What Buyers and Sellers want to know when choosing a REALTOR®

What Buyers and Sellers want to know when choosing a REALTOR®

Things to consider before signing a contract

Make sure you choose a REALTOR® who will provide top-notch service and meet your unique needs.  

1. How long have you been in residential real estate sales? Is it your full-time job? While experience is no guarantee of skill, real estate — like many other professions — is mostly learned on the job.  As a mortgage professional, I have seen even new and young Realtors®  excel at their job.  

2. What designations do you hold? Designations such as GRI and CRS® — which require that agents take additional, specialized real estate training — are held by only about one-quarter of real estate practitioners.  The in depth training the GRI and CRS® instructors teach is very  valuable.

3. How many homes did you and your real estate brokerage sell last year? By asking this question, you’ll get a good idea of how much experience the practitioner has.  Some real estate companies may specialize in highend homes and thus sell fewer.  May be a good idea to also ask for their average sales price that they typically market to.

4. How many days did it take you to sell the average home? How did that compare to the overall market?

The REALTOR® you interview should have these facts on hand, and be able to present market statistics from the local MLS to provide a comparison.  Just like above, if a company specializing in jumbo highend homes, the average days on the market to sell may be much higher than those who market primarily to average priced homes.

5. How close to the initial asking prices of the homes you sold were the final sale prices? This is one indication of how skilled the REALTOR® is at pricing homes and marketing to suitable buyers. Of course, other factors also may be at play, including an exceptionally hot or cool real estate market.  If a Realtor® or two work extensively in your neighborhood, they should have very good stats to compare their own sales with those of other companies that have sold homes in the neighborhood.

6. What types of specific marketing systems and approaches will you use to sell my home? You don’t want someone who’s going to put a For Sale sign in the yard and hope for the best. Look for someone who has aggressive and innovative approaches, and knows how to market your property competitively on the Internet. Buyers today want information fast, so it’s important that your REALTOR® is responsive.  Many Realtors® have very established Websites and make use of blogging to attract more buyers to homes.  I always appreciate a good blog that empowers buyers and sellers alike.

7. Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction? While it’s usually legal to represent both parties in a transaction, it’s important to understand where the practitioner’s obligations lie. Your REALTOR® should explain his or her agency relationship to you and describe the rights of each party.  Great advice, don't forget to ask about this one.

8. Can you recommend service providers who can help me obtain a mortgage, make home repairs, and help with other things I need done? Because REALTORS® are immersed in the industry, they’re wonderful resources as you seek lenders, home improvement companies, and other home service providers. Practitioners should generally recommend more than one provider and let you know if they have any special relationship with or receive compensation from any of the providers.  Good Lenders are empowered by blogging as well.

9. What type of support and supervision does your brokerage office provide to you? Having resources such as in-house support staff, access to a real estate attorney, and assistance with technology can help an agent sell your home.  I see Realtor® Websites and Virtual Tours everyday, I enjoy seeing the technology they use.

10. What’s your business philosophy? While there’s no right answer to this question, the response will help you assess what’s important to the agent and determine how closely the agent’s goals and business emphasis mesh with your own.  This is where a younger or newer agent may make up for the experience of an agent that may have been in the business for years.  Sometimes, this is where you can find a new friend in the business as well.

11. How will you keep me informed about the progress of my transaction? How frequently? Again, this is not a question with a correct answer, but it reflects your desires. Do you want updates twice a week or do you not want to be bothered unless there’s a hot prospect? Do you prefer phone, e-mail, or a personal visit? 

12. Could you please give me the names and phone numbers of your three most recent clients?

Ask recent clients if they would work with this REALTOR® again. Find out whether they were pleased with the communication style, follow-up, and work ethic of the REALTOR®.

This information shared via Realtor Magazine