10 Crucial Questions Real Estate Agents Should Ask Buyers
What questions should a realtor ask a buyer to get them their dream home?
To find this out, we surveyed our expert real estate agents. From their answers, we compiled a list of the essential realtor questions for buyers, some of which you probably haven’t thought of yet.
Read below and note the ones you are still missing out on.
#1 Why are you buying?
The buyer’s agent will need to uncover the ‘why’ early on as well. Very often this alone dictates the strategy of the purchase.
Is the home being purchased due to the 5 Ds of real estate? Most of the time the answer is, yes they are buying because of Death, Divorce, Diplomas, Diapers, and Diamonds.
Upsizing, downsizing, and all reasons in between can help shape follow-up questions such as the buyer’s desired timeline, any repairs they are willing to do to a prospective property, the anticipated budget based on a lender’s pre-approval, and finding out what neighborhoods they want to live in.
Setting realistic expectations is equally important, as often first-time buyers are unaware of all of the options that are available to them.
#2 When do you plan to be in your new home?
If they are 6-12 months out, you don’t want to drive them around every week not knowing if or when they will purchase.
Future business is great; ‘now’ business is better. If their timeline is months away, put them on email alerts from your MLS to receive new property listings that hit the market and encourage them to look at the listings.
By viewing the home listings for a few months, they will be more confident in knowing true market value when they are finally ready to view property and write real estate purchase offers.
Being aware of what buyers have to close — now or within several months — enables you to tailor searches to conditions of the marketplace (i.e., bidding wars versus off-season deals) and coordinate timelines for sellers.
I ask them what their target move-in date is. This helps me find homes that offer that time frame and helps me eliminate ones where that isn’t possible.
Do you have a certain deadline you need to be moved in by? Some buyers have upcoming lease expirations.
This helps you to understand what phase of the process they’re in and what an agent needs to do to get them ready to take the next step.
#3 May I see your pre-approval or proof of funds?
If getting a loan, they should get pre-approved prior to you showing them properties.
Tell them you will need to submit their pre-approval letter with every offer that you write. A serious buyer will be pre-approved and ready to purchase when you start showing them houses.
If they don’t send you the pre-approval letter upfront, you could be wasting time…time better spent looking for other clients who are serious and ready.
Same for those fortunate enough to pay cash; they should submit their proof of funds to you prior to you showing them property. You will need to submit this with any offer submitted as well.
Figuring out the buyer’s money situation is the first step toward a successful purchase. Also, phrasing it like this can be flattering to some buyers using a mortgage.
It also protects you from insulting a cash buyer who might be offended if they think you’re assuming they need a mortgage.
Have you spoken to a lender to determine what price point equates to a monthly payment that works for you? This is the best way to start the ‘have you been pre-approved’ question.
You could also ask if they will consider having their lender upgrade their pre-approval to DU.
In a market with a lot of competition, upgrading their pre-approval to a DU approval shows the seller stronger proof of qualification that makes them more inclined to accept the offer over others who may only have a prequalification.
This is the most important of the questions realtors should ask buyers, and it can save you both a lot of time and disappointment. You don’t want to show houses a buyer can’t afford.
Ask to see their rate sheet from the bank. This shows value to the buyer in that you are looking out for them and potentially know of a better rate or program.
It is important for buyers to know their budget. It is also important to distinguish between how much house you can afford and how much house you are comfortable affording.
Oftentimes buyers will qualify for much more than they are comfortable borrowing, so it is important to discuss those aspects when talking about the buyer’s budget.
This is one of the MOST important real estate agent questions for buyers!
Don’t show them homes they can’t afford which will make the ones they can pale in comparison to. NEVER encourage your buyer clients to spend above their comfort level!
Without a pre-approval, they will not be able to make an offer that would be seriously considered. Also, it will give them and myself a realistic idea of what they can afford.
Too often I have conversations with buyers and they have been pre-approved for way more than they are comfortable paying.
#4 Is there another property you need to sell?
This is such an overlooked realtor question for buyers. It’s a great way to find out if they’re buying to upgrade or downgrade, or just to relocate.
