Selling or buying a house is among the most significant financial transactions that most people participate in. This is especially true in an extremely fierce real market for real estate. What we’re experiencing right now is not a small thing.
A good real estate agent can make the process easier. However, picking the right professional for you could be difficult — as there are more Realtors today than ever. By the end of 2021. there were more Realtors than ever before. National Association of Realtors (NAR) membership hit a record-setting high of over 1.5 million registered members. This is a rise of more than 100,800 over the prior year.
With so many experts competing for your business, how do you choose which one is best for you? Making an effort to interview candidates is essential. These questions will assist you in finding the ideal fit for your requirements.
Interview questions you can ask a realtor, whether selling or buying
If you’re a buyer or seller, there’s a bit of important information you’ll need to learn about every candidate you’re looking at. These three questions can assist you in determining whether the Realtor you choose has the experience, market knowledge local to them, and interpersonal skills you’ll require as a partner in your real estate adventure.
1. How many years are you in business, and how much are your sales?
“When you’re playing what’s probably your biggest investment with an experienced professional, it’s essential to be aware of their expertise in the field,” says Jen Horner, an agent in real estate at RE/MAX Masters situated in Salt Lake City, Utah. “You’re looking for evidence that the Realtor is knowledgeable about the market and will safeguard you and your funds during the entire transaction.”
In this particular inquiry, you should request the sales figures to support the most recent transactions of the candidate and then ask for their explanation of the changes they’re experiencing in the market. Horner says this could include demand and supply, the number of days a property is on the market, and what contract terms have been a major factor in winning deals from an owner and buyer perspective. Horner.
2. How will you contact me? And how often?
Both of you must stay on the identical page from the beginning about the nature and frequency of their communications. For instance, if you prefer to talk on the phone, you are likely to be unhappy with someone who communicates solely through text messages.
“Whether you are selling or buying, it is important to feel their respect and dedication to you as a customer right from the moment you make a deal to them,” Horner says. Horner. “You want them to be aware of your expectations and the manner for communication that is most suitable for you to use so that it isn’t decided on the spot.”
3. Are you a part-time or full-time agent?
Like many other jobs, some agents work within the real estate industry as a full-time occupation, while others are part-time. “I would recommend always hiring a full-time professional with a sole focus and focus is focused on real estate trends and market conditions — all of which are fluid and dynamic that change weekly,” says Katie Severance, who is a Realtor at Douglas Elliman in Palm Beach, Florida.
Things to consider when selling your home:
If you’re planning to sell your property, you’ll want an agent capable of negotiating the most value. This is particularly true if you want the profits from the sale to purchase a new one. Here are three questions that intelligent sellers ask when they meet potential buyers.
1. How much would you suggest should I be looking to sell in a hurry and timing was no issue?
“Asking this question will show you the difference between a shrewd pricing strategy could be in comparison to the more precise, efficient price strategy,” states Steven Gottlieb, an agent at Coldwell Banker in New York City. “It will also help you determine how the agent can be trusted with critical thinking and can navigate a complex market.”
According to Gottlieb, agents often quote prospective sellers incorrect asking prices to get the auction. In addition, asking for more than one price is a better way to manipulate the figures. He states that agents should also be asked to provide you with actual comps for real estate and discuss how they came to the suggested selling prices for each scenario.
2. What’s your strategy for marketing?
“A carefully planned marketing strategy documented and reviewed regularly is the best,” says Horner. “Agents must provide a timetable to sell your home by the market conditions and a thorough outline of the campaign designed to sell your house.”
You’ll need to determine if the agent offers professionally-produced photography and videography services and flyers in your marketing strategy. “Are staging services a service they offer? Discuss private viewings and open houses and feedback given to the public?” says Horner. Horner also suggests asking the ways they can promote your home online. “What do they have online? What are they providing? Website, online syndication, social media exposure?”
3. How will other Realtors present my house?
“This is vital,” says Severance. “Not only must agents receive an advance notice that your house will be to market, but they must also be able to view the property on the ground — usually in a closed, Realtors-only open house to communicate their excitement for the property to prospective buyers. They’ll draw buyers in if they’re satisfied with the house and its price.”
Things to consider when purchasing a house
Similar to the questions that are specific to sellers’ agents, there are other questions you’ll need to make sure you ask if you’re looking for a house to purchase. Homebuyers face particular challenges in this buyer’s market. These four questions can help you choose a realtor who can get you the perfect home for you at the right cost.
1. What will you do to make my offer known to sellers?
“Ask for an example of their offer package or format,” says Severance. “This is vitally important. It is unlikely that you will meet the seller personally, and all they’ll be aware of is what they see written on the paper when you present your offer.”
The agent should include an expert cover letter to the package of offers that introduces you and includes an enticing overview of the key points you’re offering and why you’re a desirable buyer.
2. How can you help me navigate a bidding war?
“Discuss with the agent how they will help you take care of the process should you are involved in an auction,” says Severance. “How can you be as aggressive with your terms and price? What should a competitive offer look like but without being too aggressive?”
3. What are your hours of availability for attending shows fast?
With the demand being high and inventory at a minimum, it’s crucial to partner with a realtor that can move quickly. “In the present market, homes rapidly move between the marketplace and off it. There’s no longer a time to wait for homes to be shown during weekends,” says Horner. “You’re seeking a realtor who will make your viewings a priority. One of the challenges is finding houses on the market fast enough to allow you to compete for a bid.”
4. How many properties should I look at before making my offer?
“This will reveal something about the process used by the agent,” says Severance. Although speed is essential, “buying a home should not be made in a hurry,” she says. “It is essential to look at more than one house before making your initial offer. Sometimes, buyers see the perfect home within the first few days. However, that’s not the norm which is why do you know if it’s the perfect home without seeing several houses in the neighborhood? Be sure you’re not getting rushed.”
In today’s highly fierce real estate market, it’s even more essential to work with a seasoned professional to guide you through the selling or buying process. Spend the time to talk with prospective agents to find the right one for you – one with the knowledge and expertise to ensure your experience is smooth and as successful as possible.