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What questions should you ask before choosing
a real estate professional/Realtor?
- How long has the real estate agent been in the real estate business?
- Is this person a full-time agent?
- Is the real estate agent familiar with your preferred community?
- How many homes has the real estate agent sold in the past year?
- How many transactions (sales) have you done so far this year?
- How many transaction did you do last year?
- How many were sellers vs. buyers?
- What's the average sale price of those homes?
- Does the real estate agent usually work with sellers or buyers?
- How many buyers is the real estate agent presently working with?
- Is the real estate agent acting as an exclusive "buyer's agent, meaning that they work exclusively with people like you who are interested in purchasing a home, as opposed to property owners who are selling a home?
- How many sellers is the real estate agent presently working with?
- What are the real estate agent's strengths?
- Will the real estate agent offer you 3 homebuyer references?
- For how long will the agent's contract with you be valid?
4 fundamental questions any real estate professional should be able to answer easily:
- What percent of your company's listings have sold in the last 12 months? You'll want to partner with someone that has a high ratio of closed sales for your local market. Keep in mind that this number will vary depending on how vibrant your local real estate market is.
- What was the average amount of time it took to sell those listings? Comparing marketing time between real estate companies will provide you with an indication of how well that company and sales associate market homes.
- What was the average sale price? What you want to look for is a price that is close to what you believe is your home's value.
- What was your company's list-price to sale-price ratio?
Any significant difference between the original list prices and what the homes actually sold for can be an indication that the list price they are quoting is unrealistic.
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