In the world of real estate, much like in any modern industry, there is no shortage of professionals and there is certainly no shortage of scammers or inadequate agents that will land you a subpar deal and cost you plenty of time and money.
The industry is oversaturated with aspiring real estate agents, and if whether you are looking to sell your home at a competitive price, or looking to buy one at the best rate possible, you want to find a professional individual who will find the perfect solution for you.
Here are the crucial questions to separate the pros from the amateurs.
Are they veterans or newbies?
While you shouldn’t always judge a person’s abilities based on their time in the game, you should try to find a professional real estate agent who has been in the real estate game at least three to four years or more.
Such a prolonged career should have given him or her enough time to witness the good, the bad and the ugly parts of the trade, and master the best ways to run their business for a mutually beneficial relationship. Look for an agent that helps at least 35 clients sell or buy a home on a yearly basis. This is a good success score and it means that the agent takes their career seriously.
What is their selling rate?
One of the most important questions you can ask your agent is the timeframe in which you can expect to receive the first offer, from the date they make your listing public. While this is not a surefire way to gauge their selling capabilities, it will give you an invaluable insight into the way they operate and how much time and effort they put into finding you a home or selling your house.
Once you have a rough timeframe in place, you will be able to track the progress of your listing, optimize your strategy along the way, and prepare for home viewings in a timely manner.
What is their listing price to selling price ratio?
You want to sell your home to the highest possible bidder, ideally for a much higher price than previously listed. On the other hand, as a buyer, you want to find the best deal for your specific needs, neither losing a potential dream home, but not overpaying for it either.
That’s why you need to gauge how well the agent will negotiate on your behalf. If you want to test their skills even further, have your friends pretend to be interested in buying your home, and see how much the agent will manage to raise the price.
What is their marketing strategy?
Whether you are selling your home or looking for a new one, marketing is always the key. A professional real estate agent must a have a competitive marketing strategy on deck ready to be made public at a moment’s notice.
A truly effective marketing strategy will include everything from digital media advertising to offline ads, word of mouth and even focus groups. Homes are high-value goods, they sell for substantial amounts of money, and no tactic is too intricate or expensive when finding the best possible way to sell it at the most competitive rates.
How will they lead the project?
One of the most important questions you need to ask your real estate agent is how they will communicate with you during your cooperation. Will you receive daily updates or will you meet with them on a weekly basis, or will the agent let you know when they have some news? These are the rules and parameters that must be set before proceeding.
Given the fact that the real estate market is constantly fluctuating and new opportunities arise day in and day out, you want to find an agent who will provide you with constant, valuable updates. Not only will you be in the loop in regards to your listing, but you will also get a chance to gauge how much time and effort the agent spends on your project.
If you are looking for a house, this method of frequent communication becomes all the more important, as time is of the essence in finding you your future home.
There are plenty of risks and hazards in the real estate world, and if you want to avoid falling prey to amateurs or scammers, you want to ask them these crucial questions in order to ensure a smooth and successful selling or buying process.