If you're wondering about where to find a good Realtor to work with in Los Angeles and what kind of questions to ask them before, during and after the home-buying process, worry not. This guide covers all the questions you should ask a Realtor during the home buying process.
The contents of this article are for educational purposes only. They are not intended to be a source of professional real estate advice. You will find experts on real estate investing here.
Ila Corcoran is a licensed Realtor and the SVP of Real Estate Operations and Advisory services at Bay Street Capital Holdings. Her real estate journey started off in apartment management and leasing and then later transitioned to residential real estate. Ila has experience in both commercial and residential real estate, but her specialty is in residential real estate.
Having grown up and spent most of her life in Los Angeles, Ila is the best Realtor to work with if you're looking to buy a house in Los Angeles. In the home search process, Ila can help you:
Ila is a licensed Realtor with a Bachelor's degree and 2 minors from California State University Long Beach, and an active Real Estate License. As a top producer, she has managed to close $10.4+ million in real estate deals and secured more than $2.2M in AUM during her first 6 months as a licensed investment advisor at Bay Street Capital Holdings.
If you're a first time home buyer or are looking to buy an additional property in Los Angeles, get in touch with Ila today. She will help you find a suitable home that is within your price range.
A Realtor is a licensed real estate agent who is a member of the National Association of Realtors (NAR) and adheres to a strict code of ethics and professional conduct. The term "Realtor" is a registered trademark of NAR and is often used to distinguish real estate agents who are members of NAR from those who aren't.
Before you speak to any prospective agent in Los Angeles, it is important to first understand what a Realtor does. The major roles of a Realtor include:
Buying a house in Los Angeles is a huge financial commitment, and as such it is important to work with the best real estate agent in this competitive market. Before hiring a Realtor, here are the important questions to ask.
For someone purchasing their first home in Los Angeles, a starter home as opposed to a luxury property would make the most sense. Therefore, as you search for the right real estate agent to work with, look for one who specializes in starter homes to increase your chances of getting a home that suits your needs and fits your budget.
In your conversations with the potential Realtor, be sure to find out the price points of houses they usually sell. That way, you'll understand if they deal with houses within or above your price range.
The Los Angeles real estate market is a very diverse one and working with a qualified Realtor who has hands-on experience in this market would help ease the home search process. Make sure to find out important facts such as how long the Realtor has been in the industry, how many clients they've served and their track record of successful transactions.
In a market like LA, you need to work with the best because an average real estate agent could compromise the outcome of a complex real estate transaction like buying a house.
Depending on how fast you want to move in your home hunting, it is essential that you find out whether a Realtor is a full-time or part-time agent. Full-time agents usually allocate more time to show their clients different properties, respond to inquiries promptly and stay updated on current market trends.
This doesn't imply that part-time agents won't give you adequate attention. Some are very capable and experienced, but your schedules might clash and this can affect the home search process.
As with any other job, asking for references from past clients will enable you to understand the Realtor's track record and the kind of experiences that past clients had.
From the feedback you get, you can better gauge their level of professionalism, responsiveness and ability to successfully close real estate transactions. A Realtor who is confident in their abilities and reputation should be willing and able to share these references with you.
Once you have chosen a Realtor to work with, looked at several houses together and found one that you'd be interested in buying, here are some of the questions that you should ask.
In a housing market like LA where the demand is high, some sellers can overprice their houses so as to make maximum profit from a sale. Having a good Realtor in your corner will save you the mistake of buying an overpriced house as they have data on similar houses in the area for comparison.
Now, if the asking price is slightly above your budget, that's not necessarily a red flag. Your agent can simply speak to the seller and come up with the best strategy to help buy the house at a reasonable cost.
Many houses being put up for sale are usually prepped to appear nice and chic on the inside and out. While viewing the house, you might miss major defects that are not obvious to the naked eye.
As you look through houses that you're potentially interested in, ask your Realtor if they have access to the property's history and if they can thoroughly look through the house to identify any potential problems that you might encounter.
It would be disappointing for you to sign the sale agreement only to find that your new house has major plumbing issues.
Some home buyers assume that the price they pay for the house covers all expenses. This is usually not the case as there are other costs associated with buying a home, beyond the the purchase price. These additional costs may include closing costs, property taxes and homeowners' association fees, depending on where you choose to live.
Utility bills and maintenance and repair costs are some additional costs that you should also factor in your budget. Your Realtor can provide you with a clear breakdown of the various expenses so that you have a clear understanding of how much it would cost to maintain that house.
Once you are ready to close on the purchase of the house, here are important questions that you need to ask your Realtor.
As you approach the final stages of the transaction, find out from your Realtor what happens during the process of making an offer and what terms are indicated in a purchase contract.
Some important clauses that should be included are the ability for you to negotiate the price of the house if any repair work is done as well as the option to walk away from the deal in case you experience issues with accessing financing for the house.
In Los Angeles, the process of buying a house can take anywhere from 4 weeks to 6 months. As an experienced buyer's agent, your Realtor should be aware of how long it takes to buy a house in different parts of LA so as to enable you to adequately plan your finances for the home purchase.
Another important thing to find out from your Realtor is if the seller of the house will move out as soon as the transaction is done, or if they plan to stay in the house as they look for another house to move into. Having this information will help you plan the best way forward.
Finally, ask your Realtor to share with you their negotiation strategy as the end goal is to reach an agreement with the seller that aligns with your best interests. Understanding how they plan to go about the negotiation can help you feel more confident about the offer you're making.
Asking the right questions can help you develop a great working relationship with your Realtor for a smooth home buying process.
If you're in Los Angeles and are looking to buy your first house or an additional property, schedule a session with Ila today and she will help you find a home that not only fits your needs but also your budget.
Headquartered in Palo Alto, Bay Street Capital Holdings is an established wealth management company that deals with financial planning, investment advisory and risk management. The firm was founded by William Huston who was recognized as one of Investopedia's Top 100 Financial Advisors from 2021-2023
In 2023, Bay Street was selected as a finalist in the Asset Managers: Diversity, Equity and Inclusion category during the 2023 WealthManagement.com Industry Awards, thanks to their partnership with Resthaven Properties in the real estate sector.
The firm was founded to advocate for diverse and emerging founders, and the firm's leadership remains a testament to its DEI commitment.
https://www.bankrate.com/real-estate/buyer-questions-to-ask-realtor/
https://www.quickenloans.com/learn/questions-to-ask-a-realtor
Bay Street Capital Holdings is a subsidiary of Maridea Global Capital Management. Maridea refers to Maridea Global Capital Management and all of its subsidiaries and affiliates. Maridea Wealth Management LLC, a subsidiary, is a registered investment advisor and may also conduct business under the names of Huckleberry Capital Management and/or Bay Street Capital Holdings.
Maridea Wealth Management LLC provides investment advisory and related services for clients nationally. Gagni Wealth Management LLC, also a subsidiary, is a registered investment advisor providing investment advisory and related services to clients nationally. Maridea will maintain all applicable registration and licenses as required by the various states in which Maridea conducts business, as applicable. Maridea Wealth Management LLC is an SEC registered investment advisor and Gagni Wealth Management LLC is a Texas state registered investment advisor. For additional information, please click here for our disclosures page.