subject: Buying Land - 6 Questions To Ask A Realtor Before You Hire Them [print this page] When you use a realtor to buy land they are working for you. You are hiring them. When you hire someone you always interview them first. Below are 6 questions to ask when interviewing your prospective realtor.
1. How Much Experience Do You Have?
Don't be the guinea pig for a new realtor. Keep looking until you find one with at least a year of experience, and multiple sales. Ask how many sales they have closed.
2. Are You Familiar With The Type of Property I Am Looking For?
Realtors tend to specialize in a specific type of property. The majority of realtors specialize in houses, and have a limited knowledge of land.
Ask if they are familiar with the type of property you are looking for. Ask to see their previous sales of similar property.
3. How Many Complaints Have Been Filed Against You?
This can be a tough question to ask but you have a right to know. If you don't get a straight answer, or question the answers given, check with the State Real Estate Department, they keep a record of all complaints.
Complaints can be frivolous, so ask for details of any complaints. You should avoid a realtor with multiple legitimate complaints.
4. How Many Complaints Have Been Filed Against Your Company?
The same goes for complaints against the real estate company. Most realtors are honest, as are most companies, but bad realtors tend to congregate. If the company has a history of complaints look for a different realtor, preferably at a different company.
5. Will You Represent The Buyer Or The Seller?
It is vital to know who the realtor is representing. If they listed the property, they are working for the seller, and have a legal obligation to get the highest price possible for the seller.
If they did not list the property, they are most likely working for the buyer, and have a legal obligation to get the lowest price possible. They will probably show you multiple properties starting with their own listings, meaning they are working for the seller. There is nothing wrong with this, just make sure you know and have an idea of property values.
6. Will You Require An Exclusive Agency Agreement?
Realtors love Exclusive Agency Agreements but you should be wary of signing them. You have no obligation to sign such an agreement. If you do sign an Exclusive Agency Agreement you are agreeing that this specific realtor will be the only one you work with in a given area.
The area could be a town, county or an entire state. Don't sign one that covers more than the realtors area . Never sign one that covers an entire state. If you do and then want to look at property in another area with a different realtor, they will be unlikely to help you as the commission would be paid to the first realtor.
Conclusion
Most realtors are honest and willing to work hard to help you find the right property. Since you are hiring them, you have a right to interview them.
by: Deron Wilkerson
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