Whether you’re a buyer or a seller, there are certain things you should know about an agent before you hire them. Here are seven questions you should consider asking an agent before hiring them so you know you’re making the right decision:
1. How much experience do you have in the real estate industry?
A new agent might have a lot of time to handle every request you have and generally be available 24 hours a day, whereas a 20-year agent might have 20 years of experience doing the same thing over and over again. The only way to get experience in this industry is to go through the sales process. We learn on the job, and an agent who has a lot of closings will have a lot of experience.
2. What are your sales numbers?
The first number to keep in mind is the list-to-sale ratio, or how many properties they sell compared to how many they list. Another number to bring up is their average sale-to-list price, which measures how close their sale price usually is compared to what the house was listed at. With how numerous multiple offer situations are in our current market, though, a great-looking average sale-to-list price is easier to accomplish. That’s why you should pay more attention to their list-to-sale ratio.
3. What are you going to do specifically to help me?
If you’re a buyer, how will they help you look for properties? If you’re a seller, what will they do for your house besides stick a For Sale sign in the front yard and list it on the MLS? Ask specific questions regarding your needs. All agents are different, so ask something that’s related to what you’re looking for. You should also ask for references here—try to find out who that agent has worked with recently and what their experience was like.
4. What are your cancellation guarantees?
If you’re under contract but things aren’t going well and you want to get out of that contract, how easy would it be for that agent to release you? Make sure you know the difference between a cancellation guarantee and a termination guarantee, as these are two different terms that will affect your bottom line tremendously.
5. How much do you charge?
Here at 2 Percent Realty, we charge what we think is fair. If someone wants to charge you more for their services, find out why. If someone wants to charge you less, you should find out why too.
6. Are you working with a team?
If that agent is part of a team, will you be working with their assistants? If so, you should interview them as well and make sure it’s the right fit. This is a big decision, and you need to make sure you can work with everyone who’s there to help you.
7. How did you arrive at the listing price?
The agent should bring comparable home sales that are relevant to the price you’re asking for your property. This way, you can ensure you’re working together to make your home relevant in today’s market.
If you’d like to know more about what you should ask an agent when interviewing them or you’d like to know our answers to these questions, don’t hesitate to reach out to us. My team and I would be glad to help you.