How to Navigate the NAR Buyer's Consumer Guide for Your Real Estate Needs

The latest resource in NAR’s “Consumer Guide” provides consumers with 10 important questions to ask when interviewing buyer’s agents. COURTESY OF NAR:

1. Are you a REALTOR®?

When you work with an agent who is a REALTOR®, you are working with a professional guided by ethical duties under the REALTOR® Code of Ethics, including the pledge to protect and promote the interests of their clients.

2. What types of services can you provide me?

Agents may offer many types of services such as finding you homes that meet your criteria, accompanying you to showings, sharing their analysis of the market and available properties, negotiating on your behalf, and more. For more information about why you should work with a REALTOR®, read about the 179 Ways Agents Who Are REALTORS® Are Worth Every Penny.

3. How well do you know the markets where I am searching for a home?

Your agent must be licensed where you are buying a home. But they should also have the market knowledge to help you successfully find a home where you are searching.

4. Do you have experience working with buyers in my situation?

Many agents specialize in working with certain types of buyers, such as first-time buyers and veterans. Some also earn the Accredited Buyer’s Representative designation to gain specialized skills in working with buyers. Ask your prospective agent about their experience and any designations or certifications they have earned related to working with buyers like you.

5. Can you tell me about your approach to scouting properties?

Agents and brokerages across the country have different business models and use and provide various technology, tools, and resources to inform their search process. Discuss with your prospective agent how their unique approach will help you find the right home.

6. What will be included in our written buyer agreement?

Once you are working with your agent and before you tour a home together, your agent may be required to enter into a written buyer agreement with you that outlines the services the agent will provide you, and what they will be paid for those services. These agreements are fully negotiable.

7. How long will we work together?

Talk with your prospective agent about how long you would like to work together and ensure you feel comfortable with that arrangement. This term could be set out in your written buyer agreement.

8. What are my options for paying you?

Agent compensation is fully negotiable and can take many forms, such as a flat fee, a percentage of the purchase price, or an hourly fee. The written buyer agreement will contain the amount of compensation you agree on. You can also ask the seller to pay your broker’s compensation as part of your purchase offer or, in cases where a seller offers a concession, you may be able to use the funds to pay your broker for the value and services they provided you.

9. Can you recommend service providers who can help me obtain a mortgage, make home repairs, or support other closing tasks?

Your prospective agent may have prior experience or trusted relationships with providers in the area where you are purchasing a home and can be a great resource for facilitating these introductions.

10. Do you have references I can speak with?

Many agents will be happy to connect you with satisfied clients they have worked with in the past who can speak to their experience.