Hiring the wrong person to help you with a large
financial transaction can cost you thousands of
dollars and cause you nothing but stress.
Whether you are selling or buying a home, start
by asking friends, neighbors, relatives and
business associates for recommendations, and
then select at least three individuals to interview.
Here are 12 insightful questions you should ask
when you have your face-to-face interview:
1. How long have you been practicing real
estate, and what services would you provide?
You want to hire an experienced professional
(not just a “friend of a friend”), and this is a good
conversation starter.
2. Tell me about your company. Most
REALTORS® will say their companies are #1 in
this or that category. Ask for details on the
company’s track record and reputation. For
example, ask how many homes the company
sells per year compared with other companies
and the average sales price compared with other
companies.
3. Have you sold any homes in this area?
An experienced REALTOR® should be
prepared to give you a comparative market
analysis, or listing of homes currently for sale or
recently sold in your area. You want to hire
someone who is a specialist is the specific area
where you want to buy or sell a home.
4. Why should I list my home with you?
Not all real estate agents are alike! If you’re
going to hire this person to sell your home, he or
she should be very good at answering this
question and selling themselves.
5. How would you market my home?
This is key. You are looking for a complete,
innovative marketing plan that only starts with
listing your home on the Multiple Listing
Service. The right REALTOR® should go
beyond traditional methods like open houses and
use all possible advertising avenues, including
the Internet (statistics show it’s used to find a
home over 90 percent of the time) and social
media. Ask to see samples of sales materials this
person has used for other clients. One of the
advantages of using a REALTOR® is his or her
experience and ability to provide exposure – to
buyers and to other REALTORS who may be working with potential buyers. What particular
media does this REALTOR® find most effective
in today’s market?
6. How would you keep me informed
about buyer activity and feedback (if you’re a
seller) and homes on the market (if you’re a
buyer)? Communication is important and you
should discuss how much you want to know and
how often you want to talk in advance.
7. What percentage of your business
comes from referrals? You want to hear a high
percentage, indicating that this REALTOR® is
competent, well known, and gets a large part of
his or her business from satisfied clients.
8. How many sellers (or buyers) are you
currently working with? There’s no magic
number here, but you want to know that this
person has time to devote to your sale. Also, the
more buyers a REALTOR® is working with, the
better your chances of selling quickly.
9. What is your average length of time
from listing to SOLD? A short time isn’t
necessarily good (homes could be underpriced).
You want a REALTOR® who is good at helping
you determine the asking price and selling your
home close to that price, in as short a time as
possible. Ask them what their typical “days on
market” is for a listing in your area.
10. Can you refer me to a reputable
mortgage lender, banker, appraiser or real
estate lawyer? This question will tell you how
well connected the REALTOR® is, which can
help you save time if they can introduce you to
great service providers.
11. Would you provide a list of
references? Of course the REALTOR® will
give you good references, but you should still
call some of them, including past clients, and ask
what it was like to work with this person.
12. Can I cancel my listing contract if I
am not satisfied? The REALTOR® should
release you from a listing agreement prior to its
expiration upon request.
You may be asking yourself The subjective part: As you’re doing the interview you want to see if the REALTOR® is listening to you and communicating with you effectively. Hiring the right REALTOR® requires chemistry – you need to
work well together to have a successful home selling or buying experience.
