Are Home Buyers Conducting Interviews? They Should Be!
A few years ago, it would have been unheard of for buyers to conduct interviews for an agent to represent them in purchasing a home. It was a hot market and homes were selling faster than buyers could get in the door! But the tables have turned, resulting in more and more of today's buyers taking the time to ask the important questions before agreeing to commit to a buyers agent. Whether they are researching through buyer websites like NAEBA or they are talking to family, friends and co-workers to get their recommendations, buyers are being more diligent in finding representation.
And who can blame them? Purchasing a home for the first time, or anytime for that matter, is an important financial decision. Especially in today's market where in many areas of the country prices have fallen and many sellers are finding it difficult to sell without owing money.
Yesterday, I was contacted by a first time home buyer that was referred to me through the National Association of Exclusive Buyer Agents, or NAEBA. NAEBA is a wonderful resource for buyers, especially in providing a list of questions that they should ask before entering into buyer agency with any agent. The questions are not meant to stump the agent, but it requires a little thought into why the buyer may be asking. Most of the questions that were asked of me are answers that I provide during the first home buyer consultation. During that "interview", I am interviewing them as much as they are interviewing me.
Questions that a buyer may ask could be like these:
How long have you been licensed to sell real estate?
What percentage of your business is related to home buyers?
How often will you provide homes for a buyer to view and how will you communicate with the buyer during the search process?
How do you negotiate the best price and terms for your buyers?
Do you recommend short sales, foreclosures or for sale by owner properties to your buyers?
What is the cost of having an agent represent you and how is that paid?
These are all valid questions that buyers may ask. In addition, the buyer gave me many details about where they are at in the process and their timeframe for when they would like to be in their new home.
I answered all of this specific buyer's questions, which really ended up being a very long email. But I wanted to be thorough since I was not sure if I would otherwise have the opportunity to get together with them for a consultation.
I was pleasantly surprised to receive an email back, after all of my answers, stating that they would like to meet with me at the beginning of next week. I must have made through to the final few for a face to face meeting! :)
Remember that life is a series of interviews. Being prepared to answer what buyers perceive as the "tough" questions is the key to winning the position as their agent.
Keep smiling!
Karen
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