- Are
you a full-time professional REALTOR®? How long have you worked
full time in Delaware real estate? What professional designations do you have?
Knowing whether
or not your REALTOR® practices Delaware real estate on a full-time basis
can give you a piece of the puzzle in foreseeing scheduling conflicts
and, overall, his or her commitment to your transaction. As with any
profession, the number of years a person has been in the business does
not necessarily reflect the level of service you can expect, but it
is a good starting point for your discussion. The same issue can apply
to professional designations.
- Do
you have a personal assistant, team, or staff to handle different parts
of the purchase transaction? What are their names and how will each
of them help me in my transaction? How do I communicate with them?
It is not uncommon
for high Delaware real estate sales producers to hire people to work for them
or with them. They typically work on a referral basis, and, as their
businesses grow, they must be able to deliver the same or higher quality
service to more clients.
You may want to
be clear about who on the team will take part in your transaction, and
what role each person will play. You may even want to meet the other
team members before you decide to work with the team overall. If you
needed help with a certain part of your home purchase, who should you
talk to and how would you communicate? If you have a question about
fees on your closing statement, who would handle that? Who will show
up to your closing? These are just a few of the many important considerations
in working with a team.
- Do
you and/or your company each have a website that will provide me with
useful information for research, services, and how you work with buyers?
Can I have those Web addresses now?
Many homebuyers prefer to search online for homes and home buying
information. There are certain privacy and comfort levels that you might
appreciate in starting a preliminary search this way, and often it is
just a matter of convenience, having 24-hour access to information.
By searching the REALTOR's® and the company's web sites, you will
get a clear picture of how much work you would be able to accomplish
online, and whether or not that suits your preferences.
- Will
you show me properties from other companies' listings?
Some Delaware real estate
companies do offer their buyers' agents a higher commission if they
are able to sell "in-house" listings. In such circumstances, there can
be added incentive to show you a more limited range of homes than you
might consider. If this is the case with your REALTOR®, you should
be very clear on how this will impact your home search, if at all. You
also should determine it this affects how much your buyer agents fee
will be.
- Will
you represent me or will you represent the seller? May I have that in
writing? How will you represent me, and what is the direct benefit of
having you represent me?
The goal here is
to ascertain to whom the REALTOR® has legal fiduciary obligation,
which may vary from state to state or even locale to locale. In the
past, REALTORs® always worked for sellers. Then the listing broker
was responsible for paying the agent or sub-agent that brought a suitable
buyer for the home. And even though the buyer worked 'with' an agent,
the agent still represented and owed their fiduciary duty to the seller.
An additional situation
in some states is dual agency. This is where the buyer decides to have
the listing agent prepare the offer for him. A knowledgeable buyer may
elect this situation which should be fully disclosed to all parties.
In some states it also affects the broker's/agent's fiduciary responsibilities
to the seller.
Although REALTORs®
today almost always have a sense of moral obligation to buyers, this
original type of seller agency still exists in certain areas. In other
areas, a formal method of buyer representation called Buyer Agency exists
to protect buyers. Find out what is available in your area and make
yourself comfortable with the extent to which you will be represented.
- How
will you get paid? How are your fees structured? May I have that in
writing?
This is an issue
that can also be related to agency. In many areas, the seller still
customarily pays all REALTOR® commissions through the listing broker.
Sometimes, REALTORs® will have other small fees, such as administrative
or special service fees, that are charged to clients, regardless of
whether they are buying or selling. Be aware of the big picture before
you sign any agreements. Ask for an estimate of buyer costs from any
agent you contemplate employing.
- What
distinguishes you from other REALTORs®? What is your negotiating
style and how does it differ from those of other REALTORs®?
What geographic areas to you specialize in?
It should be important
to know that your REALTOR® has unique methods of overcoming obstacles
and is an effective negotiator on your behalf, but most importantly
that your REALTOR® can advocate for you in the most effective ways.
- Will
you give me names of past clients who will give references for you?
Interviewing a REALTOR®
to help you buy a home can be very similar to interviewing someone to
work in your office. Contacting a REALTOR’s® references can be a
reliable way for you to understand how he or she works, and whether
or not this style is compatible with your own.
- Do
you have a performance guarantee? If I am not satisfied with your performance,
can I terminate our Buyer Agency Agreement?
Understand that,
especially in the heavily regulated world of Delaware real estate, it can be
increasingly difficult for a REALTOR® to offer a performance guarantee.
Sometimes you may find a REALTOR® who is willing to guarantee that
if you are dissatisfied in any way with their service they will terminate
your Buyer Agency Agreement. If your REALTOR® does not have a performance
guarantee available in writing, it is not an indication that he or she
is not committed to perform, but rather that he or she is willing to
verbally promise some kind of performance standard. In fact, REALTORs®
at Keller Williams® Realty understand the importance of win-win business
relationships, and that the REALTOR® does not benefit if the client
does not also benefit.
- How
will you keep in contact with me during the buying process, and how
often?
