Using a Realtor - Questions to ask them
Buying or selling a home is one of the biggest financial transactions many of us will make. For most people, buying or selling a home triggers many emotions and stress. But with the right real estate agent, it can be a seamless and stress-free process. Whether you’re buying or selling, hiring a real estate agent to help guide you through the process is always a good idea. Let’s discuss some of the questions to ask when hiring a real estate agent.
15 questions to ask a real estate agent before hiring
Here are some of the essential questions you should ask a real estate agent before hiring them
1. What is your experience in the real estate industry?
When hiring a real estate agent, it is important to ask about their experience in the industry. You want to know how long they have been in the business and whether they have experience in the specific area where you are interested in buying or selling a home.
Experienced realtors usually know the latest real estate trends, financing options, and legal regulations. They develop a deep understanding of their local market, including the types of properties available, the selling prices, and the most desirable neighborhoods.
2. What is your area of specialization?
Real estate agents can specialize in different areas, such as residential, commercial, or luxury properties. It is important to know the area of specialization of the agent you are considering hiring.
3. Are you a full-time or part-time agent?
It is important to know whether you are hiring a full-time or part-time agent. A full-time agent is committed to helping you sell or buy the property, while a part-time agent might not always be available.
4. What is your marketing strategy?
When selling a property, it is important to know the marketing strategy the agency plans to use to sell your home. In today's digital age, realtors must have a strong online presence. This includes having a professional website, social media accounts, and profiles on property listing sites. Realtors can also create blog posts, videos, and other engaging content to attract potential clients.
5. How often will you communicate with me?
Communication is key in any business relationship. It is important to know how often the agent will contact you and how you can contact them.
Realtors can communicate with clients and contacts in various ways, including phone calls, emails, text messages, and in-person meetings. Realtors need to stay organized, respond promptly, and communicate in a professional and friendly manner.
6. How do you determine the price of a property?
When selling a property, it is important to know how the agent determines the price of a property. Ask what factors they take into consideration when pricing a property.
For instance, realtors determine the price of a property by conducting a comparative market analysis (CMA), which involves analyzing similar properties in the area that have recently sold, are currently on the market, and have failed to sell. The physical condition of the property, location, market demand, and economic trends are also factors considered.
7. What is your commission fee?
Real estate agents are paid a commission fee for their services. Clients need to discuss commission fees with their realtors and clearly understand the costs involved before agreeing to any contracts. Commission fees charged by realtors can vary based on factors such as location, market conditions, and the individual realtor's policies.
8. Can you provide references?
A reputable agent should be able to provide references from past clients. Ask for references and follow up with them to understand the agent’s work ethic and professionalism.
9. How many clients do you currently have?
It is important to know how many clients the agent currently has so that you can determine whether they will have enough time to dedicate to your transaction.
10. What is your success rate?
Ask the agent about their success rate regarding selling properties or closing transactions. This will give you an idea of their ability to do the job.
Experienced and reputable realtors can have a high success rate in closing deals and achieving client satisfaction. Success rates can vary based on the individual realtor's skills, market conditions, and the properties they represent.
11. How long will it take to sell my property?
When selling a property, knowing how long it will take is important. Ask the agent for their opinion on how long it will take to sell your property based on the current market conditions.
The time it takes for a realtor to sell a property depends on various factors, such as location, demand, price, marketing strategy, and property condition. On average, it takes about 68 days from listing to closing, but this timeline can vary based on the individual property and market conditions.
12. What is the asking price-to-selling price ratio for your listings?
Ask the agent about their asking price-to-selling price ratio for their listings. This will show you how close they come to getting their listings' asking price.
13. How do you handle multiple offers?
When selling a property, it is common to receive multiple offers. It is important to know how the agent handles multiple offers and if they have strategies for dealing with them.
14. What are some common issues, and how did you resolve them?
Ask the agent about some of the common issues they have encountered in the past and how they resolved them. This will give you an idea of their problem-solving skills and ability to handle difficult situations.
15. How do you handle confidentiality and privacy concerns?
Best realtors handle confidentiality and privacy concerns by ensuring client information is kept confidential, maintaining secure records, and obtaining consent to disclose information. Realtors adhere to ethical and legal obligations to protect sensitive information and apply industry best practices to safeguard client privacy.
Hiring a real estate agent is a significant decision that requires careful consideration. Asking the right questions can help you find an experienced, trustworthy agent with your best interests at heart. Remember to take your time when choosing an agent and to ask as many questions as necessary to ensure that you make the best decision for your needs. Good luck! Contact for more information.