10 Questions
To Ask Your Realtor®
1. Are you
a full-time professional Realtor®?
How long have you worked full time in real estate? What professional designations
do you have?
Knowing whether
or not your Realtor® practices
real estate on a full-time basis can give you a piece of the puzzle in
foreseeing scheduling conflicts and, overall, his or her commitment to
your transaction. As with any profession, the number of years a person
has been in the business does not necessarily reflect the level of service
you can expect, but it is a good starting point for your discussion. The
same issue can apply to professional designations.
2. Do you
have a personal assistant, team, or staff to handle different parts of
the sales transaction? What are their names and how will each of them help
me in my transaction? How do I communicate with them?
It is not uncommon
for high real estate sales producers to hire people to work for them or
with them. They typically work on a referral basis, and, as their businesses
grow, they must be able to deliver the same or higher quality service to
more clients.
You may want
to be clear about who on the team will take part in your transaction, and
what role each person will play. You may even want to meet the other team
members before you decide to work with the team overall. If you needed
help with a certain part of your home sale, who should you talk to and
how would you communicate? If you have a question about fees on your closing
statement, who would handle that? Who will show up to your closing? These
are just a few of the many important considerations in working with a team.
3. Do you
and/or your company each have a website that will provide me with useful
information for research, services, and how you work with buyers? Can I
have those Web addresses now?
Many homebuyers
prefer to search online for homes and home buying information. There are
certain privacy and comfort levels that you might appreciate in starting
a preliminary search this way, and often it is just a matter of convenience,
having 24-hour access to information. By searching the Realtor®'s and
the company's Web sites, you will get a clear picture of how much work
you would be able to accomplish online, and whether or not that suits your
preferences.
4. How will
you keep in contact with me during the buying process, and how often?
It's a good
idea for you to set your expectations reasonably in accordance with how
your Realtor® conducts business. You may be looking for an agent to
call, fax, or email you every days to tell you about prospective buyers
who have seen your home. On the other hand, your Realtor® may have
access to systems that will notify you automatically each time a new visitor
tours your home (which could happen several times a day or several times
a week). Asking this extra question can help you to reconcile your needs
with your Realtor®'s systems, which makes for a far more satisfying
relationship.
5. Can you
explain one thing that you do that other agents don't do that ensures I'm
getting top dollar for my property? What is your average market time versus
other agents' average market time?
Marketing skills
are learned, and sometimes a real estate professional's unique method of
research and delivery make the difference between whether or not a property
sells quickly. For example, an agent might research the demographics of
your neighborhood and present to you a target market list for direct marketing
purposes.
6. Will you
give me names of past clients who will give references for you?
Interviewing
a Realtor® to help you buy a home can be very similar to interviewing
someone to work in your office. Contacting a Realtor®'s references
can be a reliable way for you to understand how he or she works, and whether
or not this style is compatible with your own.
7. Do you
have a performance guarantee? If I am not satisfied with your performance,
can I terminate our listing agreement?
Understand that,
especially in the heavily regulated world of real estate, it can be increasingly
difficult for a Realtor® to offer a performance guarantee. Sometimes
you may find a Realtor® who is willing to guarantee that if you are
dissatisfied in any way with their service they will terminate your listing
agreement. If your Realtor® does not have a performance guarantee available
in writing, it is not an indication that he or she is not committed to
perform. Realtors® at Keller Williams Realty understand the importance
of win-win business relationships, and that the Realtor® does not benefit
if the client does not also benefit.
8. How will
you get paid? How are your fees structured? May I have that in writing?
This is an issue
that can also be related to agency. In many areas, the seller still customarily
pays all Realtor® commissions through the listing broker. Sometimes,
Realtors® will have other small fees, such as administrative or special
service fees, that are charged to clients, regardless of whether they are
buying or selling. Be aware of the big picture before you sign any agreements.
Ask for an estimate of costs from any agent you contemplate employing.
9. How would
you develop pricing and marketing strategies for our home? Will you commit
to the marketing strategy in writing?
Pricing a home
correctly is the single most important factor in determining if a home
sells quickly, or at all. Although location and condition also effect the
selling process, price is a primary factor. Access to all current property
information is essential, and sometimes a pre-appraisal will help. Ask
your agent where he or she obtained the information to create the market
analysis, and whether your agent included For Sale By Owner homes, foreclosed
homes, and bank-owned sales in that list.
10. What
will you do and what will you not do to sell my home? Who determines where
and when my home is marketed/ promoted? Who pays for your advertising?
Ask your real
estate agent to present to you a clear marketing and advertising budget,
and how those dollars will be spent. Ask if there are other forms of advertisement/
marketing media that are also available but not mentioned in the budget/plan,
and who pays for those. Request samples of the various media that your
agent proposes (such as Internet Web sites, print magazines, and local
publications).
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