Best Interview Questions
Whether you are looking to purchase a new property or selling your current one, there are many questions to ask your next realtor. It's important to have someone that represents you fairly and accurately. Here are a list of questions from the buyer and seller’s perspective that will help you find your next best realtor.
Area Value. Is the realtor familiar with the homes and their values in the area you are interested in purchasing a property? You want someone who knows the local market, with a few recent deals in your target neighborhood.
Offer. How should I structure my offer to be competitive in a sellers market? Pay attention to the realtors recommendations. Your offer strategy is important and makes a huge difference especially if you're purchasing a home in a hot market.
Point of Contact. Ask the realtor if they will be your point of contact from start to finish. Some realtors hand over their clients to their assistants, so look out for this. This is a red flag.
Availability. How often will you touch base with me? You want to understand the agent's availability and if you will be a priority.
Realtor Recommendations. As a buyer am I obligated to work with the lender, inspector, or other service providers you recommend? Watch out for a ‘yes’ it’s a huge red flag. Though good agents may have solid recommendations for lenders, inspectors, or other service providers, you should never feel pressured to use their recommendation. Plus it’s not legal to force a buyer to use certain lenders, inspectors and other recommended providers.
Cost. How much do you charge? This is a very important question to ask a prospective Realtor. What is the commission percentage or fee? If you interview several Realtors, don’t believe you’re getting a special deal if one agent offers less than another. In reality, this could actually be costing you a lot more money, a top producing agent should be able to justify what their commission percentage or fee.
Plan of Action. How do you plan to sell my house? What is the marketing plan? The realtor should have some kind of plan of action in order to sell your home. Make sure you understand the realtors strategy. An agent could recommend a home inspection before placing the home on the market to minimize any surprises and ensure a successful escrow. This also allows the seller to make any needed repairs before hand which minimizes your time in escrow.
The Market. What's the market value of my home? A realtor should be able to tell you how much your home is worth. If the realtor says he can get the highest value out of the area, watch out! You want to sell your house for as much as you can, but you don’t want your home to sit on the market. Statistically, homes that are overpriced sit on the market and end up selling for less than their value.
Time. How long will it take to sale? You want to understand the length of time it will take to sell the home. Watch out for realtors who say, ‘there's no way to measure how long it will take your home to sell’. A realtor should understand the market trends and should be able to give you an estimate based on other homes sold in your area.
Sell Faster. What can I do to make it more appealing and sale faster? Any agent should have a list of items from home improvements to home staging etc.
Full time or part time Realtor. Is this your full-time job? A part-time agent is not a problem, but you will want to gauge their availability during off-hours. Also, full time agents have more availability to field calls for showing requests from other agents or follow-up on inquiries on your property.
Cost. How much do you charge? This is a very important question to ask a prospective Realtor. What is the commission percentage or fee? If you interview several Realtors, don’t think you’re getting a special deal if one agent offers less than another. In reality, you could be costing yourself a lot of money, a top producing agent should be able to justify their commission percentage or fee.