Nowadays, you can walk outside, and every other person you speak to is a Realtor. But did you know 74% of Realtors did not sell a home in 2024? Yes, you read that right. So, when looking for the right Realtor for you, it is important to know what questions to ask a Realtor when buying an investment property or a house for yourself and work with someone well-informed and up-to-date on the current real estate market trends.
18 Essential Questions To Ask a Realtor When Buying A Home
1. Are You a Realtor or a Real Estate Agent?
Licensed Realtors are held to a higher and stricter code of ethics than Real Estate Agents. Realtors are a part of the National Association of REALTORS® where they ensure standards and best practices to serve their client’s best interests.
2. Are You a Full-time or Part-time Realtor?
This question is important because do you really want the person handling the largest transaction of your life to be part-time? What happens when they are busy in a work meeting and an offer deadline is due? Would you want a part-time doctor, lawyer, or mechanic? You should definitely get what you pay for. Realtors earn through commission. So, if a deal goes wrong, who would fight harder for you? Someone who already has a steady paycheck or a Realtor whose income depends on your success?
3. Do You Know of Any first-time Homebuyer Programs?
Being knowledgeable about different programs that can assist first-time homebuyers is essential because not every lender offers every type of grant or down payment assistance program. A knowledgeable Realtor has a buyer’s consultation and can better assess your needs and partner you with the lender that best fits your needs.
4. Do You Have Recommended Lenders, Title Attorneys, or Home Inspectors?
It is ideal to have a team of trusted preferred vendors who have a proven track record of closing on time with no delays. A good Realtor has good connections.
5. What is Your Market Knowledge/Experience?
Working with a Realtor who is experienced with the current market trends will help with your home search. They can help you assess the value better, save more money, and navigate different communities and amenities.
6. How Many Buyers Have You Helped Purchase Homes in This Area Recently?
A realtor with prior experience in a specific area will know about the best neighborhoods, pricing trends, and how competitive the market is. While it’s not always mandatory for them to have previous clients in the same area if they have local knowledge, they can provide valuable insights into the community and whether it’s a good fit for you.
7. Do You Have Past Client Referrals?
Double-checking references and reviews will be helpful when deciding on a Realtor. A proven track record speaks for itself.
8. What is Your Preferred Communication Style and How Often Can We See Homes?
Making sure you and your Realtor have the same communication style and are available to show you homes when needed is essential. Some agents may have a cap on the amount of homes they can show you or they may start to charge a fee per door.
9. Are You Familiar with the Type of Home I’m Looking for?
You can either buy a condo, a luxury home, or a fixer-upper, make sure your agent has experience with that type of property. Because each type of property comes with unique challenges, and you’ll want an expert who understands them.
10. What Neighborhoods Do You Recommend Based on My Budget and Lifestyle?
Not every area is well-fitted for every type of person. There are many factors like commute times, school districts, local amenities, and many more. Your realtor should suggest areas that fit your financial situation and lifestyle needs so that you feel included and belong.
11. What are the Average Home Prices and Trends in This Area?
Knowing the average prices and market trends will help you understand the standard rate of an area. And when you get a grasp of the standard you’ll be able to calculate the fair price more accurately. So, your agent’s proven insights can help you make a smart buying decision in the end.
12. What Should I Look for During Home Tours?
It’s easy to get distracted by looks, so it’s very important to know where to focus. You should check for hidden issues like plumbing problems, roof damage, outdated wiring, or many other things that your realtor knows best. They can point out real values and potential red flags that might not be obvious at first glance.
13. What’s Your Negotiation Strategy to Get me the Best Price?
A Skilled negotiator knows what they’re doing, they have a step-by-step strategy. And good negotiation can save you tons of money. A skilled realtor can explain how they handle offers, counteroffers, and bidding wars in a methodical way.
14. What Additional Costs Should I Expect Beyond the Purchase Price?
Buying a home comes with extra costs like taxes, insurance, closing fees, etc. If you don’t plan for these, they can catch you off guard. Your realtor should give you a clear breakdown so that you can arrange your budget accordingly.
15. How Long Do You Expect the Buying Process to Take?
There are many factors like loan approval, inspections, and negotiations that affect the total timeline of your buying process. For a regular citizen, it’s pretty common to not know about all of these. So, your realtor’s estimate will help you plan and avoid any unexpected delays.
16. What Should I Do if I Have Issues with My New Home After Moving in?
Sometimes, problems like hidden damages or faulty appliances show up after you move in. A reliable realtor will support you even after all the transactions are over. If they have real experience, they must have a proper network. So they know what steps to take and inform you accordingly.
17. How Much Do You Charge to Represent Me?
Realtors work on a commission and do not get paid until settlement. Some agents may charge a flat fee, or retainer, and offer limited services. Be sure to know what exactly you will be responsible for.
18. Do I have to Sign a Buyer’s Agency Agreement to See Homes?
To hire a Realtor you will need to sign a buyers agency agreement. This is a requirement of the National Association of REALTORS®. Some agents may allow you to sign an agreement for a short period of time, like a weekend or so.
Other Important Things To Consider
As a buyer who is searching for a Realtor to represent you in one of the largest transactions in your life, it is essential you make sure they’re a good fit. Finding a realtor who you can trust, is honest, and is going to have your best interest at heart is ideal.
After getting answers to all the questions to ask a Realtor when buying, how would you know if you missed any red flags or still have concerns? Some red flags could be that they are very unorganized, can’t speak to the market trends, are too busy, take too long to follow up, are too pushy, and come off like a used car salesman not making you feel like a priority or passing you off to an assistant. It’s okay to interview other Realtors to ensure who you are working with is a great fit. In the end, The most important indicator is your mind. If you feel uncomfortable, there must be something that is off.
Ultimately selecting a Realtor to work with is your decision. You can ask for someone you trust for a referral, or use Google or social media. Choose a Realtor who will have your best interest over theirs and honesty and integrity are at the forefront of their business model.
