A strength of the American real estate market is the availability of an agent to help you find and purchase a property.
While this service is commonplace in the US, buyers in many international markets are left to fend for themselves, locating a suitable property and then being forced to negotiate their own deals with sellers’ agents, often with little knowledge of market trends and values.
In America, you should always have an agent on your journey, helping to select neighborhoods and properties that fit your criteria and budget. They’ll steer you away from poorly maintained properties and help you avoid overpaying.
Whether upgrading, downsizing or purchasing your first home, selecting your buyer’s agent can be a little stressful if you’re unsure of the best questions to ask.
When appointing an agent, you want to be confident of their experience, communication skills and ability to dedicate time and focus to you. Further, you should be clear on their fees and the details of your contract with them. Request two client references.
These questions will help you select the right buying agent for you.
Track record
How long have you been an agent?
What proportion of your time do you spend representing buyers instead of sellers?
Can you tell me about some of the purchases you have helped clients make and how you added value?
Do you specialize in a style of home, such as apartments, condos or detached houses?
Local knowledge
How long have you worked in the areas I’m interested in buying?
What is the current state of the local market?
Do you recommend particular areas in surrounding neighborhoods, and if so, why?
Do you know of homes that suit my criteria now?
Service levels
How do you like to communicate: email, phone, messages?
How quickly will you respond to me when I try to contact you?
Search and selection
What’s your process for finding the type of property I’m seeking?
Do you have access to the Multiple Listing Service (MLS)?
How do you assess the suitability of a property before recommending it, including whether the asking price represents fair market value?
Representation
Would you ever recommend a property for which you are the selling agent?
Do you declare this interest?
How do you handle this situation to represent everyone’s interests fairly?
Negotiation and network
Describe your approach to negotiating a price.
Can you provide examples of where you successfully negotiated a deal for the buyer?
What is your network of lenders, inspectors, contractors and agents to help me make a decision efficiently?