Questions To Ask Your Buyer's Agent: What's Their Commission Policy? 2024
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- เผยแพร่เมื่อ 16 พ.ค. 2024
- Questions To Ask Your Buyer's Agent: What's Their Commission Policy? 2024
Interview Questions you should ask your buyer's agent. New Commission Policy you must know!
This video guides a buyer through the proper questions they should be asking and the correct answers the buyer's agent should be responding. The commission structure has changed for buyers...this video will educate you about the buyer/broker agreement and commission structure.
List of Buyer Agent Interview Questions:
lambert.homes/buyer-agent-que...
Looking to interview realtors in your area? I can connect you to a few in your area! Just fill out this this information in the link below and we will coordinate a few agents for you to interview:
lambert.homes/referral
What not to say to a Contractor video:
• Never Say this to a Ge...
Interview Questions to ask a Listing agent (top 13 Questions):
lambert.homes/questions-to-ask
Video on interviewing a listing agent: • Interview Questions fo...
Interview Questions to ask a Buyer's Agent (Check List):
lambert.homes/buyer-agent-que...
Video on interviewing a Buyer's agent:
• Questions To Ask Your ...
Staging your home Checklist:
lambert.homes/staging-checklist
Avoid a Bad Home Inspection Checklist:
lambertgrouphomes.com/home-in...
Showing a property video:
• Tips for Showing a Pro...
If you are considering moving or selling your property in Orange County, don’t hesitate in reaching out to me.
For more information visit www.LambertGroupHomes.com or give me a call at (949) 697-2232
💁♀️ My name is Audra Lambert. I am a realtor in Orange County, California. I have lived here most of my life. I have over 20 years experience! I love what I do and Love where I live! Most importantly I enjoy helping people as they transition into their next homes.
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If you are a new agent, you should study under an experienced agent for a few years. If you don’t, you putting yourself and your client at risk. I don’t care how smart you are, or how well intended, you are…you will make mistakes at your clients demise. Would you want to go get brain surgery under a new surgeon or would you prefer to have someone with experience?I think that is the biggest issue we have in our industry; as we have new agents without the proper guidance. You need to pay your dues if you’re a new agent. You’ll have your day, you just have to put the work in. I don’t have a bad attitude, I work with a lot of new agents and would never suggest anyone dealing with someone who doesn’t have experience. There is way too much risk out there when you’re dealing with someone who doesn’t know what they’re doing. Been Then there done that.
Audra... you said never in your entire career of over 20 years has a buyer interviewed you. Now you're saying buyers should not work with new agents, and new agents should work under a more experienced agent for a FEW YEARS? Give me a break. I like your content, but that's not cool at all. Every situation is different, every agent's skill set is different regardless of how long they've been licensed, and every buyer has different requirements. It all comes down to trust. I'm a "newer agent", but people trust me. And the fact that WE ALL have to negotiate our commissions now, the playing field is much more open and even in my (less experienced) opinion.
@@xoanabeata Ana, listen, I don't want to upset you. In the past and in my area, buyers haven't interviewed their agents because they didn't have to pay them until they get the deal closed. Buyers were under no obligation. There was just a handshake. There was no signed agreement for exclusivity in the past (some buyers agents did use buyer/broker agreements...but none that I know of). In the past, buyers could use 10 agents or more if they wanted to. NOW, that is different. A buyer/broker agreement is required to be in place where the buyer establishes the buyers commission. I have been on over 300+ listing presentations in my career...not one buyer agent interview. That will change with the new rules in place. I get offers presented to me as the listing agent from new agent ALL the time...its a total mess and Its a shame. These new agents have no training and NO IDEA what they are having their buyers sign...they have no concept of the process and ultimately I end up doing both sides of the transaction because I have to coach the buyer's agent. Don't be that agent. If you don't think experience and knowledge is essential for representing your clients, then I will disagree. Trust is important...but its difficult to trust someone that doesn't know what they are doing. I trust my cleaning crew...but I would not hire them to find me a home to buy. They are the hardest, kindest, smartest, people I know. However, it would not be wise of me to hire someone to find me a property without the experience/knowledge. Just because an agent might have experience and knowledge doesn't mean they are a great agent...that is why I am suggesting interviewing several agents...but at least the experienced agent probably knows how to guide their client through the process properly.I would also recommend a humble approach...a heart of a student trying to learn as much as possible from anyone who knows more than you. I worked under an agent for two years without getting paid...just to learn the ropes. What I learned in those two years was invaluable. I also have a college education and worked for a fortune 50 company (Ingram Micro) for 9 years ultimately acting as their sales director (big job) before entering the real estate market. With all that fancy education and high ranking job, I was not prepared me for real estate. I am still learning. In 5 years, you will look back where you were and probably agree with me. Because in 5 years, you will have taken you licks. I would also watch as many youtube video and read as much as you can if you want to be top of your game. I wish you all the luck in the work. You sound very passionate...check in with me in 5 years:)
How will you support your family by working for free or for pennies under someone else?
