5 Things to Ask a Buyers Agent

Last post we covered the 5 best things to ask a listing agent. Today we wanted to cover the 5 questions you should ask when interviewing a buying agent. We are defining a buyers agent as a real estate agent who focuses their time on helping clients purchase homes. They should focus over 90% of their time on this task and preferrably not help sellers at all. This will help ensure that you get someone who focuses their craft on negotiating for the best interest of buyers and not sellers.

1. Are you specialized in an area? - A buyers agent with experience will focus on 1-2 areas that they are experts in. This will help you to get as maximum value from their experience within an area. If they say they cover many areas then you may not get the detailed area information that you would need to focus on the best neighborhoods that meet your criteria.
   
2. How many families have you helped each year? - The average real estate agent helps only 4-6 people each year. Purchasing a property is a detailed process so you will want to have someone who has experience negotiating tough issues so you can get the best deals. Top agents in an area will generaly help 12-24 familes each year. You will want to ask questions to see what different types of properties they have helped people purchase (condos, homes, multi-units) to ensure their expertise matches up to your goals.
   
3. Will you refer me a lender? Do you get any compensation for that? - Getting a referral from you buyer agent can be very helpful because the process can run smoothly if they work together often. Be careful that compensation is not happening though as this can sometimes mean you are not being steered in a direction that is best for you. You can also ask them for more than one referral. If the buyer agent objects to that be warned.
   
4. How will you will help me pick properties to view? - An experienced buyers agent should help you decide what best meets your needs through a consultation. A consultation can generally take 30-60 minutes and will include much more detail than just how many bedrooms and bathrooms you would like. This is your time to explain your vision of what you would like to find. You will also want to get access to the MLS so you can have a view of all of the properties that are out there. Ask to make sure that you will see listings from every brokerage, not just theirs.
   
5. What do you do during escrow? -Escrow can be a time where many agents don't give you guidance and expect you to figure out what is going on. Ask if they will have a dedicated transaction coordinator and what inspections will be scheduled. You will also want to find out if they are going to help you with paperwork. Make sure that you are going to get regular updates on the escrow process. The minimum update you should expect from your agent is once a week and preferrable twice a week. Also ask what form the updates will come in whether that be e-mail, fax, mail, or phone. It is preferred that you get an update in writing. You should also get an update from the lender have you chosen in writing a minimum of once a week during escrow.

We hope that these questions help you select the long beach realtor that is best for you. Please remember to ask these questions as it is one of the biggest purchases of your life!