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1 2 3 4 5 6   Previous Page  Next page      Seller’s Information. Questions to ask your Realtor. Before selecting a realtor, you should interview each one so you can decide who will give you the best representation. Choosing a realtor to represent you in a real estate transaction is an important decision.  The purchase or sale of a home is a transaction involving thousands, or possibly even millions, of dollars.  While real estate licensing exams require sales associates to prove basic knowledge of real estate practice, they are no guarantee of competency. The best realtor is the one who sells the most houses in your neighborhood, not the realtor with the most houses for sale.  You want the realtor who is selling the houses. Every now and then, the realtor with the most listings is also making the most sales – but this is rare.  Most real estate companies are operating on a percentage basis, which means all they care about is that a certain percentage of their listings sell.  That is why some of their listings are quite over priced!  They don’t want that house to sell:  they want it in their inventory!!! 1. Are you member of a Multiple Listing Service (MLS)?  MLS is the great equalizer in real estate.  This means that your house gets one line on MLS, along with everyone else.  That is why a large company may not be the best one for you.  You want the realtor who works the hardest for you.  A realtor may only have a few properties listed or a handful of customers seriously interested in buying.  Using a multiple listing service enhances the likelihood that the right buyers will be matched to the right properties. 2. What real estate certifications do you hold? Not all realtors have the same training. Your realtor may be a Certified Residential Specialist.  This means they have received specialized training approved by the National Association of REALTORS that enables them to better serve your home buying and selling needs in today’s marketplace. 3. Is your real estate company part of a global referral network? While multiple listing services establish a central place to post property listings they do little to channel potential buyers.  A referral service is usually maintained by a national real estate franchise to generate buyers for properties throughout its network. These referral services may forward wealthy potential buyers from other states and countries that might never know your property was available.  Even buyers should be interested in the availability of a referral service because it means the realtor you have been working with will be better able to help you find a realtor in another area should your plans change.  4. What are your “farm areas?” A farm area is the specific community served by an individual real estate sales associate.  While a superior realtor may be able to serve almost any market, it is usually best to find someone who is thoroughly familiar with the neighborhood or area important to you.  5. What awards or sales records have you achieved? While sales awards are only part of the profile of a successful agent, they are a good indicator of past success.  Awards are typically given for sales volume, number of transaction “sides,” and gross commission income. Find out what percentage of that realtor’s listings have resulted in sales and what percentage of buyers successfully found a home.  6. What is the average price of the homes that you have listed? If the average price of the homes represented by the realtor you are interviewing is significantly different from your own property you may want to consider whether or not that associate is prepared to adequately assist you.  If they represent multi-million dollar homes and you bring a modestly priced listing, chances are you could be overlooked.  Conversely, a realtor who represents mostly modestly priced property may have difficulty representing a luxury estate. 7. Can you reach me in the ways most convenient to me?  Today’s realtors are high-tech enthusiasts and can reach you through e-mail and even post pictures of properties for you to view on the Internet.  Others take the high-tech approach and respond with the information you need by cell phone, multiples types of computers, or in person whenever you want.  Will they offer their cell phone and home number to you?  Nothing is more frustrating than being unable to reach your realtor during negotiations and closing. 8. How does your advertising compare to that of your competitors? All realtors advertise. The question is how much do they advertise and with what success. Ask to see lead tracking reports.  Understanding the source of a realtor’s leads will give you a better idea of how they will represent you.  What does your realtor do to promote your house? 9. How confident are you that you can best represent my interests?  Apart from the legal requirements for representation that all realtors should conform to when explaining representation, feel free to ask directly whether this realtor feels that they are the best to represent you, that they agree your pricing ideas are realistic, that they will work diligently every day until the transaction you want has been completed. Be sure to find out if the realtor representing you is representing you exclusively or may be handling both sides of the transaction. 10.  What references can you offer? It is a good idea to ask for three recent references from your realtor. Ask other customers what they liked most and least about their real estate transaction experience. Find out what strengths and weaknesses they saw in the representation they received.  Remember that as you interview your realtor, some answers may lead to additional questions.  Ask as many questions until you are satisfied.  You should negotiate to receive the best representation possible.  Do not worry is the realtor is nervous.  This is a sign that they care about doing a good job for you.  Not every state requires that you have a real estate attorney.  But, in some states, a real estate attorney does most of the work.  Depending on the state you live in, you may wish to ask your real estate attorney to review any real estate representation agreement before you sign. Note:  be sure the attorney is a real estate attorney.  With so many realtors to choose from, make certain you are working with someone who is a good mix for your needs and personality. The relationship maintained with your realtor will make for the kind of comfortable and stress-free transaction that you deserve. 1 2 3 4 5 6   Previous Page  Next page