Buying or selling real estate may be the most important transaction you make in your life. That's why choosing the best real estate agent to help you achieve this goal. But before you hire a real estate agent, there are some important factors to consider.
Many people think that all real estate agents are the same. Some mark the first one to appear. Unfortunately, they later realized that they should be more selective before signing the agreement. To guide you through the selection of the real estate agent that best suits your needs, here are seven questions to ask your prospective real estate agent.
1] What is your experience in real estate?
The first thing you need to ask a real estate agent is how long they have worked in the real estate industry. This does not mean that you are unable to obtain the services of a newly licensed real estate agent. Keep in mind that those with years of experience may know more clearly how to do it, from listing to the end. In addition to the length of business, ask them about the real estate sector - residential, commercial, luxury and more. Find out if he/she is primarily a listing agent or a buyer agent [or both]. It is also important to be familiar with the market, so please ask the geographic area that the agent usually covers. You can even dig deeper by asking the agent if he gets any rewards for his outstanding performance.
2] How many types of properties have you listed and sold in the past year?
This is one of the most important questions you should ask your real estate agent. The number of properties that he or she has listed and sold in the past year is an important indicator of how real estate professionals are doing their jobs. Note that this issue consists of two parts: the listed attributes and the attributes that have been sold. Agents can prove their ability to list homes; however, more importantly, the sales segment - the ability to complete the transaction. If they listed and sold a lot of properties in the past year, it means that no matter what strategy the agent uses, it works.
3] What is the average selling price of the property you sold last year?
Asking this can give you an idea of what the agent is good at. Find out if real estate professionals have experience selling properties within the price range you list. If most properties are sold in low-end segments, if your property is a high-end home, agents may take longer to sell. Although agents can sell any property regardless of the price range, they may be more successful in the market and price segments.
4] What is your average sales price ratio?
The sales-to-list price ratio [sometimes referred to as sales to list or list - sales ratio] is the final sales price divided by the listing price, expressed as a percentage. If it is 100%, it means the sales price is equal to the list price. There are two ways to view this ratio. Skilled listing agents can negotiate sales prices that are equal to or close to the price, sometimes even higher in a highly competitive market. Therefore, ideally, the sales price ratio of listed agents should be close to 100%. On the other hand, agents of good buyers can usually negotiate sales prices below the price. Therefore, the buyer's agent ratio should ideally be less than 99%.
5] What marketing strategies will you use?
Decide which strategy to use to illustrate the difference between success and failure. A bad marketing strategy can reduce the chances of success. Do your own due diligence by asking the broker how to sell your property. There are many options - staging, open day, co-marketing, print advertising, and of course online marketing. Regardless of the method used, their design should attract the most qualified potential buyers. Higher-end features can often benefit from the professional arena. In any case, your agent should tell you how best to prepare the property to make it the most attractive to potential buyers.
Can you give me some reference materials?
Reputation is very important in this business area. Whether you are buying or selling a property, you should ask for a reference [past customers]. If possible, please call them and ask them about their experience with the agent. Are they satisfied with the services provided? Also ask if they have any connection with the agent. A list of references consisting of friends or relatives usually does not objectively assess the qualifications of the agent.
7] Do you offer any type of guarantee, if I am not satisfied with your service, will you let me withdraw from the contract in advance?
Even if you do a due diligence, you can't say for sure what will happen. Therefore, you should be sure to be prepared for any possibility. If you find that you are not satisfied with the service after signing the contract, does the agent allow you to cancel the agreement? If things don't work the way they should, you should have the freedom to choose another agent that can provide better results.
As you can see, there are many things to consider when choosing a real estate agent. Finding and interviewing a real estate agent can be a very time consuming and laborious task. However, with these seven questions now, you can choose the best real estate agent for your needs.
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