For most people, buying a home is amongst the most important purchases they will make in their lifetime. Buying a home can be an intimidating experience, with a lot of facts and figures and general knowledge to cover. Recommended that you hire an exclusive buyers agent, especially if you are a first-time homebuyer or relocating to a new city. When in the market to buy an apartment in NYC, you must take the time to interview your chosen buyers broker properly. This person will be your guide, representative, and council through the buying process. As such, you must have the right one for the job. The way to do this is by asking them some tough questions.
There will be obvious ones, such as, What are your commission fees? What Neighborhoods do you specialize in? And How long have you been in the business?. These are the right questions, but there are other more probing ones that you might not think to ask.
Finding a buyer broker that best suits your needs can be challenging. Before you hire a buyers broker, ask the questions below.
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- How long have they been a full-time buyers broker?
- How familiar are you with the neighborhoods that I like?
- What type of buyers agency do you practice?
- Can you recommend professional service providers?
- Are you aware of any special home buyer programs?
- Do you know of any incentives offered?
- Do you have any credentials and certifications?
- How are you paid and do you charge a fee?
- How will you communicate with me?
- Who was your most challenging client, and how did you handle it?
- If it was you looking to buy a place, where would you look and why?
- How can you help me narrow down my choices?
- What are some ways I could make my offer more attractive?
- How do you help the home buyers come to the right decision?
- Do you have testimonials or a list of previous clients?
How long have they been a full-time buyers broker?
While the number of years in real estate is not necessarily an indicator of success, working full time in the industry indicates that they have a lot of time on the job, where most skills are; learned.
How familiar are you with the neighborhoods that I like?
Spending time buying homes in the neighborhoods you prefer indicates that the buyer’s agent has a solid understanding of the area, especially if they have already helped buy homes there in the past.
What type of buyers agency do you practice?
There are three different buyer broker types, so if you are looking for a specific representation, then you will want to ask this question.
The types include
- Non-exclusive buyer brokers (represent buyers and work with brokerages and sellers of their choice, but there can be a conflict of interest if they work with an office that also has sellers agents)
- Designated buyer agents (represent the buyer)
- Exclusive buyer agent (represents buyers only and doesn’t list properties for sale).
Can you recommend professional service providers?
A buyer’s agent should be able to recommend mortgage providers, inspection services, and other services that are necessary for buying a home. A seasoned buyer’s broker will be able to give you more than one company and let you know if they have a relationship with or receive compensation for their recommendations.
Are you aware of any special home buyer programs?
A buyer’s agent familiar with the area you are considering should be familiar with local laws and regulations and be able to point you in the direction of local, regional, state, and federal programs that help with home purchases and improvements. A great buyer’s agents may also be aware of alternative programs and even grants and loans as well.
Do you know of any incentives offered?
Despite a robust recovery in the housing market and limited inventory, developers and sellers may be offering incentives to help sell their property.
Do you have any credentials and certifications?
These include those from the Accredited Buyer Representative (ABR) certification from the National Association of Realtors® and The Certified Buyer Representative (CBR) designation. Also, the National Association of Exclusive Buyer’s Agents (NAEBA)
How are you paid and do you charge a fee?
The seller pays the commission for the buyer’s broker, but as commissions can be negotiated differently, be sure you know upfront who will be paying, the buyer’s broker.
How will you communicate with me?
Find out the best way to reach your buyer’s broker and how they communicate so that you can make sure that you are both on the same page at all times, whether text or email is your preference. When working with a buyer’s broker, you will want a responsive and dedicated broker, keeping you ahead of your competition.
Who was your most challenging client, and how did you handle it?
You’ll want a buyer’s agent that knows how to handle challenges with grace and professionalism. Having them relate a client horror story will give you an insight into how they deal with challenging people and circumstances. Any agent that immediately starts trash-talking a former client in the worst terms should raise a few eyebrows. That’s not the way a professional should speak about previous clients, nor is it an agent you should consider. But if they demonstrate patience and expertise in how they handled an awkward situation, you can be a lot surer of them.
If it was you looking to buy a place, where would you look and why?
You’ll work best with an agent that has a similar lifestyle to yours. Asking this question gives you an insight into what the up-and-coming neighborhoods are but also your broker’s mindset. You’ll both work together much better if the agent listens properly and understands your needs on a personal level. For instance, if they have a family, they’ll know what neighborhoods are the best for raising kids. If they’re career orientated, they’ll know what amenities and local services are vital to you.
How can you help me narrow down my choices?
House hunting can be very time consuming and exhausting. You won’t have time to see every place your agent finds, so you’ll want to know how much legwork their willing to do for you. Their answer will not just tell you how they’ll help you narrow down your choices but also what their approach to house hunting will be. A seasoned buyer’s agent will know all this in advance and have a system that allows you to eliminate options without having to drag you out there. For instance, taking additional photos or videos of each apartment, they preview and giving you an honest opinion on its pros and cons.
What are some ways I could make my offer more attractive?
Money always opens doors expect for a Co-op if you are to compete in a hot market like New York, an agent with a few more tricks up their sleeve then just upping the price. They should demonstrate the right market knowledge and negotiation skills that will give you an advantage over the competitors. Simple as asking the sellers agent the right questions to find out what is most important to them. It could be a quick closing, a delayed closing, a post possession agreement a specific contingency, or just a buyer they like and trust.
How do you help the home buyers come to the right decision?
Sometimes a simple list of pros and cons may not be enough. Having an agent who fully understands your needs and has a clarity of vision can help move things along. You should be able to feel comfortable talking with them about any issues or concerns you might have, including property valuation and future potential of a particular property or neighborhood. An experienced agent will help you look past the small details and see the bigger picture.
Do you have testimonials or a list of previous clients?
As with any service provider, ask for referrals to find out if previous clients were pleased representation provided. Websites like Yelp, Google, and others can also provide an excellent reference to learn what other home buyers experienced when working with the broker or brokerage you are considering.
These questions are an excellent way to start a conversation about home buying. Depending on your needs and preferences, you may also want to choose a buyers broker specializing in first-time home buyers, condos, co-ops, or townhouse properties.