What Questions Should You Ask a Real Estate Agent?

What Questions Should You Ask a Real Estate Agent?

A real estate agent is someone that you not only trust to find you your first home but someone that you will work with and develop a relationship with during the home mortgage process. It is always important that you interview a real estate agent before you start working with them.

The first thing you need to know is the experience and professional history of your prospective real estate agent. Ask them how long they have been in business and what homes they specialize in. You should also ask the agent about their average list-price-to-sales-price ratio. This little bit of percentage gives the most important information about an agent’s performance. Good agents are always able to negotiate a sale price lower than the listed price for a property. Good agents should have a record of sales price that are very close to the list prices. A buyer’s agent ratios should fall below 99 percent. For a seller the ratio should be nearer to 100 percent.

These two questions provide you with an overall picture of the agent. Next you need to know what the agent has for you.

For buyers, this means asking:

  • How will the agent search for your home?
  • How many homes will it take to find the one you like?
  • Are there other buyers that you will be competing with?
  • If there are multiple offers, how are they handled?
  • Will there be any offers by the agent themselves?

For seller, the important questions are:

  • How will the agent specifically sell your property?
  • Do they have a direct mail campaign?
  • What are the advertising strategies?
  • Will you have any say in the flyer design?
  • How will the agent market your property online?

In addition to these answers you also need to ask the agent for some references from whom you can get feedback about the agent’s performance. Also, you should know if you will be allowed access to all the documents for review before they are signed.

Stay informed about home market

Before you start looking for home purchase loans and refinance mortgages, you should ask your real estate agent or general contractors how much they charge and what guarantees they offer for a sale. There is no bad thing is staying informed, especially if you are making step big as this one.

Usually a good insurance agent will offer competitive cost and reliable guarantees. An agent that is caring and sincere will automatically have all the other positive traits as well.

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