As we’ve covered, choosing a REALTOR® is an important part of your home purchase. The right person can save you time and money at the closing table, so asking the right questions could put more in your pocket for your next home purchase.
What questions should I ask before choosing a real estate professional/REALTOR®?
If we put ourselves in your shoes, we’d interview potential REALTORS® with these telling questions.
- How long have you been in the real estate business?
- Is this your full-time profession?
- Are you familiar with my home’s neighborhood? The neighborhood where I’d like to move?
- How many homes have you sold in the past year?
- How many transactions (sales) have you completed this year? Last year?
- How many were sellers vs. buyers?
- What’s the average sale price of those homes?
- How many buyers/sellers are you working with right now?
- Are you an exclusive buyer’s agent/seller’s agent? (Do you work exclusively with buyers, sellers, or both?)
- What are your strengths in this industry?
- Can you provide three references from past buyer/seller clients?
- How long will my contract with you be valid?
- What are you going to do to market my home that other agents will not?
Four fundamental questions any real estate professional should be able to answer easily:
What percent of your company’s listings have sold in the last 12 months?
You’ll want to partner with someone that has a high ratio of closed sales for your local market. Keep in mind that this number will vary depending on how vibrant your local real estate market is.
What was the average amount of time it took to sell those listings?
Comparing marketing time between real estate companies will provide you with an indication of how well that company and sales associate market homes.
What was the average sale price?
What you want to look for is a price that is close to what you believe is your home’s value.
What was your company’s list-price to sale-price ratio?
Any significant difference between the original list prices and what the homes actually sold for can be an indication that the list price they are quoting is unrealistic.