@@NeoSoulCrew I had several side hustles! I had small jobs on the side (edited videos, shopped for elderly, staged some properties with furniture I had in my house...yes, we lived several months with no furniture in the house...lol). Eventually, I leased the house we were living in at the time and moved in with mom and dad...it was very generous of my parents...but not ideal to say the least. They charged us no rent for two years. The agent I work with needed my assistance with open houses, showing properties, attending home inspections, getting termite reports etc. I proved myself and was then invited to a few listing appointments. In order words, my schedule was relatively flexible. I felt like all I did was work (still feel that way, btw). I was also "farming" my neighborhood at that time (focusing on a specific area/planting seeds). I was also able to pick up some buyers at the open houses I attended, thankfully. I got into real estate because my husband's job wasn't going well. I was desperate! Its motivating. The first two years were tough...but it has paid off in the long run. I am really tough...but I am not going to lie...I wanted to quit several times in those first two years. I am glad I stuck with it. I promise you, if you stick it out, educate yourself, and get in front of people, you will excel! Best of luck!!
So you were a part time agent because sounds like you still needed to make a living somehow. This video is bs. I’m sure you’ve made plenty of mistakes as an agent. 🙄
We are selling our home in NH soon. After that we will be searching for a home in SC. I am wondering two things about commissions. If we sign a buyer/broker contract to pay a 2% commission, then we find a house where the seller is offering to pay a commission to the buyer/broker, do we still have to pay the 2% we agreed to with the buyer/ broker? On the other hand, if we are offering a buyer /broker commission when we sell our property, would we have to pay that if the buyer is paying a commission to their buyer/ broker? I am addicted to your videos. Thanks so much for all the helpful tips and strategies. I wish you could be our listing agent, but then again I really wouldn't want to live in CA - no offense intended!
Very enlightening. As you mentioned, not something buyers typically think about. However, given recent litigation, on top of mind. Thx
Thanks for the comment...I still don't think most buyers out there understand the new arrangement. Just trying to help:)
Thank you Audra, and as always very valuable information .....
You are so welcome! Glad you got some value!
Great information. Thanks for taking the time to inform and educate.
Glad it was helpful! Really appreciate you watching my videos!
Thank you for the great information!!
You are so very welcome. Glad I could help!
As a seller I saw 5 yrs ago a buyers representation letter here in texas,I refused it any advice love your business saavy,bobby
Thank you...really appreciate your comment!!!
Wow, I just stumbled across your channel yesterday and I’m hooked! So much useful information!
Given the NAR settlement, would recommend first time homebuyers who have spent the time researching questions to ask, who have a template for a contract to purchase, who already have a lender and real estate lawyer lined up, who knows how to do comps, etc. work directly with the listing agent? I’m a first time homebuyer I have tried to familiarize myself with the ins and outs of the offer process, questions to ask the listing agent (ie are there any damages/repairs I should know about prior to inspection, are there any other offers, would the seller be willing to negotiate if the sales price is higher than FMV after the appraisal, why are they looking to move,etc.)
Hello! There are pros and cons to going directly to the listing agent. If you were to go directly to the listing agent this is called dual agency. Not sure where you are from, but some states don't allow this. You may want to watch a video I did on this topic: th-cam.com/video/_ASlo5X4lAk/w-d-xo.htmlsi=BPKMo5Y2k7yUb9ua. It does have its pros and cons. It really depends on who the listing agent is. They should extend fiduciary responsibilities to you as the buyer too. As a first time home buyer, its a very complicated process. I would make sure you have someone who can walk you through the process..that listing agent may well be the right person. If you do work with a buyer's agent who can guide you through the process, they can always try to negotiate their commission into the purchase price. That listing agent will also be doing the same. Best of luck to you...sounds like you are doing all your homework.
