place to assure attention to detail?
-
What is a CLUE report and how is it important?
-
Do you have testimonials from other agents (your peers)?
- What percent of your business is by referral?
- What is the absorption rate of this market?
- Do you hold the ABR designation?
-
Can I call your last buyers or sellers and ask their opinion of your work? Or ask to see copies of letters or thank you cards given to you from buyers or sellers.
-
How long have you been in residential real estate?
- Would you hire yourself? Why?
-
Should I ask for or purchase a home warranty?
-
What is a comparative market analysis?
-
How much money do I need up-front when I buy?
-
What is PMI?
-
What is title insurance and what does it cover?
-
Do you personally look at my income and financial situation?
There are so many more questions you should ask, but these should help you get started. You should expect an intelligent answer with any of these questions.
7 responses so far ↓
Using a Realtor When You Buy « Home in Tennessee // April 2, 2008 at 8:42 am |
[...] some questions on her site this week for buyers to ask Realtors when choosing who to work with. There are some great questions to ask a buyers agent when you’re considering a home purchase. For [...]
mike // April 2, 2008 at 9:51 am |
Dear Kathy,
As always an interesting post. One question what should be the answers? For instance do I want a buyers agent who wants to personally review my financial info or not?
Thanks,
Mike
Kathy T. // April 2, 2008 at 10:02 am |
You know Mike, I hadn’t thought of providing the answers! Ha! But here are some answers on some of the biggest questions:
A CLUE Report is like a well-baby check up on houses used by the insurance industry. When you get into a binding contract with a house, immediately order the homeowners insurance policy because the insurer will then pull the CLUE report to verify whether there has ever been a claim filed on the house (e.g., water damange, fire, etc.). The findings could be very revealing and by getting insurance immediately, you’d have time to reconsider in the event that something catastrophic is lurking behind the walls.
Do you personally look at my income or finances? Typically this is between you and the lender. I do have conversations with the lender, obviously, to make sure you are financially eligible to buy. However, if there is information that you feel is important to share (information that will affect your ability to purchase) you need to let me know. But I don’t need to know how much debt you have or your income – the lender gets that information and will hare with me if you’re good to go or need to wait.
I’ll post about PMI, Title Insurance, and Comparative Market Analyses in upcoming posts. Thanks for the questions!
mike // April 2, 2008 at 11:26 am |
Thanks!
Rodney McCarthy // April 5, 2008 at 10:17 pm |
I think the first question should be, “What is your online marketing strategy to sell my house?” This will immediately reveal your realtor’s commitment to marketing
http://www.MoveToSpringHill.com
Kathy T. // April 5, 2008 at 10:35 pm |
Thanks Rodney… it definitely makes sense for the listing presentation, rather than buyer questions. However, it’s a GREAT POINT because it hadn’t even occurred to me since it’s such a VITAL part of my listing presentation for sellers.
However, we can re-think the question for buyers as “What sources do you use to find a house for me?” I usually look at just the MLS, but also note homes on agent caravan and FSBOs. I sometimes search through magazines, but not often because you can usually find the same thing on the MLS.
First Time Homebuyers Come Knocking - Real Estate Investing // November 10, 2008 at 11:51 am |
[...] be afraid to interview your agent. See that your personalities match, that the agent has experience, and they know the area. [...]