Selecting a Buyer Broker

Six Questions that will help you find the most qualified buyer broker

What are your credentials as a Buyer Broker?
Experience counts, as do referrals! Determine how long the agent has been in business as a Buyer Broker. Look for a broker who is a Certified Buyer Representative, as awarded by the Real Estate Training Institute. Also, ask the prospective broker for referrals and check them out.
 
Do you take listings?
Most, if not all, of a Buyer Agency's business should come from representing Buyers, not from listings.
 
Do you offer free consultations?
Find someone who will spend at least an hour with you evaluating your objectives and discussing how they can meet those needs.
 
What services do you offer?
Expect a thorough Comparative Market Analysis to guide negotiations. Seek visibility to all the homes on the market (including foreclosures, FSBO’s and others). Also, be sure the broker has other trusted, professional resources (such as mortgage and insurance brokers, closing agents, title companies, home inspectors, appraisers, etc.) readily available to assist you.
 
Whose interests do you represent?
Will the agency and its agent provide you with 100% loyalty, 100% of the time?
 
How will you be compensated?
Buyers rarely pay more for Buyer Broker representation and services. Commissions are normally paid through the traditional MLS commission splits. However, some brokers will charge more for rare and For Sale by Owner properties. Also ask if the agent accepts any “financial incentives” (i.e., kickbacks) that can lead to less than 100% loyalty. Never sign a contract until fees are discussed, understood and agreed upon.

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