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What are good questions to ask when interviewing a Buyer's agent?

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I'm putting together another list and would appreciate anyone's input.
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September 27 2007 - US
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Jarrod Chambers, "Gallo de fuego"

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1. Do you like long walks on the beach?
2. Did OJ do it?
3. Where do babies come from?
4. Do you put ketchup on your fry's or to the side?
5. Do you like traveling overseas, Like Canada and Mexico?
6. Are you a full time agent or just part time?
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September 27 2007
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I like to let them talk for a while and see how they think. I know it's not a specific question, 30sRedux, but I learn a lot about them that way and get a good idea about whether or not it's a good match.
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September 27 2007
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Alan May

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word problems:

I'm listed for $500,000... we get an offer 30 days into the listing for $450,000... what's your recommendation how to respond

Same as above, but I'm listed for only 3 days... how do you respond

We've been listed for $500,000 for 135 days, do you recommend a price reduction... yes? we reduce to what? $475,000... okay... now we get an offer the same day we reduce to $475,000 offering $450,000... how do we respond?

(you get the idea)
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September 27 2007
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Jarrod Chambers, "Gallo de fuego"

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Almay I dissagree.
The whole days on the market part. I've had sellers reject offers because they feel that they got an offer too soon. Maybe they thought that they were underpriced. I don't know. Then they never get another offer

I also never suggest what my clients shoud offer. Sometimes they know they are offering low ball and they ask me what I think. I respond "never hurts to try, and I would be more than willing to present that."
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September 27 2007
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Jarrod Chambers, "Gallo de fuego"

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30's
heres another thing. Why the big test? i have more prospective buyers with the "checklist" these days then ever b4. The fact that we are still standing in todays market is a testament. most of the weasles fell of the face of the real estate world.
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September 27 2007
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mpal

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because I am moving to an area that I am unfamiliar with, it was important to me that my agent was very familiar with the area, including the surrounding towns. When the number one selling point is location, you need someone who is aware of what that location is or isn't. If you have children an agent that is active in that particular community will know about the school system, I could go on, but my main concerns were how long have you lived in the area, how involved are you in the community? When i was first looking in the community that I want to live in, we went to an OH, the agent at the OH had no idea about the community she was selling in, turns out it was her first listing there and had no info on the questions we were asking, so, I knew she wasn't going to be much help to me. The next OH we went to we met an agent who grew up there, attended schools in the area and has 3 daughters in the school system, she is also on the zoning board and has served on many commitees, she's who we are using.
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September 27 2007
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Alan May

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Avg. market time, for a particular agent, as compared to some other agent can often be a good indicator as to how good they are at "pricing" realistically, and how good they are at helping their seller/client understand and accept the marketplace.

Market time is certainly not the sole statistic I want to see, as a seller preparing to hire an agent, but it's one of the bits of information that fills out the whole.

... and regarding referrals from former clients... I have two issues with that... one being privacy, although I'm sure I could get some clients to agree to allow a few phone calls, but if you think this through, it brings me to my second issue. Do you really think I am going to give you a reference of anybody who didn't like me, and didn't think I did a wonderful job!? Of course, not... I'm going to give you the names of people who are going to give you glowing reports.
... of course if an agent gives you a referral, and when you call them, they trash him... that would speak volumes.
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September 27 2007
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Question 1:

Will you work without an EBA? (I'm trusting you to negotiate me the best deal, you'll have to trust me to not cut you out.)


If no, but you still wish to engage them, Question 2:

Will you accept this amendment to your EBA that limits exclusivity on the basis of performance and locality? If not, will you accept a 30day term, automatically renewing, but with the 30day periodic right to cancel at my discretion?
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September 27 2007
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Alan May

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If they won't work without an Exclusive Buyer's Agreement (and that would give me pause), then the EBA would have to have a 24-hour written cancellation clause in it.

Otherwise, I'd find someone else...

I agree with your assessment... "I'm trusting you to help me find, and negotiate the best deal..."

I work without a net (EBA). My logic is: If I'm doing my job properly, and you're happy with my performance, you'll keep me / and use me for the transaction. If you're not happy with me and my performance, you'll fire me, or find another agent to assist with your transaction (or do it yourself).

... and if you end up using another agent, or cutting me out... then I haven't done my job well enough, and shame on me!
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September 27 2007
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Rate A Home

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30s, to avoid spamming. Click on my name and go to our web site. We have a questions and rating system that can be utilized when interviewing agents. There you will find some questions and pointers for the interview.
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September 27 2007
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Marci Reinheimer

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Randy, I've said it before and I will say it again, EBAs in CA are not enforceable unless that agent procured the sale - and that address must be on the form. I don't blame you for not signing anything - I just don't understand why some agents insist on it.
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September 27 2007
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Rate A Home

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LOL, I don't try to jump out and say HERE WE ARE! Thanks for the compliment.
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September 27 2007
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Marci

...oh, we just heard the standard pitch again this past weekend:

"You're new to the area [yea, 3 years new now] so maybe you don't know how it works. If you aren't working with an exclusive agent then you'll never see half of the homes on the market. It's just the way things work here."

