Working with a quality agent could help you avoid any mistakes, and they’ll take away a lot of stress. Before picking a suitable real estate agent, be sure to ask them some of these important questions.
1. How Long Have You Been Active in My Market
Working as a realtor in one market doesn’t mean someone will be successful in another market. Each area is going to be different. So, We always recommend asking realtors how long they’ve been in your market.
Just because someone is new to the area doesn’t mean they won’t be a good agent. But, it does mean that you can’t just trust their track record. Proven agents will have tons of success in the market you’re interested in.
2. What’s the Average Time to Close in My Market
The average time to close represents how long it’s taken an agent to go from making an offer to closing a deal. The longer it takes, the more likely there could be issues.
Choosing an agent that closes quickly helps to make sure you won’t encounter any issues. Most of the time, in an active market, it shouldn’t take more than 30-60 days to close. Sometimes, agents can get deals done a lot faster than that, too.
3. What Kind of Leverage Do You Have?
A talented realtor will always be looking for points of leverage during negotiations. Pierre Carapetian recommends using the closing date as a point of leverage.
If your realtor knows closing soon is important, they’ll use that during negotiations. Agents who understand how to use leverage will help you whether you’re buying or selling.
4. How Will You Help Me Close in a Competitive Market?
Some markets are a lot more competitive than others. If you’re buying in a competitive area, your realtor should have a plan to help you close. Otherwise, you could waste a lot of time and money on unaccepted offers. Even selling in a competitive market can be difficult without the right agent.
5. Who Is Going to Be My Primary Point of Contact?
During the home buying process, you’ll inevitably have a lot of questions. Are you going to be speaking to your agent directly? Or, will they have you talking to one of their assistants?
Knowing who to go to with your questions can relieve a lot of the stress associated with buying a home. You should also ask them how you’ll be communicating with each other.
6. How Many Clients Do You Represent?
Will you be the only person they’re representing? Or, are they going to be working with a dozen other people at the same time? You might not want to choose a realtor who only represents you.
That could be a sign they’re not very good at negotiating. At the same time, you don’t want to be just another voice competition for their attention, either. Strive to find a good balance between the two.
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7. What Is Your List-to-Sale Price Ratio?
Whenever you’re selling a home, your realtor can make or break the deal. How much do the homes they sell tend to go for? If they’ve got a very low list-to-sale price ratio, they might not get as much for your property as you’d like. Working with an agent who gets more for your home means you’ll walk away with more in your pocket.
8. How Many Properties Do You Sell per Year?
The number of homes an agent sells each year shows you some evidence of their talent. If they’re selling multiple homes each month, then they’re familiar with their markets. If they only sell a handful each year, things could change, and they might not even realize.
How to Choose the Right Agent
Hiring an agent is a bit like an interview. There are plenty of realtors out there, but they’re not all the same quality. Whether you’re buying or selling, a talented agent will help the process go smoothly. By asking these questions, picking the right one should be much easier.
Image Credit: questions to ask a real estate agent by envato.com
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