Filed Under (Real Estate) on 06-13-2013
Excerpt from the Colorado Home Buyer’s Guide
Are you thinking about buying a new home this summer? Choosing a real estate broker who is right for you is the first step on the road to a successful purchase. You are hiring someone to help you with an expensive and very personal purchase, so it is especially important that you find someone you trust and with whom you feel comfortable. It is not unusual for buyers to spend several hours in a day with their brokers, so it is reasonable to look for someone who is not only competent, but also whose company you will enjoy.
Here are some interview questions to help you compare possible brokers:
1. What is your experience in the real estate business?
You should learn how many years of experience the broker has in Colorado: how long the broker has been with his or her current company; how many properties the broker sells in a year; the average sales price the properties: which neighborhoods the broker works in; and the types of property the broker works with most often, e.g., condos, single-family, or multi-family.
2. What kind of clients do you have?
Knowing that the broker has experience working with others who are like you may help you choose the right one for you. You should ask what percent of his or her business consists of first-time home buyers, move-up buyers, or sellers. You also might ask demographic questions (e.g., the age, sex, and marital status of most of the broker’s clients to find out whether you are typical client of the broker.
3. What kind of agency relationship do you offer?
Will the broker act as a transaction-broker or a buyer’s agent for you? If the broker represents the seller on a property that you are interested in, how will the broker deal with that conflict? Will he or she require you to sign an exclusive agreement, i.e., that you will not work with another broker during the term of the agreement? How is the broker paid, and will there be any up-front fees?
4. How do you prefer to communicate—by e-mail or telephone?
Will you be working directly with me, or will you assign a broker associate or an assistant to work with me? What days and hours do you work?
These questions will help you determine what kind of service you will get from this broker. Is the broker working with too many other clients to give you the time and attention that you need? How easy will it be for you to reach the broker?
For more great tips about buying a house in Colorado, check out “Colorado Home Buyer’s Guide, 2nd Edition” by Vicki S. Porter.