Question #: How Will You Vet The Buyer
Want to reduce your chances of having your offer fall through?
Then you need a good agent who knows how to vet the buyer.
This is the number one reason why youll see a home go back on the market after it was pending.
There are usually two reasons why this happens:
Heres how a good agent can vet a buyer for financing:
- Make it a requirement for the buyer to submit their pre-approval letter with the offer
A key question a realtor can ask the loan officer is this:
Whats the buyers debt-to-income ratio?
All lenders have a maximum ratio. If a buyer is not able to obtain financing, this is usually the reason.
Knowing the buyers ratio up front lets you know that the buyer meets this qualification.
It can also help in negotiating.
If your realtor knows the buyers debt-to-income ratio up front, then the buyers agent cannot use this as an excuse as to why the buyer cant come up in price.
You want the answer from the real estate agent youre interviewing to include how theyre going to make sure the buyer is qualified.
But you also want to hear about their approach to minimizing the chances of a buyer backing out during their contingency period.
Sometimes there is nothing you or your realtor can do to prevent this.
But there are two things that can help:
Question #: How Many Real Estate Transactions Did You Close Last Year
This might perhaps be seen as a rude or inappropriate question to ask if it were asked in any other field than real estate.
Real estate agents are always talking amongst one another about production numbers, as its an integrate part of their business models, annual goals, and getting more business!
Whereas the abstract figure wont necessarily tell you a lot , it does give you an idea of how active the real estate agent is.
It might be tempting to look at the total number and use it as the sole measuring stick on how successful the agent was, but one needs to put it into perspective:
The real estate agent who sold the lower number of properties over the past 12 months might not immediately be your first choice, neither should the agent who sold 50 properties in a particular year.
And why might that be?
During mandate presentations, some real estate agents arent too ethical when it comes to providing the correct marketing price. By telling you as the homeowner what youd like to hear, theyre hoping to get to mandate and price council you lower over the next few weeks or months. The many possible reasons why an agent would do such things is worthy of an entire other blog article.
In other words, the ratio of houses the agent eventually sells versus the properties that he still has on the books will be an important number to watch.
Do You Work Individually Or With A Team
Many agents work with a team in order to maximize their availability for their clients. Some buyers or sellers might prefer to work one-on-one with their agent, which is why you should check upfront whether youll be working directly with your representative full-time or with another agent or assistant on their team.
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What Qualities Make You A Good Real Estate Agent
Certain qualities can help you become a better real estate agent. Use this question to describe what areas you feel you are strongest in and how they relate to the field. One good quality you can state is strong communication skills. You can tell the interviewer how important it is to listen to a client so you understand their needs and wants. This can save you time when you only show them houses they have a better chance of buying.
Example: Not only do I listen to all of my clients, but I take the extra step by looking at the homes on my own first. When I do a quick walkthrough of the potential houses, I can spot details they may like, increasing the chances of my client liking the home. For example, I may notice the master bedroom has a walk-in closet, which the client said was important. I feel that my active listening and empathy skills allow me to select the best listing to streamline the search.
Question #: Do You Provide Any Additional Services
Sometimes its nice to know whether the agent can offer you something different from the other agents!
Any experienced agent will immediately suggest helping out with the presentation of your home: from the cleaning & decluttering, to some of the needed repairs to the house, to getting that garden up-to-date, with extra attention pruning the shrubs & trimming the lawn!
Provided that the agent has been working in the local area for many years, hell be able to set you up with a list of vendors as well, ranging from local handymen, attorneys, moving companies, to name but a few.
Keep in mind that the better agents have your best interest at heart and dont mean anything personal or hurtful if they point out potential negatives throughout the house.
The real estate agents advice shouldnt be taken lightly, as itll be in his interest as well to have a more desirable AND saleable product to present to his buyers!
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When Should I Contact A Realtor To Sell
The ideal window for contacting an agent is around three months prior to selling, and no sooner than six months before you aim to list the property. By connecting with an agent early on, however, you can get professional input on which upgrades and repairs to invest in, and which ones to skip so you dont waste time or money on unnecessary fixes.
For example, an agent might advise you to focus on curb appeal rather than updating the kitchen countertops, as buyers in the area will be likely to gut and remodel the whole kitchen anyway. It all depends on area trends, though, and how hot the market is.