And they always have a handy, dandy, single-page, small print, easy-to-sign-and-not-read, non-modifiable (oh, their office can't accommodate revisions, and frankly no one's _ever_ asked before, so I'm surprised at the question) EBA contract.

*sigh*
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September 27 2007
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Could it be that getting clients to sign an entirely non-enforceable EBA is just a way to try to qualify clients? There are so many lawyers and people with good lawyers living here maybe these agents are just trying to cull the herd, so to speak?
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September 27 2007
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Alan May

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... and also could be a way of enforcing loyalty, even though it's not legally enforceable.
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September 27 2007
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toprealtor

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I would ask for a list of references. Who better to toot your horn, but a happy past client. In addition, it is really important to find an Realtor from the area in which you are searching. They will have a better idea of the schools and other amenities in the town.
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September 27 2007
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Randy, some people aren't as well-read as you and the agents think they can take advantage of the newcomers. It's so condescending. I know some of the agents around here that do the bulk of the multi million dollar properties have the same attitude.
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September 27 2007
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The thing that makes me laugh the most, is that the people buying those houses are a hell of a lot more educated than I am, so being the all-knowing agent of the universe doesn't hold much water.
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September 27 2007
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Callista, "warriorprincess"

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My number one question I will ask prospective buyer's agents..

How do you feel about lowballing?
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September 27 2007
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30s, some of them are really good, don't get me wrong. But a lot of them are so arrogant, you can't talk to them. You MUST talk to their assistants. You are nothing more than another paycheck. Puhleez.
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September 27 2007
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No, it's not true. LOL Randy and I have gone round and round about this.
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September 27 2007
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Space Acer

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Im not goint to use an agent.
dont need one...
I intend to use a lawyer for all my contract
work. Its a flat fee and he doesnt have
any interests in pumping higher prices
or playing mind games.

Its perfect ... if a corporation uses laywers for their $1M deals
than it makes sense to use a laywer for my RE contract needs....
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September 27 2007
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Marci Reinheimer

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30s, you don't have to pay the buyer's agent there, do you?

I have a low ball scenario if you don't mind me hijacking your thread for a sec.

Joe Schmo bought a house for 800K in 98. Over the years he refinanced and refinanced until he got his loan up to 1.9 million in 2006. Apparently, pulling out all that equity wasn't enough and he borrowed 400K from Uncle Tim, encumbering his property for 2.3 mil. Mr. Schmo defaulted on Uncle Tim's loan and a NOD was filed. Mr. Smith sees the NOD and calls me and says he wants to offer 1.5 million (that's all it's worth according to the comps). I tell him that we can't offer that unless the bank agrees to a short sale. He insists, I spend 4 months trying to convince the bank that although the 1.9 million dollar loan was just done in 2006, they should accept 1,100,000 in 2007. Guess how far I get?
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September 27 2007
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Pedro Reyes, "Vote4Pedro"

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Haven't read all the input but I would ask an agent.....

1. Do you own a home?

And....if you are an investor, you should ask....

2. Do you own any investment properties?

It's pretty funny but imagine a car salesman who gets to work on a bike. Or a butcher who is a vegetarian. Or a life insurance agent who is not insured.
How about this? Your financial planner who hasn't invested his own money but only plays with your money.
You get the picture.
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September 27 2007
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Pedro Reyes, "Vote4Pedro"

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Haven't really used the CA EBA but I think I should start using one. Two weeks ago I had a Zillow member contact me to show him a property. My plan was to meet with him, get his info, qualify him and if he liked the home, make the offer.

He then tells me that he is an agent. My jaw dropped. I thought, "What an A...hole!" I felt like Bruce Lee-ing the guy to his big gut.

Needless to say I left eventually wondering why not just open the door yourself? I could think of many reasons like maybe he was lying about being a realtor and thinks that if he goes straight to the listing agent he might get a better deal. Or He lied so I wouldn't be calling him about other homes. Or he is an agent who doesn't have access to the local listings. But either way, he should have told me up front he was an agent and not an investor. That's what he said when I asked him the first time. "I am an investor!"

His question to me was, "I am interested in this home I saw on Zillow. I am an investor, when can you show it to me?"

Lesson to be learned: Bad on my part for not getting more information up front during that first point of contact. Next time, ask more questions.

PS: I researched his name in the State Department of Real Estate website that everyone with a computer can access and I could not find an agent with his name near my area.
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September 27 2007
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mpal

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30's, the only thing I can say to that is thank goodness you found out about her being unreliable right away, saves you a lot of problems down the line!
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September 27 2007
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lol 30's! I know we're the same person, but I just posted 10 questions for our next agent on the seller's board!


*~* Houdini *~* lol
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September 27 2007
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omg 30's! I just read the Momma info! lmao!

better now than later like mpal said!
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September 27 2007
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I wouldnt use a buyers agent... but thats just me...
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September 27 2007
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Marci Reinheimer

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You'd use me Nick - I RAWK! ;)

(wait, that didn't sound right).
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September 27 2007

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What is your opinion on mandatory Home Owner?s Associations?
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