As the real estate process is both daunting and intricate, having a good agent on your side can make things much simpler.
Buyers should inquire of an agent about their familiarity with New York’s unique micro markets, including co-op boards, condo rules and intricacies, as well as closing costs and fees.
Sellers should inquire about an agent’s experience selling similar properties. A knowledgeable agent can offer tips to make their property stand out to buyers.
1. How long have you been in business?
Experienced real estate agents have learned important lessons over time, including how to work in different markets and what it takes to list properties on multiple listing service (MLS). In addition, these agents understand what negotiation techniques will work best when trying to close deals for clients.
An agent with access to an extensive network is also essential; they should be able to recommend mortgage brokers, inspectors, real estate lawyers, general contractors and moving companies as needed.
Ask an agent how many clients they typically work with simultaneously; otherwise, it may be difficult for them to devote enough time and attention to you during the homebuying or selling process. Also inquire as to whether they work full-time as real estate agents or treat it as a side hustle – full-time agents should be more likely to answer questions when needed.
2. How many sales did you close last year?
Home ownership can be one of the most significant financial transactions you will ever undertake, which makes hiring an experienced real estate agent invaluable for ensuring a seamless transaction experience.
An experienced real estate agent knows exactly how to price your property so it will sell quickly and for maximum profit. They’ll have an in-depth knowledge of comparable sales in your area and will be able to explain why they recommended setting it at that figure.
Reputable agents offer references that you can contact to gauge their experience and the quality of services rendered. Inquire whether the agent can show examples of successful transactions they’ve helped close; testimonials provide further evidence of professionalism and skillset.
3. How many homes have you helped successfully close on?
Real estate agents may be able to list homes on the market, but successful sales require a solid plan with qualified buyers in place. Too often, properties go back on sale after short escrow due to unqualified or inadequate buyers submitting offers with contingencies in their offer.
An experienced agent will be able to quickly determine how much your property is actually worth by using data from comparable sales, and they’ll know how best to negotiate the best possible deal for you.
This question can help you assess an agent’s experience level and ascertain if they are suitable for your needs. Most real estate agents work full time representing either sellers or buyers; some split their time between both spheres; full-time agents tend to be available more readily during your schedule while part-time workers should raise red flags.
4. What is your marketing strategy?
No matter if you’re searching for your ideal home or looking to sell, finding an experienced real estate agent who knows the market well will be key in successfully competing. A good real estate agent will have an effective marketing plan designed to set their client apart and find buyers willing to offer top dollar is key for finding a buyer eager to purchase the property they have listed for sale.
This question will give you insight into an agent’s background and expertise. For instance, someone with experience selling condos in co-op buildings might offer unique insight into your neighborhood’s real estate market and make your home more appealing to potential buyers.
Asking this question will also give you a good indication of how many sellers and buyers an agent represents on a regular basis; too few clients could indicate troublesome practices from an agent.
5. How will you market my home?
When selling your home, the agent you select can play an instrumental role in how quickly and at what price your property sells. They may also advise on cost-effective improvements that can make an immediate impactful statement about its attractiveness to potential buyers.
An effective agent might recommend hiring a professional photographer to create high-quality online listings and speed up sale time by 32% compared to homes without professionally taken photos.
Ask your agent about their marketing plan and how they intend to reach your target market. Be wary of agents who claim they can sell to anyone – this could violate the Fair Housing Act by disclosing protected categories like race, gender, religion and family status. Ideally suited agents will create a strategy specifically aimed at reaching your ideal buyer.
6. How will you communicate with me?
An effective real estate agent must have the ability to communicate clearly and provide clear responses during interviews. Ask the agent what their usual means of communication with clients are and how often you expect to talk with them.
Some agents prefer text or email communication while others like phone conversations. Determine what works best for you and select an agent with a similar communication style.
Be wary of agents who insist on exclusive buyer or seller representation, which prevents you from working with other agents. This may indicate they’re only doing it as a side hustle, rather than truly caring about what they do or fighting hard on your behalf – for buyers this means asking for earnest money and conducting a thorough home inspection prior to closing on a purchase agreement.
7. What is your fee structure?
Answering this question will provide an in-depth understanding of your agent’s compensation structure. Typically, real estate agents earn a percentage of the final home sale price as payment for their work.
The exact percentage may differ, but typically falls between 5% and 6% of the final sales price. Listing and buyer’s agents generally split this commission evenly.
Some agents pay their brokerage an additional fee in addition to earning commission on each transaction, in order to cover expenses such as office space rental or support staff costs associated with running their business. This could help cover office rent costs as well as related expenses like electricity or phone.
Assessing how many clients your agent currently works with may help you assess whether or not they have enough time for you. Too many clients could indicate they don’t have enough resources available to them to offer the highest standard of service.
8. How will you market my home?
No matter whether you’re selling or buying, knowing the marketing plans of any potential real estate agents will allow you to establish whether their marketing methods meet your needs.
Example: Real estate agents can use video walkthroughs to give an immersive virtual tour of your home and highlight its most attractive features. They may also write engaging multiple listing service listings that share an engaging narrative about the property while emphasizing its best features.
Pricing should also incentivize buyers; to do so successfully requires both art and science; working with an expert who knows your market well can ensure you price your home accurately.
9. How will you help me find a new home?
Your real estate agent can assist in selecting homes that best suit your needs, providing information such as what similar homes have sold for in the area as comps or comparables and utility bills from sellers so you can compare costs when budgeting monthly expenses.
An effective agent will know how to identify your ideal buyer and use this knowledge in their search strategy, saving both time and money in a competitive market.
Contact your potential agent and ask them to explain the entire process from beginning to end, including home inspections and closing procedures. Achieve complete understanding will reduce surprises down the line and also discuss when you want to hear back from them via text messaging, phone or email communication.
10. How will you help me negotiate the offer on my home?
No matter whether you’re selling or buying, a real estate agent can serve as your advocate throughout the process. They should possess extensive knowledge of both local markets and home sales contracts – ask the right questions and you may find just the agent for you!
When interviewing agents, make sure to gather details regarding their negotiating strategies. This could include pricing homes accordingly and using tactics to stand out from competition; and also how they will handle negotiations with buyers.
Ask them if they will work with more than one buyer at the same time; state laws differ on this issue and if that is the case it could be an indication of inexperience or overselling their services – this question is especially pertinent for sellers.