For most people, a real estate transaction is the largest financial transaction of their lives. And there is no figure more critical to the success of that transaction than a quality realtor. Whether you’re a buyer or seller, they fight to get you the best deal, battle for your interests, guide you through the process, and leverage their vast networks to your advantage.
Why, then, don’t more people interview their realtor in advance? The difference in experience between the best realtor out there and an average realtor is monumental, and could wind up saving/making you tens of thousands when the dust settles.
Whether you buy and sell luxury homes as an investment hobby or are a first-time consumer looking for an experienced presence in your corner, here are the key questions to ask.
This is the fundamental question right off the top, typically more pertinent to sellers looking for a listing agent. If you're selling your home, you want a transparent explanation of what services the realtor includes in their contract. At a minimum, a listing agent should:
Feel free to save this article and discuss these services line-by-line with your prospective realtor.
Home sellers can ask their realtor, “How will you market my home?” Quality realtors will have a sharp, time-tested game plan that leverages multiple channels, a wide network, and even an international presence. If your realtor has limited reach or limited answers here, consider shopping elsewhere.
Meanwhile, home buyers can ask, “How will you find my dream home.” The best realtors have access to all listings, including off-market and exclusive listings.
A quality real estate company will be proud of its statistics. It can't wait to show you how low its "average days on market" figures are. It's proud of its annual sales, average sale price, completed transactions per day, and years in business.
Ask for their stats, then compare them with those of other real estate companies in the area to get a quality benchmark. Of course, if they can’t show you their stats, let’s call that a red flag.
Communication is essential in real estate transactions since things move at a breakneck pace. If a desirable home comes up for grabs, you need to be fast on your offer to stand a chance against the competition. The same goes for several time-sensitive real estate processes.
You can’t expect any realtor to be reachable 24/7. However, great realtors will be there in clutch situations when you need their help. They should respond quickly, especially when offers are on the table. You can also check your realtor’s preferred methods of communication. It used to be all phone calls, but modern realtors are just as happy with texts, WhatsApp, email, and other communication platforms.
This last one is simple. You want a realtor with intimate knowledge of their surroundings. They should have their finger on the pulse of the local market and be able to rattle off facts and figures on various neighborhoods. As a small test, tell them your criteria, budget, and aspirations and ask them for neighborhood recommendations. The best ones will pass with flying colors.
Before you buy or sell your next home, take some time to ask your realtor these pressing questions. If they respond favorably to the queries above, you know you have a winner.
Image Credit: Drazen Zigic Via Freepik