Excellent !
Info I already had bad experience only text with son in law who only text .
Young and not experienced .
I am glad that you got some value out of my video. It is never a great idea to hire a family member as your realtor, especially if they are new and inexperienced. Thanks for watching!
You were new at one point too. Would you prefer no one took a chance on you?
I would NEVER expect anyone to take a chance on me if I wasn’t educated and had the experience. I sold my own homes for sale by owner for 4 years, then studied under a top agent in my area before I went solo. I would not want my lack of experience to affect the clients I was representing in a negative way. You must be a new agent. It’s rough out there. All I can suggest is watch a ton of TH-cam videos (I didn’t have these when I started), and know your contracts better than you know your family. The big mistake I see new agents making is that they are only focused on their next deal because they need the money! They aren’t focus on improving or becoming more proficient in their field. A lot of brokers will not hire new agents due to the risk and time required to train. It’s not an easy business. You’ll do great if you are focused on the right things.
May I ask what color your mantle is? Sometimes I think it is a very dark green and other times I think it is a shade of black. The lighting plays tricks.
Oh yes, its black. Benjamin Moore's Onyx.
Thank you for leading me to this video, Audra. In a soft or cool seller's market, a buyer can just insist that the seller cover the buyer agent's commission. In a hot seller's market, it could be a good negotiating strategy to cover the seller's agent commission to some extent to snag that home. The biggest and most interesting take away is the ability to negotiate. I like to pay a real estate agent a fair commission at a point where he or she will work hard to make the sale happen. Don't you think low balling on either a seller or buyer commission could make the agent(s) work less hard for you?
Hello there! I don't like the idea of low balling commission to agents. I think you set a fair expectation of the services you want your agent to provide and let them know what you think would be fair compensation. Realtors are sales people, they can negotiate for themselves. Most the buyers are finding their own homes off the internet....then bringing their agent in to write the contract. The buyer's agent didn't necessarily work that hard. I think you just have an honest conversation with your buyer's agent about compensation. Most agents I know out there will work hard to close a deal. Remember, they don't get paid a cent unless they close the deal. The good ones know their value and may not budge off their commission. I wouldn't turn down an agent that is confident about their abilities and are firm on their commission either. It may be a good sign they will negotiate hard for you too. Right now, buyers are driving demand...not buyer's agents.
We're speaking in generalizations. What's not clear to me is how you attach a commission percentage number to what the agent will do. For instance, if the seller's agent isn't going to do much more than list a home on the MLS and handle the contract CAR forms, then what percentage commission would you assign to those minimal services? If the agent will professionally photograph your home; help with storing excess items in the home and staging the home; help with a home pre-inspection; help provide repair people to fix things; having open houses; and handle the paperwork transactions, what percentage commission number would you assign to those services? What I'm looking for is how to correlate commission percentage numbers directly to the services provided. I agree that the knowledge and experience an agent has will push the commission percentage number up. I'm always happy to pay a solid commission to someone like you, Audra. If I'm really happy with someone's work, I'm known to tip them. I do this with contractors all the time. @@AudraLambert
Hi Audra...are we able to get a list of questions even if we don't live in California? Thank you SO much for your videos! You're amazing and so helpful! One question...does the buyer pay the commission for the realtor? I thought the seller only pays commission as a seller not a buyer. That part confused me. We have been in our house for 30 years so we are not familiar with new procedures.
The buyer is responsible for selecting their buyers agent. Now, you will sign a buyer/brokers agreement with that buyers agent if you select them as your buyer's agent. In that agreement you will dictate what commission you will be paying them. Let say you agree to pay them a 2% commission but the seller of a house you want to buy is only offering the buyer 's agent a 1% commission. You, as the buyer, will have to pay the buyer's agent that additional 1% commission. You can process the payment through escrow. Most sellers are offering buyer commissions but not all. You have to be very careful what you are signing and understand how the new process is working. Its important. You can get those interview questions here: lambert.homes/buyer-agent-questions. Thanks for watching...and best of luck to you!!
@@AudraLambert Wow!!! Thanks for the detailed reply! I only wish you were a realtor in Florida where we plan on retiring to! Thank you so much!
@@kimberlylewis3130 You are very welcome. Happy to assist. Best of luck to you...you'll do great!!
I had found a realtor (i thought) and i was put on an automatic feed with homes that didnt even pertain to me. I unsubscribed.
