Finding A Real Estate Agent
When it’s time to buy or sell your home a Real Estate Agent can be very valuable. Finding a real estate agent can take a bit of attention, but it is worth all the effort.
You will want one who works in your market and knows that is going on. A good agent knows not only the market trends, but also knows about roads being built in the area and upcoming changes that will affect your decision to purchase and the real value of your home for sale.
Of course you’ll want to get referrals from friends, neighbors and co-workers. Call the agents and set up appointments with each one. As part of their service, they will each give you a current market analysis and give you an idea of what your home is worth. Be sure and ask for this, it is free.
Most of us don’t know too much about real estate sales. Here’s a list of 15 questions I found to get you started with your interviews…
1. Is this your full-time gig? How many clients have you served this year? An active agent is more likely to be up-to-date on the market and the law.
2. How many sales have you handled in my target neighborhoods? You want someone who knows the local market, with a few recent deals in your target neighborhoods.
3. When clients are unhappy with your service, what has gone wrong? Asking why a client has been a bad fit for an agent can help you figure out if you’re a good fit.
4. Has a client ever filed a complaint against you? If you’re uncomfortable asking, just check with the state licensing board.
5. What’s your fee? The seller pays the buyer’s agent using the money you pay for the house, typically 3% of the sales price. Some buyer’s agents refund part of this fee.
6. What services do you offer beyond negotiations and escrow? Make a list of what you’ll be paying for. Negotiations, paperwork and contingencies are the minimum.
7. When am I committed to working with you? Many consumers start touring homes without realizing this can obligate them to work with the agent, contract or no contract.
8. How many foreclosure or short-sale transactions have you handled? Distressed properties can be great deals, but the paperwork is complicated, and your liability is greater. The best agents have experience closing deals with banks.
9. Who else will be working with me? An agent is often supported by a team. But the person you hire should do most of the work.
10. Will you show me all the properties for sale? Good agents show all properties, even for-sale-by-owner properties that don’t pay a commission.
11. How quickly can you get me into a home? Hot homes move fast. Ask how the agent handles tours on short notice.
12. Do you represent buyers and sellers on the same house? No agent can fairly represent both. You need someone on your side.
13. What sets you apart from other agents? Look for expertise, not just eagerness. You aren’t hiring the neighborhood kid to rake your leaves.
14. What if I’m unhappy with your service? Agents get paid when you buy a house. But most customer complaints occur during the closing process. Ask for a guarantee.
15. Can I get references for your last five deals? Every agent has clients he served well. But the best agents serve nearly all of their clients well. Getting an agent’s last five clients will give you a more balanced picture of his service than letting him choose his most favorable references. Call at least two of the five, asking clients some of the same questions you asked him. Look closely at these last five deals to see how they compare to similar sales in the neighborhood. Did he negotiate a good price for each customer?
Our list credit http://blog.redfin.com
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2 Comments
June 5th, 2012 at 3:25 pm
This was a great article. The only thing I would add is:
“Will you be going on a trip where you can not be contacted during our contract term?”
This happened to me. My expectation was that I would have my agent by my side throughout the transaction, but she went on a holiday (and I was not able to e-mail or call her) and during this time the buyer started some hefty negotiations that they agent she left in charge was not experienced enough to handle!
June 6th, 2012 at 9:47 am
Hi Adeline, thanks for the advice, you wouldn’t think to ask this if you hadn’t had it happen, and it is a great question….