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Five Factors to Consider in Choosing a Real Estate Agent:
1. How does the agent do business?
2. What are the agent's qualifications?
3. What is the agent's experience level?
4. What specific skills does the agent have?
5. Intangible factors.
Looking for a Selling Agent?
Questions for Agent References
As in any professional relationship, your choice of real estate agent can make a big difference in how well your transaction turns out. Take your time, give it some thought and make the best possible choice.
| 1. How does the agent do business? |
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Volume Agents Through extensive advertising, these agents attract a large number of clients, then handle the clients by using systems, standardized procedures and by using agent “assistants.” The volume agent typically meets with the buyer or seller initially, and then leaves the bulk of the task of selling the home or showing buyers properties to the assistants. If you talk to a volume agent, ask about how much time you will be working directly with him. There is nothing wrong with this business model, you just need to be aware of what services you will receive and from whom.
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Personal Service Agents These agents’ approach is to work directly with a limited number of clients and provide a high degree of individual service; explaining options and choices, guiding the client through the transaction, being available to talk directly with the client, delivering documents, being present at closing and making every effort to ensure that the transaction goes smoothly and to the client’s satisfaction. Typically, these agents do not rely heavily on advertising. They look more to referrals from satisfied customers to develop their business.
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| 2. What are the agent’s qualifications? |
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Real estate credentials Does he have any certifications or special credentials that show he is dedicated to the profession? Does he have a “real estate agent” license or has he attained a “real estate broker” license? Has the agent completed any specific training? By the way, the “realtor” designation indicates that the agent subscribes to a high standard of ethics; however, it does not connote any special education or training.
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Knowledge Does he have the knowledge of the real estate industry, real estate transactions, financing sources, laws and legal requirements, home values, market conditions, etc. to guide you through the process of selling or buying your home?
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| 3. What is the agent’s experience level? |
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# of Trans actions - The more transactions an agent has been through, the more he understands about the home buying and selling process and what to expect. He will also have more of a feel for problem areas and how to avoid them. Generally, the more experience, the better. Experience does matter.
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Cross Trained/Education - Don’t judge an agent solely on the number of real estate transactions completed. That may not tell the whole story. Example: If an agent comes from the title insurance industry, she might have handled hundreds of real estate transactions in her prior career and, at least in the area of escrows, would have more experience than an agent with years of experience.
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Experience - Don’t judge an agent solely by amount of time he has been in the real estate industry. Some agents just don't do much business. Also, agents who have real estate related work experience such as a contractor or loan officer or life experience such as a landlord or real estate investor have special insights based upon their experience that can be valuable.
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| 4. What specific skills does the agent have? Here are some that would be helpful for an agent to have: |
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Contract drafting skills In both buying and selling, the contract drives the transaction. Sure, forms are often used, but the agent needs to know how to do it right; what terms and contingencies to put in and what addendums to add to best protect you.
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Negotiation skills The agent will be making and receiving offers in your behalf and negotiating contract terms and conditions. He should understand negotiating techniques and how to use them to your advantage.
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Technical Aptitude. Describe different tech tools Agents use .
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Marketing Expertise Describe our agents experience with different types of marketing plans: cutting edge technology partners to create an unmatched internet marketing presence to help give their clients a competitive advantage in today’s high-speed technology driven world.
Automated e-mail service called E-Neighborhoods, Newspapers (Press Democrat, San Francisco Chronicle, Marin Independent Journal, Sonoma West Times and News), Postcards, Signage on Properties Listed for Sale, Attendance at Brokers Meetings, Brokers’ tours of properties just listed, Flier Distributions to area homeowners & / or realtors, Property packages which may include inspections, reports, maps, etc
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People skills People will refuse to do business with people they dislike and many a deal has been lost through an abrasive or offensive agent. Your agent should be able to work well with the other agent and party involved, making them want to do business.
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Client skills Your agent must be willing to listen to you and understand what you want and need. He should sincerely want to help you achieve your goals, be willing explain the buying or selling process in detail and guide you through each step of your transaction.
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| 5. Intangible factors. These may be difficult to quantify, but are very important to consider: |
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Do you believe the agent is trustworthy and has integrity?
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Do you feel that he truly has your best interests at heart?
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Do you like this person; will you enjoy working with him?
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Will you be proud to have him represent you?
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What does your intuition tell you; does it feel right?
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SELLING? - The Perfect Listing Agent
The real estate agent you hire to sell your house, known as the listing agent, must be able to accurately answer your most important question: "What's it worth?" Houses sell for fair market value, which is whatever buyers are willing to offer and sellers are willing to accept. A good agent can be the foundation of your real estate team. An agent helps you price your property, orchestrates the marketing and showing activities, negotiates with buyers on your behalf, supervises property inspections, and coordinates the closing. A good agent's negotiating skills and knowledge of property values can add 5 to 10 percent to your house's sale price.
Recognize the attributes of the best listing agents. All the best listing agents have certain important qualities in common. · They educate you: Your agent knows the selling process and carefully explains each step so that you understand exactly what's happening at all times. Agents should be patient, not pushy. A good agent never uses your inexperience to manipulate you.
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They enable you to make good decisions: Your agent always explains what your options are so that you can make wise decisions regarding your best course of action. They advise you if they think that you should add other experts (property inspectors, lawyers, and so on) to your team -- experts don't threaten a good agent.
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They voluntarily limit themselves geographically and by property type: Good agents know that trying to be all things to all people invariably results in mediocre service. Even though real estate laws are the same throughout your state, different areas within the state generally have radically different market conditions, local zoning ordinances, and building code restrictions.
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They have contacts: Folks prefer doing business with people they know, respect, and trust. You can make use of your agent's working relationships with local lenders, property inspectors, lawyers, title officers, insurance agents, government officials, and other real estate agents.
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They have time for you: Success is a two-edged sword. An agent who is already working with several other sellers and buyers probably doesn't have enough surplus time to serve you properly. Occasional scheduling conflicts are unavoidable. If, however, you often find your needs being neglected because your agent's time is over committed, get a new agent.
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Questions for Agent References
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Is the agent trustworthy and honest? Did the agent follow through on promises? Your agent can't be even slightly untrustworthy, dishonest, or unreliable. Consider a "no" answer to either of these questions to be the kiss of death.
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Did the agent have enough time to properly serve you? Was the agent available to fit your schedule? An occasional scheduling conflict is okay. Frequent conflicts are absolutely, flat-out unacceptable.
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Did the agent explain everything that happened during the selling process clearly and in sufficient detail to satisfy you? What one person thinks is ample detail may not be nearly enough for another.
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Did the agent set realistic contract deadlines and then meet or beat them? Contract deadlines for obtaining financing, completing property inspections, and so forth are extremely important and must be met, or your sale will fall apart. A good agent makes sure that you and the buyer meet all contract deadlines.
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Do the words self-starter, committed, and motivated describe the agent? No one likes pushy people. But if you need to sell quickly, the last thing you want is a lethargic agent. Find out how energetically your prospective agent is prepared to work for you.
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Did the agent get a good sale price for your house? See whether the agent's clients still think that they did well on their sale.
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Would you use the agent again? This question is the ultimate test of customer satisfaction. If someone answers "No," find out why. The negative answer may be the result of a personality conflict between client and agent that won't bother you. |
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Is there anything I haven't asked you about the agent or the agent's office that you think I should know? You never know what you may find out when you ask this open-ended question.
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