Buying or selling a home is arguably one of the largest transactions most people make. This would make you wonder why over 70% of them only interview one real estate agent during the process. Isn’t that enough, though?
Do you really need to interview multiple people to find the best real estate agents?
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Well, this is where most people are wrong. Not all real estate agents are the same, and you actually need to have the right questions to ask your real estate agent.
This is a person you’ll be inviting into your personal life and trusting them with your finances, so it’s vital that you choose the right person. The question is, with over 2 million real estate licensees in the US, how do you find the right one?
Well, we have compiled a list of the most vital questions to ask a real estate agent.
1. How Many Homes Have You Sold?
The main purpose of asking this question is to know how much experience they have in the real estate market. Working with a real estate agent with zero to minimal experience may drastically lessen the chances of getting the most of your sale. Ask to see the portfolio, and the more recent it is, the better.
There are so many moving parts when it comes to a real estate transaction, and you want to work with a real estate agent who has experience in all the intricacies. This will heighten your chances of making a successful purchase or sale.
You need to do whatever you can to hire professionals, such as UTG Miami. You can read more about them here.
2. How Many Homes Have You Sold in My Area
Experience in selling homes is not enough. It’s important to find a real estate agent who has actual experience in selling homes in your area. This stands as one of the most important questions to ask your real estate agent.
They will have a full understanding of the area, and the selling points of the neighborhood. It’ll help you get the best price possible. A real estate agent with a local understanding also knows the planning regulations and any development restrictions you should be aware of in case you need to renovate.
Still, even when they don’t have experience in your area, you can ask them what they intend to do to find this information and decide whether giving them a shot is worth it.
3. How Do You Come Up With Suggested Listing Prices?
Instead of asking the real estate agent what your asking price should be, inquire how they come up with suggested listing prices. If you’re selling a home, setting the right price will maximize your chances of a quick sale. If you were to set your price too high, you would ultimately discourage any interested buyers from even viewing.
If it were to list it for too low a price, then it means you’re likely to leave money on the table. To ensure you make the most of this, ensure the agent can justify the price during the negotiation and that they’re not suggesting an inflated price just so they can get a higher commission.
Go a step further and ask for backup data. This means the real estate agent should give you a comprehensive market analysis, which will compare your property with other similar recently sold homes. What you want from your real estate agent is a breakdown of how your house compares and why they came up to that asking price.
4. How Do You Plan To Market My Home?
This is, hands down, one of the most important questions to ask your real estate agent. Marketing is a vital key when it comes to selling a home end driving high demand. A higher demand translates to more potential homebuyers viewing your home and a higher chance of selling it for a higher price.
Some of the most critical aspects you should discuss about marketing include listing services, staging, property description, professional pictures and videos, advertisements, and syndication to real estate portals. They should venture into how they plan to use all these marketing platforms to get your home out there.
Ask them what they feel the selling features of your home are to get a better understanding of how they intend to market it. For instance, a buyer looking for apartments for sale in Miami is likely to look for different features in one looking for houses for sale in a suburban area.
There is a certain target market, or demographic your home will appeal to. If the real estate agent doesn’t know, they may not be as competent.
5. How Will You Vet Buyers?
A good real estate agent is one who knows what vetting buyers is all about. One of the most common reasons why homes go back into the market is because buyers back out during the inspection. The other reason is that they were unable to get enough financing to push through with the purchase.
To avoid such buyers, your real estate agent should make it a requirement for all potential buyers to submit pre-approval letters with their offers. They should also call the loan officers once they receive the offer.
Your real estate agent should tell you how they intend to ensure buyers are qualified. If they know how to vet buyers, then chances of making a quick sale for the right price will be high.
6. Will You Consider Lowering Your Commission?
Eventually, this is one of those vital questions to ask your real estate agent because it will put them on the spot. This question will test their negotiating skill and allow you to see how they respond. An ideal answer would be an explanation of why they feel the commission is worth it.
This will show you how they’ll explain to the buyers why your asking price and your home are worth it. If they offer you weak replies or outright tell you yes, they may not be up to the task of selling your home. If it’s not possible for them to defend their own interests, then how good are they likely to be when defending yours?
7. How Often Will You Communicate With Me?
Communication is an important part of your overall buying or selling process, and it can be quite frustrating when you don’t know what’s going on. They should tell you who will be your main point of contact whenever you need information. They should also tell you their best mode of communication and how often they intend to get back to you.
Vital Questions to Ask Your Real Estate Agent
These are some of the most vital questions to ask your real estate agent. Narrow down your search to Miami real estate agents to make the process easier. Get a few potential candidates from your references or online, then interview them with these questions. Ultimately, hire the one who seems the most professional depending on their answers.
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