8 Questions to Ask a Real-Estate Agent
There are two purposes for interviewing candidates: You’re obtaining an education about your local market while the agent pleads his or her testimony to represent you.
You must ask detailed questions!
8. May I see your resume?
Since your standards should be set high, look for any evidence from your potential agent that includes training, designations, professional recognition and membership in professional organizations. These are all signals of his or her commitment to the profession.
There are about 2.6 million real-estate agent in the country. They’re licensed by their respective states. Each state’s licensing and education requirements are different. You can access this info by checking the Association of Real Estate Law Officials’ site to check an agent’s license. Click “consumer” to get started. Approximately half the agents in the country have a membership to the National Association of Realtors. NAR membership shouldn’t be a deal breaker, but it’s a good prerequisite to look for. You can also access the industry group’s code of ethics by clicking the link.
7. What’s your commission?
Traditionally a seller pays around 6% in commissions when using a real-estate agent. 3% goes to the seller’s agent, and 3% goes to the buyer’s agent. Commissions are negotiable and they often are.
Negotiating works best when homes are selling easily and quickly. Today, the real estate market is currently in a shift. Inventory is low, agents will have to work harder to sell properties. The best agents may be unwilling to negotiate down their commission. If you do find an agent who is willing to negotiate, consider it just only one of the many factors to weigh before choosing a professional to sell your home.
6. What makes you special?
Don’t settle for just one agent interview. Don’t settle for an agent who just promises to show homes or list, advertise and sell your place; every agent has to do those things. Ask the agent what sets him or her apart and what will he or she do to go the extra mile for you.
5. How often will I hear from you?
Your agent’s communication style and availability should mesh well with yours. Prepare for your agent interviews knowing if you prefer a twice-weekly check-in, even if there are no homes you’re interested in. Also ask yourself if you expect a report after someone tours your house for sale? What is your preferred contact method? How quickly do you expect a response? It is also important to ask your prospective agent who will be the contact when the agent is unavailable.
4. What’s your plan for marketing my home?
An agent cannot guarantee that he or she will sell your home. He or she can explain the steps and the path he or she will take to bring it to the attention of potential buyers. You should be asking, “Are you going to post my home on a website or multiple websites?” or, “What listing services will you be listing my home on?”
Once you have selected an agent, it is advised that you and your agent should request a one-page list of actions, each with a target date. Incorporate the plan into your sales contract so you can track your agent’s progress and have documentation if he or she fails to live up to the agreement.
3. How many transactions did you complete last year?
Some agents will keep their individual score by dollars as in the total value of the houses they have sold. What you really need to ask is how many transactions did you complete?
Mega agents are a mixed blessing. The bonus is, they’re knowledgeable experts. The more he or she dominates that particular market, the more probability that he or she is a great agent in that market. Mega agents, however might be too busy for hand-holding. If one agent is selling more than 70 homes in a year, that agent probably doesn’t have as much time as the agent who sold 20 homes last year.’
2. What do you know about the neighborhoods where I want to live?
A Mega Agent is no good to you if he or she isn’t doing an active business in your target neighborhoods, so ask how many of the homes he or she sold last year were located where you want to buy and how many listings he or she has there now.
Good agents specialize in one or two communities. The agent has to know the place from zoning regulation changes to freeway expansions. These are some of many variables that determine a property’s value.
Agents have a ton of data at their disposal from their respective local listing services. Good ones will share it with their client. This will educate you about the median income and educational level of a neighborhood’s residents. Or they can tell you what proportion of residents work close to home or commute to work. A couple of things agents can’t discuss are school performance or crime. This would violate fair-housing laws. They can however, point you to websites that will give you statistics on those particulars.
1. Are you a solo agent of part of a team?
There really isn’t a correct answer to this question. Teams are growing in popularity. They’re good for collaborating several professionals’ expertise at once and for allowing high-powered agents to focus on what they excel at, delegating to associates tasks such as filing and tracking documents.
When you get right down to it, it’s that sparkle that distinguishes the superstar agents, and there’s no way to find it without sitting down with a few of them and asking questions.
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