Are You a First-Time Homebuyer? Here’s What You Need to Ask Your Real Estate Agent

Posted On Tuesday, 15 September 2020 20:19

If you are buying a home for the first time, it is crucial you find the right real estate agent to help you find the best property. So, never go with the first agent you encounter. To help you decide which real estate agent you should go with, you need to ask lots of questions. Here are the key ones you need to ask.

How long have you been a real estate agent?

As a first-time homebuyer, it is essential you have complete trust in your real estate agent’s skills and knowledge. It takes a while for agents to gain experience, so you should look for someone who has at least four years of experience in your specific market. If you are tempted to go with your cousin’s friend’s sister, who has only been in the job for six months, you need to think again. It is crucial you find somebody with a track record of success.

How does your commission work?

Buyers do not typically pay the real estate agent commission fees. The seller pays them. However, it is important to discuss costs openly with your agent before hiring him or her to know what to expect precisely. To give you an idea of commission rates, check out this article on real estate jobs, highlighting that agents make $41,289 per year in commissions on average.

Do I have to sign a contract?

It is common practice for real estate agents to have you sign a buyer’s agreement that lasts for a specified length of time. Before signing a contract, find out whether you can cancel it if you are unhappy with the agent’s service without paying a penalty fee.

Will you be my primary point of contact?

Many real estate agents employ teams of people to help them, so it is vital you find out who your primary point of contact will be. It will not always be the real estate agent you are considering using. Home sales happen quickly, so you need to know that there is a dedicated person who will respond to messages straight away and get things done quickly. Know who your primary point of contact is, and also make sure you get a guaranteed response time.

Have you helped buyers to find homes in the area I am interested in?

Your real estate agent needs to be knowledgeable about the neighborhood you are looking at. Each area differs in terms of what types of homes sell, the types of homes people want to buy, and so on. Your agent must be very familiar with the area where you want to buy.

Have you helped buyers find homes at the price range I am looking at?

You should look for an agent who is used to dealing with properties at the same price point level that you are looking at. Knowing your real estate agent is experienced in handling properties at certain price ranges ensures your transaction will be in competent hands. For instance, it is unlikely you will get the same dedication from an agent who is used to handling multi-million-dollar homes if you are buying a property for $250,000.

How do you help buyers to compete?

If you want to buy a home in a competitive market, you need to ensure you stand out from the competition. You will want to find an agent who is experienced in working in competitive markets, and you need to know how he or she will help you stand out to gain your dream home.

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