What do Realtors want to know about a buyer before accepting them as a client?

Question

Assuming you could ask the buyer anything without offending them, what type of data points--price range, pre-approval letter from mortgage broker, etc.--would you want to know before accepting a new buyer client? The intent is to separate serious buyers from those who are just "shopping".

Answer 1

Realtors don't get paid by the hour. They only make money when the deal closes. So if a realtor does not pre qualify a buyer and has a signed broker buyer agreement, he/she would be working for free.

Answer 2

Do you have the ability to purchase. Are you serious about buying? Are you realistic about the market, what you can afford, and inventory?

Those would be the top questions.

An approval letter should come from reputable mortgage company or bank, not some fly by night operation. Price range is unimportant to me. However, if you want to stay in the $100K range, don't waste my time with $500K requirments for a home. Most Realtors get frustrated when clients have unrealistic expectations and blame us for not finding a home at an unbelieveable price in a premier neighborhood.

Answer 3

In my experience, nothing. If you're the buyer, and you behave like you're buying, and you sound like you might have the right income, then you get accepted. In the US, there would be implications for casually not taking clients, especially if there can be proof that the realtor doesn't take clients based on religion, race or ethnicity. Plus in practical terms, this is how realtors get business, and there's plenty of competition for deal making, so the average realtor probably can't be too choosy anyway.

Answer 4

Here is what I do as a Realtor®.

First I get their basic information, name telephone number and email address.

Then, I will sit down with them face to face is preferred or over the phone and find out what their needs are (bedrooms, bathrooms, square footage, price range, etc).

Then I get on my computer (or a computer at my office) and I see what matches their search criteria and email them the listings.

Then after a few days, then I will follow up with them and see if any of these properties meet their needs and see if they would like a tour.

From there, if there is any further interest. I would then have them contact a lender of their choice to get what we call in Arizona a Loan Status Report or LSR. (Basically as a rule I will go out once with a prospect before asking for an LSR or Buyer Broker employment agreement)

And we would then proceed forward getting a purchase contract together.

I hope this answers your questions.

Feel free to contact me if you have any more questions.

Answer 5

although realtors will happily work with buyers and sellers without asking these questions, a realtor would love to know the following:

1. have you been prequalified? if so, are you actually in a position to buy? what is your price range?

2. what are YOUR specific needs? (# bedrooms, square footage, area, etc.)

3. are you a ready, willing & able buyer? do you have the money, ability and intent to buy?

A realtor's nightmare is someone who refuses to show them any preapproval paperwork, runs the realtor to death showing them houses, and then can't even afford to buy one! SHOPPERS who can't afford anything are a realtors' worst nightmare!

Answer 6

You can't separate the BS from the serious! Do your research about your area and what prices were sold for in your area and you should be fine. Real estate agents will just go with the maximum money!!!

Answer 7

They want to know that you are actually capable of buying a home financially so they don't waste their time, and that you are a serious buyer.

Answer 8

Whether or not they actually could get a mortgage would be my main concern. Financial status.

Answer 9

Most realtors I know would take any client at any time... they are all whores!

Answer 10

Time line when do they want tobe in their new place?