Question #: How Often Can We Expect Feedback From You
Perhaps the line of questioning ought to go in the direction of who will be providing the feedback!
Is the real estate agent working on his own, together with a personal assistant or is there an entire team behind the scene?
And more importantly, who will end up being the person you, as the home seller, will get all the feedback from? The listing agent? The buyer agent? Their assistant?
Its only normal for a home seller wanting to know what the home buyers have been saying about their property during the viewings over the course of the week. Most well-oiled teams have this part covered with a feedback system to make sure the home seller gets properly AND timely informed about the buyer feedback!
Not only before the property is sold, but also during and afterwards, its vital for the agent to keep the home seller in the loop of where they stand in the process: is a home inspection due or is the bank appraisal taking place soon? Plus, will the agent be present during those activities as well?
Each of those events, as small or big as they may be, requires feedback to the home seller.This is where a professional real estate agent stands out from the crowd! Its my belief theres no such thing as too much feedback!
Have you ever heard a real estate agent tell you at the mandate presentation that hell give you feedback all the time until you specifically ask him to slow it down?
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Why Should I Work With You
Real estate is a highly competitive industry, and agents know they need to provide more than just the typical offerings. Some agents will offer buyers a home rebate to incentivize the relationship. Others may lean on their experience, track record, or testimonials to show they have the expertise to serve you.
Only you can determine what a satisfactory answer is. They may not give you the most creative answer, but they should be able to highlight their strengths and give you a reason to hire them.
What Happens If I’m Not Happy With The Job You Are Doing To Get My Home Sold
Can I cancel my listing contract? Be wary of agents that lock you into a lengthy listing contract where they can get out of but you can’t. There are usually penalties and broker protection periods which safeguard the agent’s interests, but not yours. How confident is your agent in the service s/he will provide you? Will s/he allow you to cancel your contract without penalty if you’re not satisfied with the service provided?
Evaluate each agent’s responses to these 10 questions carefully and objectively. Who will do the best job for you? These questions will help you decide.
How to choose a realtor to sell your homeRealtor Norman OK
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What Questions Do You Ask Clients To Make Sure Their Needs Are Met
When you meet with a client for the first time, you will need to ask them certain questions to begin the house buying or selling process. You may have a list of specific questions that help you connect with your client on a more personal level and help you best determine their needs versus their preferences. Use this interview question to discuss the early part of your process and demonstrate how you connect with clients to personalize your service.
Example:I typically begin a client relationship by having them fill out a general survey to collect necessary information, such as budget, location, number of bedrooms and bathrooms, home size, family size and many others. This process takes just a few minutes for clients and I use it to guide my initial conversation to further refine their listing options.
After the survey, I ask them to describe their ideal home, what they believe they cannot compromise on and what three adjectives they would use to describe their dream home. These questions allow me to personalize my search and select homes that may have factors they didnt think to consider, such as the type of plants in the yard and how much sunlight comes into the living room during the afternoon.
Can You Explain The Whole Buying Process In Detail
As a buyer, you need to understand what goes on from the beginning until the end of the home buying process. Asking this question helps you assess how proficient the agent is in the process. To a buyer who is not very familiar with the complexity of buying a home, knowing how the process works where you live helps you manage your expectations.
A sincere and helpful realtor will let you know other important but otherwise not so obvious aspects of the home buying process. That realtor will also volunteer certain information that he or she thinks will help you in terms of your finances and other details that you need to watch out for when buying a home. This might be a good question to ask when interviewing realtors.
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Questions You Should Ask Your Realtor
By: Caitlin Uttley | Updated: Feb 9, 2021
Buying or selling a home can be daunting. In fact, it can be a full-time job. For many people, it makes sense to hire an expert to handle the time-consuming tasks and the nitty-gritty details. Real estate agents can take work off your hands and also help you get a better deal.
Your seller’s or listing agent will advertise your home, walk buyers through, answer questions and help you through the negotiation phase. If you’re trying to buy, you can hire a buyer’s agent who is familiar with your preferred locations. He will recommend neighborhoods that fit your preferences, and he’ll also warn you about possible drawbacks — like the nearby factory that will wake you up every morning at 5:00 a.m. But not all agents are the same. Some may take advantage of your inexperience and end up costing you a pretty penny.