It opens the door for you to get a potential listing. Oftentimes, buyers think they need one agent to buy a house and another agent to sell a house.
This is your opportunity to show them that you are the agent to do both.
#5 Have you ever purchased a home before?
This gives insight into their past experiences — good or bad — so you can address concerns and improve their buying journey. Some buyers have had not-so-great experiences in the past.
#6 How long do you plan to be in the home?
Time horizons are important when buying a home, as the real estate market tends to be cyclical.
If, for instance, you are planning on staying in a home for 20 years or more, it is difficult to ‘overpay’, as the market will probably go through multiple boom and bust cycles during your ownership.
If, on the other hand, the buyer’s time horizon is 5 years or less, then they need to be very mindful of current market conditions and not overpaying based upon current conditions.
If a buyer does overpay and has a short time horizon, they may find themselves ‘underwater’ when they want to sell the house.
#7 Do you have any pets or unique vehicles?
This is important because some communities don’t allow work trucks, motorcycles, boats, or pets.
#8 Besides me, who will be helping you to process your buying decisions?
If there is a parent, friend, or other advisor involved in the decision-making process, you need to know as early as possible so you can get them involved and engaged.
When the buyer has a ‘closer’ who shows up to help evaluate the buyer’s home choice at the end of the process with no prior knowledge or engagement, there is no way to ensure the advisor has proper expectations about what is and is not available in the buyer’s price range and desired location.
This can easily result in the advisor vetoing every finalist home because they have false beliefs about which homes actually represent good value for the price.
#9 What type of home do you want?
I love asking this because many agents just ask ‘How many bedrooms do you want?’ and leave it at that.
A buyer may want 4 bedrooms, but if asked why they need 4, I may find out that they want to use one as a home office or gym.
Well, in that case, I could find them a 3 bedroom with a bonus space/den/loft that could suffice, therefore expanding my search for them.
It is unusual for a homebuyer to find a home that checks off every box.
Ultimately most buyers have to make some compromises, so it is important to understand which features in a house are at the top of the list and what features and amenities are more of a wish than a necessity.
Is there anything crucially important that your home has to have? This is a good opportunity for buyers to give you their hard wishlist so you know what’s truly important.
For example, if they must have a first floor unit or a building with an elevator.
Buyers sometimes get caught up focusing on the wrong things in a property. Talking them through what is important and why help me identify what their needs truly are. Many times it’s want vs need.
I ask them what their must-haves are and what they want but can do without if they have to. This helps narrow the search and lets me target what I know they really want.
Prioritizing needs (e.g., school district, yard, bedrooms) ahead of nice-to-haves ensures that first and foremost, listings are being matched to requirements and calls for anticipated trade-offs.
#10 What areas are you open to buying in?
Location determines long-term happiness; questioning desired locations, morning commutes to work, and lifestyle amenities helps you choose homes that accommodate regular routines and area objectives.
How far north, south, east, and west are you willing to go? I find this to bring more accurate of an answer than asking ‘what area do you want?’
What neighborhood or neighborhoods are you looking in? It’s important to narrow your search to one or two areas, if possible.
Additional Resources
Now that you know what questions a real estate agent should ask a buyer, you may want to also expand your knowledge in other areas of your profession.
To help newbie Realtors in becoming successful real estate agents, we created the following resources:
- the best Realtor mentorship programs
- the best real estate mentors, and
- highly converting real estate buyer leads for those who haven’t set up their own lead generation systems yet.
Good luck!
Kristina Morales is both a licensed mortgage loan originator and real estate agent in the State of Ohio. Inspired by her years of working with buyers and sellers and seeing a need for more consumer education, Kristina created loanfully.com, an online educational resource for borrowers and industry professionals. In addition to real estate sales and mortgage lending, Kristina had an extensive corporate career in banking, treasury, and corporate finance. She ended her corporate career as an Assistant Treasurer at a publicly traded oil & gas company in Houston, TX. Kristina obtained her MBA from the Weatherhead School of Management at Case Western Reserve University and her B.A in Business Management from Ursuline College.
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