Whether you’re buying or selling a home, finding the right real estate agent can make all the difference. Choosing an experienced, knowledgeable and trustworthy agent will help you achieve your goals.
Ask potential agents about their experiences, especially in the neighborhood you are interested in. How they have handled past sales and current listings is important.
What is your experience level?
Real estate agents provide valuable services to both buyers and sellers of homes, commercial properties, and land. They create property listings, compare them with recently sold listings in their area, negotiate sales contracts with clients, advise on valuation options for properties purchased, as well as advise them about financing solutions or renovation or construction projects.
Networking is key in this career; it opens doors and helps agents establish strong client bases. Attending networking events and finding a mentor are great ways to begin building your network.
Understanding real estate laws and regulations is integral to success in this career. Protecting client interests while upholding local and state regulations are among the main focuses of real estate agents in 2024, along with staying abreast of market trends and expert negotiation strategies, will be necessary if they want to succeed as real estate agents. Furthermore, investing in continuing education and professional development programs will enable your skillset to expand as you expand career possibilities.
How will you communicate with me?
Communication between real estate agents and clients is of utmost importance, especially during the purchasing or selling process. If an agent fails to be available when needed or takes too long to respond, this could create major delays and cause headaches along the way.
Consider how they will communicate with you regularly so you remain up-to-date on everything going on in your transaction. Some agents may send weekly market updates; other may schedule phone calls or meetings regularly just to stay in contact.
Another essential question you must ask your real estate professional is their familiarity with the area in which you wish to buy or sell. Doing this can give you an indication if they understand local markets, increasing the odds that you find the perfect home or receive fair pricing for existing properties.
How long will it take to find a home?
Home buying in today’s competitive real estate market can take months – or even years – of searching and negotiations before finding and purchasing your ideal house. Your agent plays an essential part in this process.
Ask each potential agent how they plan to accelerate your search process. For instance, they could use their knowledge of the local market to set alerts for homes that meet your criteria, or suggest notifying family and friends that you’re on the market – who knows when a cousin or friend might be selling their own home!
Another crucial question concerns how long it will take from offer to closing. A knowledgeable agent should be able to outline each phase of the process as well as give an idea of how quickly other properties have gone under contract.
What is your fee structure?
A real estate agent’s commission structure is an important factor to consider when selecting a listing broker. Commission rates are typically based on the final price that a home sells for, and they can be either flat or tiered. Tiered commission structures, also known as negotiated commissions, are designed to give agents an incentive to secure the highest possible selling price for their clients. In a seller’s market, where homes are more likely to be sold quickly, real estate agents may be more willing to reduce their fees than in a buyer’s market.
If you are unsure what fee structure to choose, Clever can pre-negotiate a lower rate with a top agent for you. Start by answering these five simple questions and we’ll match you with local agents who offer reduced commission rates. You can save thousands! Click here to get started. Or, if you’re ready to list your home now, click here to let Clever find you an agent who offers a discounted commission rate.
How will you market my home?
Real estate markets can be complex and challenging to navigate successfully; therefore, when hiring a realtor it’s essential that they explain their plan for marketing your home effectively. When interviewing prospective realtors it’s essential that they discuss this aspect as part of their interview.
An agent’s response should include a detailed valuation based on recently sold properties in your area (comparables). This indicates they understand the local market and can justify their listing price accordingly.
An effective marketing strategy includes using social media to reach a wide audience. Real estate agents, for instance, can share testimonials from previous clients to build trust among prospective buyers on their websites or social media pages.
Furthermore, agents can leverage tools like iovox to share client calls among team members and collaborate on listings while on the move. This allows them to distinguish themselves from competition and demonstrate their expertise on an ongoing basis.
What is your commission structure?
Real estate agents typically receive a commission when selling a home, the amount of which will usually be specified in both the purchase and sale contract and listing agreement between themselves and their seller.
Brokers sometimes provide different sales commission structures, including hybrid teams and variable splits based on lead generation sources. These variations aim to reward high-producing agents while helping less-experienced agents build their businesses.
Brokerage fees, MLS fees, franchise fees, errors and omissions insurance costs and other back office expenses must also be factored into an agent’s earnings potential. Furthermore, technology tools like transaction management systems and contact management systems may have an effect on an agent’s bottom line as well.
However, the expertise and peace of mind provided by real estate agents make them worth their weight in gold. When considering firing one, keep this in mind – their livelihood depends on it!
What are your goals for my home sale?
Answering this question will tell you a great deal about an agent’s expertise and local market knowledge. A track record of selling homes in your area indicates they understand it well and will be able to get you top dollar for your property.
A good real estate agent should be able to show how they have assisted buyers find homes within your price range, how long their listings have remained on the market, and provide data regarding average list-to-sale price ratio for properties sold within your price range and area.
Be wary of agents with low success rates or who provide unrealistic predictions about selling your home. Such agents could be inexperienced or simply trying to secure business with unrealistic predictions. Inquire with previous clients of the agent about their experiences working together before making your decision. Get references – speaking with past clients will tell you whether their experience with them was positive.
Who do you think the buyer for my home will be?
Answering this question depends heavily on factors like your area, property type and selling features of your home. A condo in San Francisco will likely appeal to a different demographic than single-family houses located in suburban neighborhoods; therefore a good real estate agent should be able to explain who their target buyers will be and how they plan on marketing the house to them.
Experience is key when hiring a real estate agent; make sure they know the area in which you want to buy or sell homes. Furthermore, an effective real estate agent should know which questions to ask in order to learn about your lifestyle preferences and can guide you through the process of finding and purchasing the ideal home for you.
What are your goals for my home purchase?
As you search for your dream home, there are certain goals in mind such as location, price range and size. Your real estate agent should be able to quickly locate homes that match these criteria while providing thorough guidance through the process from beginning to end.
Example: Your real estate professional could provide recent sales reports that detail the average list price versus final sale prices in your area, helping you gauge if a seller’s asking price is reasonable or not.
As part of your research process, it is also important to learn the number of homes the agent has closed on over the past year. Working exclusively with buyers or sellers is also helpful for understanding their level of expertise in your specific market.