First of all, you want to find out what others have to say about the agent. On the next page, we’ll learn how to find out if past clients loved an agent’s work or think you should steer clear.
Contents
What Makes You Different Why Should I List My Home With You
It’s a much tougher real estate market than it was a decade ago. When choosing a realtor, there are a lot of factors to consider: What unique marketing plans and programs does this agent have in place to make sure that your home stands out favorably versus other competing homes? What things does this agent offer you that others don’t to help you sell your home in the least amount of time with the least amount of hassle and for the most amount of money? etc.
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Do I Have To Pay A Realtor To Sell My House
Real estate agents get paid a commission when you sell your home, as a percent of the propertys sale price. According to HomeLights transaction data, the national average real estate agent commission is 5.8%. Over the past three years, commissions have averaged 5.47%. That commission covers the listing agent and buyers agent fees .
Is paying commission worth what an agent brings to the table? A little math can help us figure that out.
In 2019, agent-assisted sellers sold their homes for a median of $280,000, compared to $200,000 for FSBO sellers, according to data from the National Association of Realtors®.
If you subtract the national average commission rate from the agent-assisted price, you get $263,760 , still well above the FSBO sellers bottom line.
Still, 6% of the sales price is significant, and not all agents are created equal. So, its critical to hire someone worth their salt.
Interviewing Real Estate Agents: Best Questions To Ask Listing Agents
No two real estate agents are the same. They provide different levels of service like full-service agents, part-time agents and discount brokers and every agent has a different working style, level of experience and personality. Thats why its important to interview multiple agents so you can determine the best fit. Its a crucial first step to minimizing miscommunication and ensuring both parties understand their responsibilities ahead of time.
According to the Zillow Group Consumer Housing Trends Report 2018, trustworthiness is the top attribute sellers desire 86 percent of sellers say its extremely or very important. After trustworthiness, 81 percent look for someone who is responsive, and 80 percent look for someone who is an expert in the local market. Additionally, 76 percent of sellers are also looking for an agent that respects their personal values.
The best way to find the right agent is asking smart interview questions and listening for insightful answers. These are the most important questions to ask a real estate agent:
When you contact an agent for an interview, theyll schedule whats commonly called a listing appointment. Most agents are aware that they arent the only listing appointment on your calendar, so they bring their A-game to win your business.
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Are You Available For A New Client
Agents work on commission only, and many of them will accept every bit of business that comes their way, even if theyâre stretched thin. Working with a busy agent might be a testament of their skills, but it might also mean they wonât be able to give you as much as time or attention as you need.
Always ask what their current workload looks like and when they might be able to show you some properties. If they seem rushed or struggle to find time in their schedule to meet with you, move on. You deserve an agent that will treat you like a priority, not an afterthought.
What Are The Drawbacks Of My Home
Although it may seem counterintuitive, asking a real estate agent to evaluate the flaws of your home is a great way to learn other important information during the interview.
For one, if the agent tells you what sounds like legitimate drawbacks, then you know he has a seasoned, keen eye. Not only that, but you’ll be able to see that the agent is honest and isn’t just going to sweet-talk you into signing a contract. On the other hand, if he doesn’t point out what you already know are flaws, this could be an indication that he may have only a half-hearted dedication to selling your home.
What’s more, regardless of what it tells you about the agent, you can use this information in the selling process. Knowing your home’s disadvantages will give you an opportunity to fix them and a more realistic expectation of the home’s market value.
Overall, it’s a good idea to hire a real estate agent you think will seek out your best interests. Even gut feelings can tell you something. You don’t want to entrust such an important transaction to someone who doesn’t make you feel comfortable.
Have more unanswered questions about house selling and buying process? See the links on the next page.
Originally Published: Aug 14, 2008
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What Haven’t I Asked You That You Think I Should Know
Pay close attention to how the real estate agent answers this question. There’s often something else you might need to know, something you forgot to mention.
You want an agent who will take the time to answer this one and make sure you feel comfortable and secure with her knowledge and experience. She should know how to listen, how to counsel you, and how to ask the right questions to find out what she needs to know to serve you better.
