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10 Questions
To Ask Your Realtor®
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| 1.
Are you a full-time professional Realtor®?
How long have you worked full time in real estate? What professional designations
do you have? |
| Knowing
whether or not your Realtor®
practices real estate on a full-time basis can give you a piece of the
puzzle in foreseeing scheduling conflicts and, overall, his or her commitment
to your transaction. As with any profession, the number of years a person
has been in the business does not necessarily reflect the level of service
you can expect, but it is a good starting point for your discussion. The
same issue can apply to professional designations.
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| 2.
Do you have a personal assistant, team, or staff to handle different parts
of the sales transaction? What are their names and how will each of them
help me in my transaction? How do I communicate with them? |
| It
is not uncommon for high real estate sales producers to hire people to
work for them or with them. They typically work on a referral basis, and,
as their businesses grow, they must be able to deliver the same or higher
quality service to more clients. You may want to be clear about who on the team will take part in your transaction, and
what role each person will play. You may even want to meet the other team
members before you decide to work with the team overall. If you needed
help with a certain part of your home sale, who should you talk to and
how would you communicate? If you have a question about fees on your closing
statement, who would handle that? Who will show up to your closing? These
are just a few of the many important considerations in working with a team.
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| 3.
Do you and/or your company each have a website that will provide me with
useful information for research, services, and how you work with buyers? Can I
have those Web addresses now? |
| Many
homebuyers prefer to search online for homes and home buying information.
There are certain privacy and comfort levels that you might appreciate
in starting a preliminary search this way, and often it is just a matter
of convenience, having 24-hour access to information. By searching the
Realtor®'s and the company's Web sites, you will get a clear picture
of how much work you would be able to accomplish online, and whether or
not that suits your preferences.
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| 4.
How will you keep in contact with me during the buying process, and how
often? |
| It's
a good idea for you to set your expectations reasonably in accordance with
how your Realtor® conducts business. You may be looking for an agent
to call, fax, or email you every days to tell you about prospective buyers
who have seen your home. On the other hand, your Realtor® may have
access to systems that will notify you automatically each time a new visitor
tours your home (which could happen several times a day or several times
a week). Asking this extra question can help you to reconcile your needs
with your Realtor®'s systems, which makes for a far more satisfying
relationship. |
| 5.
Can you explain one thing that you do that other agents don't do that ensures
I'm getting top dollar for my property? What is your average market time
versus other agents' average market time? |
| Marketing
skills are learned, and sometimes a real estate professional's unique method
of research and delivery make the difference between whether or not a property
sells quickly. For example, an agent might research the demographics of
your neighborhood and present to you a target market list for direct marketing
purposes.
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| 6.
Will you give me names of past clients who will give references for you? |
| Interviewing
a Realtor® to help you buy a home can be very similar to interviewing
someone to work in your office. Contacting a Realtor®'s references
can be a reliable way for you to understand how he or she works, and whether
or not this style is compatible with your own.
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| 7.
Do you have a performance guarantee? If I am not satisfied with your performance,
can I terminate our listing agreement? |
| Understand
that, especially in the heavily regulated world of real estate, it can
be increasingly difficult for a Realtor® to offer a performance guarantee.
Sometimes you may find a Realtor® who is willing to guarantee that
if you are dissatisfied in any way with their service they will terminate
your listing agreement. If your Realtor® does not have a performance
guarantee available in writing, it is not an indication that he or she
is not committed to perform. Realtors® at Keller Williams Realty understand
the importance of win-win business relationships, and that the Realtor®
does not benefit if the client does not also benefit.
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| 8.
How will you get paid? How are your fees structured? May I have that in
writing? |
| This
is an issue that can also be related to agency. In many areas, the seller
still customarily pays all Realtor® commissions through the listing
broker. Sometimes, Realtors® will have other small fees, such as administrative
or special service fees, that are charged to clients, regardless of whether
they are buying or selling. Be aware of the big picture before you sign
any agreements. Ask for an estimate of costs from any agent you contemplate
employing.
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| 9.
How would you develop pricing and marketing strategies for our home? Will
you commit to the marketing strategy in writing? |
| Pricing
a home correctly is the single most important factor in determining if
a home sells quickly, or at all. Although location and condition also effect
the selling process, price is a primary factor. Access to all current property
information is essential, and sometimes a pre-appraisal will help. Ask
your agent where he or she obtained the information to create the market
analysis, and whether your agent included For Sale By Owner homes, foreclosed
homes, and bank-owned sales in that list.
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| 10.
What will you do and what will you not do to sell my home? Who determines
where and when my home is marketed/ promoted? Who pays for your advertising? |
| Ask
your real estate agent to present to you a clear marketing and advertising
budget, and how those dollars will be spent. Ask if there are other forms
of advertisement/ marketing media that are also available but not mentioned
in the budget/plan, and who pays for those. Request samples of the various
media that your agent proposes (such as Internet Web sites, print magazines,
and local publications).
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