Before you list your house for sale or begin the hunt for a new one, it is advisable to identify the real estate agents in your region who can help with the process. Over 2 million individuals in the country have licenses to sell properties, and it is their task to be experts in real estate. Real estate agents stay abreast on the trends in the housing market, and their work is to help people purchase and sell houses. So, if you are on the hunt for a new property, then the best thing you can do for yourself is to hire a real estate agent.
Whether you’re a person looking to purchase a home for the first time, or you are a first time seller, there are a number of ways to find a reliable and competent real estate agent.
-Seek recommendations from friends and family.
-Search for local real estate professionals.
-Contact the local real estate brokerages
-Attend open houses and try to connect with the real estate agents.
Questions To Ask a Real Estate Agent
We all have different needs, whether you are a buyer or a seller. Also, some agents have a reputation or over buying and vice versa and so you want the best one on your side. Regardless of your needs, there are some questions that you’ll want to ask any potential real estate agent before they embark with the task at hand.
There are several types of representation, depending on the state that you reside. Some agents represent home buyers, others sellers and some act as the middle party facilitating the transactions. In other cases, some agents act as salespeople for their firm and may represent different parties within a transaction.
How long have you been in business in this field and in this state? This is something you will want to inquire during the early stages of the selection process as it will impact how fast and at what price your home will sell for. However, keep in mind that all houses are different and some will sell quicker than others. The factors that determine how long a property stays on the market including the listing price, local economic trends as well as changing interest rates.
In order to sell your home, it needs to be at a price comparable to similar properties in your community. Of course, the price estimates will differ from agent to agent, but it should not be far off from the valuation of your home. Ask how they determined the price and why they think your house will sell at that value. Also, ask for a Comparative Market Analysis.
The brokerage fees are set in the marketplace and not by law or regulation. The agent’s rate is known as the commision and it’s a percentage entitled to them after the transaction is successfully closed. Ask if there are other fees that you’ll have to cover such as MLS fee, marketing fee, etc.
Since you are leaving this job to the agent, it’s important to know how they intend to get the word out there about your property. Ask them to give you a summary of how they market, the strategies that have worked for them in the past as well as the efforts they think will be ideal for your property.
The law requires that real estate agents give agency disclosure information at the initial meeting with the client.
Once you hire a real estate agent, they will start marketing your house immediately. You should expect them to keep you informed as soon as any progress made. Ideally, ensure that you specify the means that you would like them to communicate. Some people prefer in-person meetings while other like calls and emails. Regardless of your choice, ascertain that you outline your expectations during the initial meeting so that you are on the same page.
The same applies to buyers. Since homebuyers are regularly meeting with the real estate agents to see houses and give feedback on those that they have already gone through, communication is certainly imperative. So, if you like to communicate via IM or text messages, let the agent know. Not all forms of communication are ideal for everyone and so. It’s essential to hire a realtor that finds your communication method acceptable.
You should also expect professionalism. This just means that the agent should always be on-time and the same applies to you, whether you are a buyer or a seller.
Prodigy Lending is a DBA of AmCap Mortgage, Ltd. (NMLS ID# 129122 – www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/129122), an Equal Housing Lender.
Managing RMLO: Jason Turner (NMLS #286357)