How to Interview a Real Estate Agent
Are you planning to hire a real estate agent to help you sell a home? While many people realize that hiring a real estate agent to sell a home is a good idea, most are not sure how to go about hiring one. By asking the right questions, however, you will be sure to hire the best real estate agent for the job. To that end, here is a look at 5 key questions to ask when interviewing a real estate agent.
How Long Have You Been in the Real Estate Business?
When hiring a real estate agent, it is generally better to hire someone who plenty of experience in the real estate industry. If the agent is relatively new to the business, find out if he or she has access to a mentor who is more experienced. With the proper support, even a newer agent may be able to do a good job. Furthermore, newer agents often have more time to concentrate on their clients, so don't automatically dismiss someone just because he or she is somewhat new to the business.
What is Your List-Price-to-Sales-Price Ratio?
The list-price-to-sales-price ratio is a comparison of the difference between the price that was asked for the home and the price at which it was actually sold. The closer to 100 percent the agent's ratio, the better that agent is at getting the price that was asked.
What is Your Marketing Strategy?
A competent real estate agent will have a standard marketing plan that is used with nearly every home, but should also be able to tell you how he or she plans to market your home specifically. When asking the agent about his or her marketing strategy, be sure to ask about how the Internet will be used to help get your home sold. Given the number of buyers who use the Internet as a resource when searching for a home, you certainly want your home to be available to those who are doing some online browsing.
How Will You Help Me Get in Contact with Other Relevant Professionals?
A well-connected real estate agent should be able to provide you with references to a number of other professionals within the industry. For example, the agent should be able to provide you with information regarding title companies, mortgage brokers and home inspectors. Be sure to find out whether or not the agent is affiliated with these vendors, as an agent who is affiliated may be receiving some sort of compensation from the vendors.
What Types of Guarantees Do You Offer?
After entering into a contact with a real estate agent, you want to feel confident he or she will live up to your contractual expectations. Therefore, be sure to find out more about the types of guarantees the agent offers and to learn more about the company's policy regarding cancelled agreements.