If that's all your agent is offering, they should be doing more. Its not a bad way to look and find properties as one tool...but they should have the proper search criteria for you. Ugh..so sorry.
So a new agent you said no to but how will or should one say how did you get your start with that attitude?
I have a great attitude and boy did I get beat up when I started. I would NEVER hire a new agent...and if you are one, you wouldn't hire yourself either if you knew what you don't know. In my opinion, half the problem with our industry is that agents don't have a mentorship program or a great training program for new agents...it should be required. Brokers just want you to go out and beg for business from friends and family so they profit off you. Very little training is given. I really don't think most agents understand the tremendous authority they are given when they represent a client in a real estate transaction. Its a huge responsibility. A new agent will not know how to steer clear of some major red flags, obstacles, contractual obligations etc. Heck, I am still learning and I've been in the business 20 years. You can be the smartest, well intended, hard working agent, but if you don't have experience, you are not offering your clients the representation they deserve. Just keeping it real. I can tell you are passionate. You are lucky....you have TH-cam. It wasn't around when I started. Get as much knowledge and experience as possible...you'll do great. I promise you, in 10 years you will look back and say boy did I learn a lot in the last 10 years. I would recommend having a mentor look over your shoulder for the first 10-20 transactions. Best of luck to you!!
New to your channel great info. I will be a first time home buyer soon looking to relocate to another state. However, I hear laws for realtors change from state to state. What advice would you give first time buyers relocating and looking for a “qualified” realtor in that new state that you are not familiar with? They all sound good, but how do you really know which one is really telling the truth?
Great question. I would interview at least 3 agents. Look them up on line. Ask them for references you can call to verify past clients have had good experiences. I. know its a lot of work...but worth it. We can also help you find a buyers agent in the area you are looking. If you fill out this information in the link below, we will try to vet some agent in the area you are looking to purchase: lambert.homes/referral. However, you still need to interview them. You usually get a good read on people when you start interviewing them. You should also fact check them. Look them up on line. Just type in the google browser their name followed by the word "realtor." For example, if you were going to fact check me...just type in the browser "Audra Lambert Realtor." You can find a lot about the agent by doing this...read their reviews...its really important. Best of luck to you! Thanks for watching.
if i negotiate the flat fee or commission with agent then what's the likelihood i'll be getting their full commitment and energy, and conversely if i offer the number the agent wants what is the guarantee i get their full attention once they are under contract and i'm not able to somewhere else?
First off, I would negotiate the terms in a contract that are extremely important to you. Communication being an important one. I would make the term of the agreement two weeks or 30 days maximum. Try them out to see if you think they are doing a good job. If they are not, fire them after that short period of time...or if they are doing a good job, extend the terms of the agreement for another 30 days. There are a lot of hungry agents out there because we just aren't selling the same amount of homes we once did (selling a lot less). Regarding the commission structure, I would tell the agents you are interviewing the "things" you want them to do then ask what their fees are. I would interview a few agents to know what the various commission structures are for the work you want provided (much like interviewing a general contractor....get quotes). After a few interviews, you will be able to get a read as to who you think would be the best fit. The good ones usually will justify their commission and/or negotiate a bit hire than a flat fee rate. If the agent is negotiating with you ...more than likely they will be a good negotiator with the seller of a home you might consider purchasing. Interview at least 3 agents...you will learn a lot in the process. Best of luck to you!!
@@AudraLambert A lot of interesting insights and suggestions there, thanks.
@@myusrn You are very welcome...I'm cheering for you:)
@@AudraLambertthe agent I thought we would go with gave me a contract to sign. Didn't explain anything. Just said she needed it signed via docusign. I was shocked to see a 2.5% fee to pay agent plus a $290 broker fee and it was for 12 months! Is it normal for them to give you this contract already filled out or do clients normally discuss this with them?
Okay, so I sign a buyers agreement with my buyers agent who is the primary broker at their agency.. Then I see a listing that they or their brokerage listed. How do I handle that?
Okay...I'm confused. You have a signed buyer agent agreement and found a property you are interested in but its listed with their brokerage firm. Did I get that right? If so, tell your agent you want to see it and want a discount since its with their firm. Can't hurt. See what they say. Go for it!! You're the boss.
@@AudraLambert Wouldn't that force me into a Dual agency situation?
Balmain jacket?
