Many sellers interview several real estate agents before deciding who will represent them. Yet buyers often spend little or no time interviewing the agent who will help guide them through one of the largest and most important purchases they may ever make.
Whether you’re connected with an agent online, referred by a friend, or already know someone in real estate, it’s worth asking about their experience, local knowledge, availability, and how they will represent you throughout the buying process.
Choosing the right agent matters. These eight questions are a good place to start before deciding who will represent you in your next purchase.
1. Are you a full-time real estate agent, and what is your availability?
Real estate doesn’t always happen between 9 and 5. New properties come on the market, questions arise, showing opportunities become available, and sometimes decisions need to be made quickly.
Ask whether the agent works in real estate full-time and how available they typically are for calls, questions and showings. If they aren’t available, find out whether someone else in their company can assist you. You should have a clear understanding from the beginning of what kind of availability and responsiveness you can expect.
2. What areas do you specialize in, and how well do you know the area where I want to buy?
Local knowledge can be particularly important when buying real estate. Ask where the agent normally works, what types of properties they regularly sell, and how far they are willing to travel to help you find the right property.
In the Northern Neck and surrounding areas, buyers may encounter waterfront property, acreage, private roads, septic systems, wells, flood zones, Chesapeake Bay regulations, docks, shoreline issues and other considerations that aren’t always obvious during a showing. An agent familiar with the area can help you know what questions to ask and what deserves a closer look.
3. What does the buying process look like from beginning to end?
For most buyers, the process begins with discussing what you’re looking for, establishing a comfortable budget and arranging financing if needed. From there comes the property search, showings, evaluating properties, preparing and negotiating an offer, inspections and other due diligence, financing and appraisal when applicable, title and settlement preparation, and finally closing.
The exact process can vary depending on the buyer and property, but an experienced agent should be able to explain each step, help you prepare for what comes next and guide you through the transaction from the initial search through closing.
4. How do I get pre-approved for financing?
If you plan to finance your purchase, getting pre-approved early in the process is important. A lender can review your financial information, discuss available loan programs and help establish a price range and monthly payment that are comfortable for you.
Your real estate agent isn’t your lender, but they should be able to connect you with experienced lenders if you don’t already have one. Having financing lined up before finding the right property also puts you in a better position to act when you’re ready to make an offer.
5. How does buyer representation work, and how is my agent compensated?
Before working with a buyer, your agent should clearly explain the relationship, what services they will provide, and the terms of the buyer representation agreement. This agreement establishes the agent’s responsibilities to you as well as how the agent will be compensated.
Agent compensation is negotiable and can be handled in different ways depending on the transaction. In some cases, the seller may offer or agree to pay some or all of the buyer agent’s compensation; in others, the buyer may be responsible for some or all of it. Your agent should explain this clearly before you sign an agreement or make an offer so you understand your options and any potential financial obligation.
6. Who is responsible for finding the right property—the buyer or the agent?
The best property searches are a team effort. Your agent should help identify properties that meet your needs and can set up an automated search so you’re notified when new properties matching your criteria become available.
Buyers should also be proactive. Today’s real estate websites make it easy to browse properties at any time, and you may spot something that catches your attention. Share those properties with your agent so they can research them further. An experienced local agent may also know about properties that aren’t currently being actively marketed and can sometimes reach out to owners or other agents when appropriate. The more both parties participate in the search, the better.
7. What costs should I expect when purchasing a property?
The purchase price and down payment aren’t the only expenses to consider. Depending on the transaction, buyers may have loan costs, appraisal fees, inspections, settlement expenses, title insurance, recording costs, taxes, insurance and other expenses associated with the purchase.
Some expenses depend on the type of property and financing being used. Your agent and lender should help you understand the likely costs early in the process so you can budget appropriately and avoid surprises. Any buyer-agent compensation that may be your responsibility should also be clearly explained before you enter into a representation agreement.
8. What happens if my agent isn’t available when I need help?
Even the most responsive agent can’t be available every minute of every day. That’s why it’s worth asking whether the agent works independently or has the support of other experienced agents and staff.
If your agent is unavailable and a property needs to be shown or an issue needs immediate attention, you should know who you can contact and how it will be handled. Working with a company that has other knowledgeable professionals available can provide valuable backup while still allowing your primary agent to remain responsible for guiding you through the overall process.
Start With a Conversation
These eight questions can tell you a lot about the agent and company you’re considering, but they’re only the beginning of the conversation.
The fundamentals of buying real estate are fairly consistent: understand your budget, establish representation, identify the right property, investigate it carefully, negotiate appropriate terms, complete your due diligence and manage the details through closing.
What changes is the buyer—their needs, budget, timeframe, priorities and the type of property they’re looking for.
That’s why we believe a one-on-one buyer consultation is so important. It gives us an opportunity to understand what you’re looking for, explain how we work, discuss financing and representation, establish a plan for the property search, and answer the questions that are important to you.
If you’re considering buying, we’d welcome the opportunity to have that conversation.