The District Chronicles

Issue date: 11/23/08 Section: Business

Media Credit: Freddie Allen

Dear Ms. Mortgage Maven,

I am a first-time home buyer and I am looking for a real estate agent to represent me. I was wondering what your opinion is of real estate teams and if it is better to use a team of realtors or just one realtor.

Thanks for your advice.

Regards,

Cynthia M.

Dear Cynthia,

The team concept in real estate is fairly new. As a lender and columnist, I have met and dealt with a lot of real estate agents who are part of teams and I understand and like the concept. But, in terms of buyer's representation, I cannot say that I would endorse a team of realtors over an individual realtor just because it is a team. In the end, you will be dealing with individuals, and you have to make sure that whoever is representing you understands your housing needs and budget and will work with you to find a home you are happy with. And, my experience as a buyer has taught me that negotiation skills are essential, especially if issues are raised with the inspection or appraisal which can make the deal contentious. A "team" will not be negotiating for you - an individual will, and you want to make certain that that individual is up to the task, whether that person is part of a team or flies solo.

To find a good real estate agent to represent you, the first thing I would do is ask your friends and family for referrals. Then I would interview at least three of the recommended agents (including teams). You should ask questions such as:

1. How long have you been a real estate agent?

2. Are you a licensed realtor (and thereby bound to uphold an ethical code of conduct and participate in continuing education classes)?

3. Do you have access to the Multiple Listing Service?

4. Are you a certified buyer's agent?

5. Do you have assistants or staff?

6. How do you communicate with your clients (some realtors, for example, always email the customer and you may want to be called on the telephone)?

7. What are your normal business hours?

8. What is your normal response time if I call you or email you?

9. What is the trickiest negotiation you have ever handled? How did you resolve it and what did you learn from it?

10. How many buyers have you represented in the last six months?

Continued...

Page 1 of 2 next >

Article Tools