Yup....had it for years. I think I would like to be buried in it when it comes to it!. LOL
what's to keep an agent from just saying all the right words? easy to say all these things and only a few can be legitimately verified by the buyer or seller.
Great question...but if you interview a few agents, the best agent usually stands out. I would also ask for referrals from the agent...and actually call these individuals to find out their experience with the agent you are considering hiring. This is an interview process...treat it as such. Most people will give honest feedback.
I’ll be honest. I subscribed because you had a video with some good info. In this video, you’re cutting out newer agents who don’t have the same kind of experience as someone who has been in the game a long time because ultimately this NAR situation is creating this kind of opportunity for folks who have been in this industry for a long time. You could easily say, “it’s just to have buyers seek out sufficient help”, and you’d be correct in that it’s a sound thing to do. But let’s be clear, your motives are just as competitive now as they’ve always been. This angle is just not a good look! And by the way, I said all of this before you even started to outright say that 😂
Hello there! Here is my problem with new agents. First off its not their fault that they don't know what they are doing. No one knows what they are doing when they first start off in any venture. However, 99% of the realtors out there are independent contractors. They don't work for a broker...they work for themselves. I promise you, most agent out there don't have the proper training. Their broker can't require it because they are not employees. There is very little quality controls in my industry. In my opinion, there should be a required apprenticeship for new agents. If they go out on their own without the proper training/education, its the consumer who gets the short end of the stick...no matter how well intended the agent may be. Heck, I was a new agent way back in the day...and I had no business conducting business. I did train under a top agent in the area...made very little money...but learned a lot. I am not trying to self promote on my videos. Ironically, very few viewers watch my videos in my area. Just here to help. I do feel that new agents are not set up to succeed. Its a shame. Thank God for TH-cam, I know a lot of agents are learning from some of the coaching on line. It definitely helps.
Everyone starts part time
Well, I sure didn't!
New realtors don’t have a chance in hell if people were to listen to your videos. You make it sound, as if all new realtors are not capable of doing the job. Every single agent has been new at some point, even you. I enjoy your videos, but It’s hard to listen to your thoughts on a new agent! EVERY agent, all the best agents out there today were new at some point. And I guarantee you, there are new agents out there that can do the job just as well as you could. I find it tacky on your part.
Well, I disagree with you. I don't think new agents can get the job done without making huge mistakes. If they are getting a deal done its because they have help or the other agent on the other side is doing all the work. I deal with new agents everyday...they are not trained, they are not monitored, they are putting their clients at huge risk. Its not their fault. They pass their license then thrown out into the wilderness. They are independent contractors. Who is going to train them? In my opinion, there should be a two year apprenticeship. Every agent who is licensed should have at lease 20 deals under their belt, know how to write contracts, and guide their clients through the process before being able to go on their own. By the way, that is what I did when I was new. If you are purchasing a home or selling a home you should have the best representation possible. Hire an expert. I am all about supporting new agent (hence my channel)...but they need to learn the business...just like in any profession. I am not trying to put new agents down...they just don't know what they are doing. They will learn over the years. A lot of brokers won't hire new agents...its too much risk for them...especially now. My channel is about looking out for the consumer..protecting buyers and sellers. Just Beware! Sorry you find me tacky...just trying to informing the public. Brokers are not required to train or monitor their agents. Most new agents are very appreciative of the information I am presenting on my channel. Most my followers know more about real estate than new agents. Just trying to help...and by the way, I get calls from new agents all the time. Happy to help them out too.
@@AudraLambert OK so when you’re working with the new agent, just make sure they have a mentor? Then it makes it all better?
Realtors are full of bs!!
Not all..but some. True in any industry.
It seems you only wanted to post your opinion, which is not accurate. Some car dealers and mechanics, doctors, business owners are "full of bs". Unscrupulous people exist in every single industry. And, ethical people with integrity are in every single industry, as well. As in every industry, and in politics, the buyer must do their due diligence. You learn how to do that, in the case of buying or selling your home, by listening and following advice by someone very knowledgeable, like @AudraLambert. If you had not noticed, her advice is applicable for anyone, anywhere, not only where she is licensed.
@tamaraliscia3408 Ahhh....thanks Tamara, appreciate your support...means a lot ❤
@@tamaraliscia3408 I stand by my view. I will be happy to debate you anytime , any place
@@jackthoma3600 Enjoy your evening.