Buying or selling real estate can be stressful. It can even be a full-time career. It stands to reason to hire a professional to manage time-consuming tasks and minor details for many people. Real estate agents can relieve you of work while also assisting you in obtaining a better deal.
Why hire an agent?
Your seller’s or listing agent will market your home, show buyers around, respond to questions, and assist you during the bargaining process. If you want to buy, you can employ a buyer’s agent who is acquainted with the areas you want to live in.
He will suggest neighbourhoods that match your tastes, but he will warn you about potential drawbacks, such as the nearby production plant that will wake you up at 5:00 a.m. every day. However, not all agents are the same. Some may take advantage of your lack of experience and cost you a lot of money.
Because your home is one of the most important investments you’ll ever make, no one should evaluate you for being picky about who you employ to sell or buy it. Find an agent whose ideology and methods are compatible with yours.
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Things to ask Your Real Estate Agent
1. Can you show me your references?
Like anyone else put under pressure in a job interview, a real estate broker is likely to emphasize all of his positive aspects — sales figures, qualifications, experience, and so on. But he won’t be willing to inform you what it’s like to work with him daily.
As a result, whether you’re buying or selling a home, you should always request citations from your real estate agent. Call a few references and inquire about prior clients’ interactions with the agent. Were they delighted with his work? Was it simple to contact him? Did he keep them up to date? Would they suggest him to others?
2. Can you provide me with a CMA for the area?
Every real estate agent must provide you with a comparative market analysis (CMA), which is a collection of homes in the area that are currently on the market and have recently sold. The CMA (also known as the “comps”) compares the specifics of your home to comparable homes on the market and contains details such as price, floor space, and the number of rooms.
It is your launching point for determining how your home compares to others for sale in the neighbourhood and, most importantly, how much you should list your home. A seasoned real estate agent will prioritize this step of the process.
A CMA can provide you with a wealth of useful information. For instance, what types of properties and home features appear to be the most prevalent among area buyers? What are comparable homes selling for in your area? How long do homes like yours remain on the market before selling?
Armed with this information, you can develop a holistic assessment of your home’s valuation and sales prospects. It will also assist you in determining whether your agent’s guidance is in line with current market dynamics.
3. Is this industry expanding or contracting?
Real estate brokers are on the front lines of identifying market trends. They experience a lot of growth and changes; some areas can go from everglades to bustling residential areas in a matter of years, while others can go from highly desirable locations to foreclosure cities in no time. As your door into the real estate industry, your agent should be mindful of the growth and decline patterns and assist you in locating an area with a positive outlook.
Most people can see that a neighbourhood with many boarded-up houses isn’t rising, but the indications are often much more nuanced, especially in the early stages, and your real estate agent can help.
Community activity, street upkeep, and the type and number of similar businesses in the area can all indicate the growth trends in that region. A good real estate agent will be ready to discern if the home you’re interested in is likely to be a good investment predicated on everything else in the neighbourhood.
4. Do you work alone or in a group?
Real estate groups are fairly common these days. You’ll want to know who you’ll be working with, whether it’s a couple of agents who share the tasks, a single agent with support personnel behind her, or a group of several agents, all under one company logo.
Working with real estate teams has both advantages and disadvantages. One disadvantage of working as part of a team is that you may not always be working with the person you hired. If you call to pose a question, the agent you’re used to speaking with might not be available.
On the other hand, a team may imply that you will receive more attention and personalized service, especially if people are handling the behind-the-scenes work for your representative.
5. How many customers do you currently represent?
It is a hard question, so you’ll need to know what you deem a suitable figure ahead of time. While there is no perfect number for how many customers an agent can effectively handle, a stupendously high number, such as 40 listings or 15 buyer clients, may indicate that her time will get partitioned, and you will receive little one-on-one attention.
Working with an agent who is difficult to reach or is always busy with other clients may result in a miserable time for you or even a negative effect on the sale of your home. An agent whose focus is spread too thinly may not take the time to ensure that all of your needs are met and may even rush the process by listing your property.
Bottom Line
Hiring a real estate agent who you believe will look out for your best interests is a good idea. Even your gut instincts can tell you something. You don’t want to hand over such an important operation to someone who makes you uneasy. Moreover, in the dynamic real estate market, you need to be cautious at every step.
