1. What is your residential area of expertise?

Find a real estate professional that has experience in the market you're looking to do business in. Are you buying or selling a single family house? A duplex? A condominium? Office space? Raw land? Each one of these property types has its own unique features - features that only a seasoned professional can fully appreciate.

2. How long have you been in the business?

Ask how long the real estate agent has been licensed and how many buyers and sellers he or she has helped. While experience is not the most important factor for you to consider, there is obviously a level of expertise and credibility that comes along with twenty years in the business.

3. What sorts of hours do you work?

Gauging an agent's availability and commitment to the job will help ensure that your goals and schedules are compatible. Are you buying or selling under a tight deadline? Are you only available to meet with the agent only during the day? Some agents work full time. Others work only at night or on weekends.

4. Can you provide me with references?

Ask for the names and phone numbers of recent customers. With the agent's permission, call them and ask if they were satisfied with the level of service delivered by the agent.

5. What marketing plan or strategy would you employ to meet my needs?

As a buyer, you will need to know:
  • How will you find the property I'm looking for?
  • How do you handle multiple offers?
  • Do you present offers yourself?
As a seller, you will need to know:
  • Where and how often will you advertise my property?
  • Will you show me a sample flyer and an example of your online marketing efforts?
  • Do you use the local Multiple Listing Service (MLS)?
6. How much will you charge?

The Seller typically (but not always) pays both Realtors - so the seller's agent, for example, may receive 3% and the buyer's agent may receive 3% for a total payment by the Seller of 6% of the Sales price. Sometimes, the Buyer pays his/her own agent, so be sure you understand your agreement before you sign a contract with your Agent.

7. What kind of guarantee do you offer?

If you sign on with an agent and later find that you are unhappy with the arrangement, will the agent let you cancel the agreement? What is her company's policy about canceled agreements? Has anybody ever cancelled an agreement with her before?

8. How will you help me find other professionals?

Ask the real estate agent to discuss who she works with and why she chooses certain professionals over others. Your agent should be able to supply you with a written list of referring vendors such as mortgage brokers, home inspectors, and title companies.

9. What is your average list-price-to-sales-price ratio?

Knowing the agent's average ratio speaks volumes. Except in hot seller's markets, a good buyer's agent should be able to negotiate a sales price that is lower than list price. A competent seller's agent should hold a track record for negotiating sales prices that are very close to list prices. To put it another way, seller's agents should have list-price-to-sales-price ratios near or better than 100%. Buyer's agent ratios should fall below 99%.
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