Whether buying or selling a house, you’re about to undertake a something that will be a huge deal. Either you’re about to spend more money than you most likely ever have in your life, or you’re about to see the realization of an investment you made possible years ago. Odds are this is the precursor to moving to a new area, with an accompanying new job and lifestyle. Buying or selling a home represents a giant step in a person’s life and a major change in their situation. That being the case, it helps to know some very basic information about the person who is helping to usher you into this new part of your life: your real estate agent.
There are a number of questions you’ll want to ask to make sure you’re working with the agent that is right for you. Here are a few that you might want to consider:
1. Do you know the neighborhood I’m looking to buy in? This is an important question if there’s a certain area you want to buy in. Many real estate agents specialize in certain areas and some would be able to tell you more about them than others. If you have your heart set on a specific location, it’s best to find an agent that knows that place well and can help you understand what to expect from living there.
2. Can I have some references? The best way to find a quality real estate agent is by word of mouth. No flyer, advertisement, or even blog can tell you how a real estate agent works with their clients. A good real estate agent is there to act as advocate for the buyer or seller, to help them make the best choice they can in the transfer of a home, and talking to people they’ve done that for will give you an idea of this is the person who will best represent you.
3. How many people are you representing right now? Any real estate agent is human and will only be able to handle so many people at once. Most will let you know if they can’t take on another client, but some will try and it’s important that you understand how many clients they have so you have an idea of how much attention you’ll get. Usually a single agent can handle around 5 buyers and 10 sellers at a time, but many work on teams that make it easier to spread the work around, or in offices with other agents, so they can take on more clients. Asking directly if the agent can handle your business is a good follow up question.
4. How long have you worked in real estate? Experience matters. There’s no way of getting around that. This is not to say new agents can’t do very well, but an agent that has been working an area for ten years will necessarily have a better grasp on that area. It’s important to decide how much that experience matters to you, and the only way to know is to ask.
5. How many sales did you close last year? This is very much a measure of success for a real estate agent. Their job, ultimately, is to get homes bought and sold, and you want one that is able to do that so they can for you. An average individual agent can close roughly 20 sales a year between buyers and sellers. Teams can close significantly more, sometimes that much in a month if they’re particularly good. Location also means something here. If five agents in your area closed around 15 sales last year, then that’s likely average for where you are. Try to be aware of what’s good where you are, and use this information to gauge how well your real estate agent can represent your interests.
There are, of course, plenty of other considerations when choosing a real estate agent, up to and including whether you feel comfortable with them in general (it’s difficult to follow the advice of somebody you don’t feel you can trust), but asking questions like these will help you find the person that can help you find the house you’re looking for, or sell yours quickly and profitably.
Informed decisions lead to brighter outcomes.
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