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Questions for Buyer Agents

Evaluating Buyer Agents

Real estate transactions are typically complex, often stressful and usually time consuming. Primary benefits to home buyers of engaging a real estate professional include saving time and money.

The majority of MABA clients are busy professionals. They value the expertise of a proven real estate professional. They want the peace of mind of having a MABA buyer broker who is their guide throughout the home buying process. Most clients readily acknowledge that they simply don't have the time or expertise to commit the resources to research, evaluate, and negotiate the complexities of the home buying process on their own.

If this perspective sounds familiar, let us help you as a prospective home buyer make an informed evaluation of buyer brokers. Below are some questions to help you evaluate a buyer's agent.

Questions for Evaluating a Buyer Agent

How do you find a buyer agent that you have confidence in and are comfortable working with? Ask for referrals. If you are new to MA, start with a credible organization such as MABA where less than 1% of MA buyer agents meet the strict membership standards. Then ask questions and evaluate your comfort level with their expertise, credentials and track record.

  • Are you a buyer's agent? If yes, what experience have you had as a buyer's agent?
  • What specific training do you have as a buyer's agent?
  • Does your office have ongoing sales meetings on ways to benefit buyer clients?
  • Are you a member of a buyer's agent association?
  • How long have you worked on the buyer's side?
  • How long did you work on the seller's side?
  • Do you also list houses for sale? Do agents in your office list homes for sale? If yes, how do you plan on keeping my information separate from seller's agents in your office?
  • Do you have a private office? Private fax? Private phone service?
  • Do you have regular office meetings to discuss the market and techniques in real estate? If yes, do your sales meetings focus on ways to get the best price and terms for sellers, for buyers or for both?
  • Do you work with a partner in your office? Does your partner list homes for sale? If yes, what will you do in the event that your partner is the listing agent on the home that I want to buy?
  • If you (and your partner) list homes for sale, how many of the last 20 transactions that you have done have been on the buyer's side?
  • Will you sign a guarantee that you represent my interests exclusively and will not attempt to sell houses you or your partner list?
  • What geographical areas are you most knowledgeable about?
  • Do you have full access to the area's Multiple Listing Service (MLS)?
  • Do you have access to For Sale by Owner (FSBO) and foreclosed properties?
  • What is your fee structure? Will you give that to me, in writing?
  • Will you make decisions about what homes to show me without regard to co-fees offered to cooperating agents on MLS listings?
  • How many homes are you prepared to show me?
 
 
 

Latest from the Blog

  • Share of First-Time Home Buyers in Massachusetts Drops to Record Low in 2016

    This report courtesy of the Massachusetts Association of Realtors

    First-time homebuyers are finding it increasingly difficult to purchase a home in Massachusetts as high home prices and low inventory have significantly increased competition in the market, according to the 2016 Massachusetts Profile of Home Buyers and Sellers. The study found that the state’s share of first-time homebuyers dropped to a low of 35 percent, the lowest since the Profile began collecting Massachusetts data in 2003. In 2015, nearly 41% of buyers were first-timers.

    The state fared better than the South and West regions of the United States, but worse than the Northeast as a whole, which had a total share of 44 percent of first-timers in 2016. 

    “While 2016 was an overall strong year for the Massachusetts housing market, rising prices and plummeting inventory have significantly impacted the ability of many first-time buyers to purchase a home in the Bay State,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway. “The only way we can solve this problem is to produce the type of workforce housing many first-time homebuyers want and need, but can’t find.”

    2016 Buyer/Seller Demographics:

    • Median household income of Massachusetts buyers was $97,700, compared to $88,500 overall in the U.S.
    • 58% of homebuyers were married couples.
    • 18% were single females, 9% single males and 13% unmarried couples.
    • Nationally, 66% of buyers were married, 17% were single females, 7% were single males and 8% were unmarried couples.
    • The median age of the first-time homebuyer in Massachusetts was 33, compared to 32 nationally.
    • 54% of first-time homebuyers in the state were between 25 and 34 years old, while 24% were 35-44 years old and 10% were 18-24 years old.
    • First-time homebuyers in Massachusetts had a median income of $82,100, compared to $72,000 among first-time homebuyers nationally.
    • The median age of home sellers was 45 years with a median income of $115,000 (the US median was $100,700). 
    • The typical sellers owned their home for 11 years.
    • 18% of home sellers reported the main reason for selling was to purchase a larger home.
    • Another 18% cited the desire to move closer to friends and family, while 14% reported that the neighborhood had become less desirable.
    • 3% reported selling because they could not afford the mortgage and other expenses of owning a home.

    If you are a first time buyer in Massachusetts, working with a member of the Massachusetts Association of Buyer Agents will give you an advantage in this extremely competitive market. MABA agents work exclusively on your behalf to ensure that you have the best possible home buying experience in Massachusetts.