Interviewing Real Estate Brokers
Frequently, the first person you consult about buying a home is a real estate agent or broker. Below are some helpful tips to assist you in finding the right professional for all your real estate needs.
Role of the Real Estate Broker
Although real estate brokers provide helpful advice on many aspects of home buying, they may serve the interests of the seller, and not your interests as the buyer. The most common practice is for the seller to hire the broker to find someone who will be willing to buy the home on terms and conditions that are acceptable to the seller. Therefore, the real estate broker you are dealing with may also represent the seller. However, you can hire your own real estate broker, known as a buyer’s broker, to represent your interests. Also, in some states, agents and brokers are allowed to represent both buyer and seller.
Even if the real estate broker represents the seller, state real estate licensing laws usually require that the broker treat you fairly. If you have any questions concerning the behavior of an agent or broker, you should contact your State’s Real Estate Commission or licensing department.
Sometimes, the real estate broker will offer to help you obtain a mortgage loan. He or she may also recommend that you deal with a particular lender, title company, attorney or settlement/closing agent. You are not required to follow the real estate broker’s recommendation. You should compare the costs and services offered by other providers with those recommended by the real estate broker.
Tips on Interviewing Real Estate Brokers
So your sister just introduced you to her friend Irving, a real estate agent, and now you can't get rid of him, right? Wrong! You have NO OBLIGATION to work with any one real estate broker or agent! Don't be intimidated into working with the first agent you contact. Choosing the right person to sell your home is one of the most important steps of selling. Therefore, chose wisely.
At a minimum, speak with 2 or 3 brokers from different agencies. Ask prospective brokers the same list of questions, in order to compare their answers. Find out what they would do to sell your house.
Above all, chose a broker that you feel comfortable with and like. This person will help you make the biggest sale of your life, so find someone you think will do a good job!
The following is a list of questions that may be helpful to ask you while speaking with prospective real estate brokers:
- How many years have you been in business?
- How long have you sold houses in this area?
- How many houses did you sell in the past year?
- What is your commission?
- If I were to work with you, how would you market my house?
- Will you organize meetings with potential buyers and will you coordinate them personally?
- Can you give me names and telephone numbers of other families that have used your services?
