A good Realtor is an invaluable ally. The real estate market in a sought-after city like San Diego is a very competitive field and you want someone skilled and experienced in your corner.
So how do you find the right Realtor? Interviewing potential candidates is the right way to go. Here are some of the questions you will want to ask:
- Do you deal mostly with buyers or with sellers?
- What are the neighborhoods you know the most?
- Will I be working with you one on one?
- Are you a full-time agent?
- How many homes have you sold in the neighborhood/s I am looking into?
- Have you sold homes in the price range I am looking for?
- Do you have a preferred mortgage broker, inspector, or other professionals you partner with?
- Would I have to work with your preferred lender, inspector, or other service providers that you recommend?
- If I have my own lender, how will you work with them?
- What is your communication style when it comes to updates?
- How many clients are you handling now?
- What are your certifications and designations?
- How long have you been a Realtor?
- Do you have your own website?
- Do you take further training and education?
- Do you have references?
An experienced Realtor should be able to provide answers to all of the aforementioned questions. And it is prudent to interview several agents so you’ll get a better idea of the range of skills available.
Types of buyer-broker agreements
Once you’ve decided on a Realtor, they will offer a buyer-broker agreement for you to consider. There are three common contracts to choose from:
- Nonexclusive/Not for compensation
This agreement specifies that a buyer can have more than one broker to help them find a property and that the broker does not get compensation. Most Realtors do not offer this kind of contract.
- Nonexclusive/Right to represent
This is similar to the previous agreement except for the fact that the broker will be compensated if the buyer decides to buy a house that they put forward. Buyers are free to buy a home with another broker provided that the property is not one that the previous broker had also proposed.
- Exclusive right to represent
This is the most restrictive agreement, but it’s also the one with the most value. The buyer can only work with one broker, and it specifies the commission that the broker will receive. This is regardless of who finds the property. However, the buyer’s agent’s commission is more often than not paid by the seller.
To sign an agreement or not?
While it is advisable, buyers should not be forced to sign a buyer’s agreement. If you do not find the terms agreeable, you can opt for a simple customer service agreement instead. Just note that while the Realtor will help you look for a home, their responsibility for you will be far less. For example, they can help you fill out paperwork or show you properties, but they are not required to advise you.
If you have more questions, let’s talk at 760 622 5087 or you can send me a message today.