7 Questions You Should Be Asking Your Real Estate Broker
Buying a home can be the biggest financial decision you make in your lifetime. As such, many people hire a real estate broker to represent them and to help them make sense of the buying process.
If you’re hiring a real estate broker, there are some key questions you should be asking them before you enlist their services. You can find all of the important questions to ask before hiring a real estate broker below!
What’s a Real Estate Broker?
A real estate broker is someone who helps people buy homes or sell the home they currently own. They’re invaluable when you’re looking to buy or sell a home, as they have all of the experience necessary to make sure things go smoothly.
You might be thinking, isn’t that exactly what a real estate agent is? Well, yes and no.
Often, you’ll hear the terms “real estate broker” and “real estate agent” used interchangeably. However, there are some key differences between the two, namely when it comes to experience.
All Real Estate Brokers are Agents, but Not All Agents are Brokers
A real estate broker is a real estate agent that has continued their education and becomes a licensed broker. Now, what does that mean? It means that they’re able to start their own brokerage and hire other agents to work with them.
As you can see, this makes a broker a more knowledgeable partner to work with than an agent in most cases. When you work with a broker, you’re working with someone who intimately knows the ins and outs of real estate. If you are looking for Campbell apartments for rent, you can take proper help from Google.
7 Questions to Ask Your Real Estate Broker
If you’re looking to hire a broker, there are a few questions you should be asking them during the hiring process. This is true whether you’re looking to buy a new home or sell your current home. Check out the 7 most important questions to ask below.
1. How long have you been a real estate broker/agent?
Experience is what you need when you’re looking to buy or sell a home. With time in the field comes experience, so knowing how long your broker has been in the game is important.
An experienced agent is going to be able to anticipate issues that may arise before they occur. They’re also going to know exactly what needs to be done before buying a home and will direct you towards resources that you may need. Always ask how long a broker has been practicing.
2. How many homes have you helped clients within the last year?
This seems like a personal question, but in reality, it’s a good measure of a broker’s success. On average, a real estate agent that’s experienced helps buyers and sellers with about 10 homes a year, in total. If your broker is reporting numbers lower than that, consider the value of the homes (more expensive homes may take longer), and the current market.
3. Are you a full-time agent or a part-time agent?
Buying a home is a lengthy process that requires a lot of attention. As such, you’ll want an agent that can dedicate more time to your home buying process, meaning that you’ll probably want a full-time agent. While part-time agents are helpful, they may not be able to provide the time that you need.
4. Are you familiar with helping buyers in this area?
A real estate agent may be great in one area, but lackluster in another. This isn’t to any fault of their own – markets change from area to area. When you’re hiring a broker, you want to hire someone who’s familiar with the market you want to buy in, as well as the homes that are in it. This is going to dramatically increase your chances of successfully buying a home.
5. What’s the average price range for homes that you assist buyers with?
Choosing an agent means choosing someone who’s familiar with what you need. This includes the typical homes that you’re going to be able to purchase. If an agent is used to helping with multi-million dollar homes, they may not be able to accommodate buyers looking to purchase a home that’s substantially less.
This also requires knowing what your budget is! If you’re determining your home buying budget, be sure to check out a digital mortgage calculator here. It can help you determine what you should be spending on your next home.
6. Are we going to be working together, or will I be working with your team?
This may not be the most pertinent question for you to ask, but it’s important to know regardless. Some brokers are going to work with you one-on-one, meaning that you’ll be getting all of the benefits of their experience. Others will direct you to their team members.
When working with team members, you’re not getting direct access to the experience of your broker, but rather their guidance. If that’s a deal-breaker, you may need to find another broker to assist you.
7. How long does it usually take to find a home then close on it when working with you?
The process of buying a home can be a lengthy one, but you don’t want it to take longer than it should. Ask your broker about how long it takes to get through the home buying process. This includes looking at the first home, all the way up to the closing process on the right home. Keep in mind that it typically takes about 60 days to close on a home once you’ve found one.