A realtor is an invaluable resource who specializes in all aspects of a real estate deal. With their knowledge and expertise of residential or commercial real estate, they can create a smoother buying or selling experience. But, choose the wrong realtor and you may be in for a bumpy ride. As you narrow down your search, our questions to ask a realtor will help you select the right one for you.
8 Questions to Ask a Realtor
Rather than picking any old realtor, approach your search like you would interviewing prospective employees. If you come prepared with a list of real estate questions, you are more likely to be happy with your choice. Our top eight questions to ask a realtor are designed to cover all aspects of qualifying a real estate professional.
1. What is your professional experience?
Since realtors typically learn most of their skills on the job, experience is an important factor to consider. Ask realtors how many years they have been in the industry as well as how long they have worked in your geographic area.
As you inquire about professional experience, also ask if the agent is part-time or full-time. This can make a difference in the level of service you can expect to receive.
2. Which geographic areas do you typically handle?
If you are searching for residential or commercial real estate in a new area, a realtor’s neighborhood knowledge is essential, because every community has its own eccentricities. If you are selling a property, a realtor will provide insight with pricing, staging and arranging open houses. For buyers, a realtor's local knowledge can help you find the right property. Of the many questions to ask a realtor, neighborhood experience is one of the most important.
3. Which property type do you specialize in?
As the real estate industry has grown, it has become more specialized. Some realtors work with rentals, while others specialize in home or building purchases. Some do both. It all depends on which real estate agency you pick. If you have a type of property in mind, ask about realtor specialties.
4. How will you market the property?
Residential or commercial real estate doesn’t typically sell itself. Among the top questions to ask a realtor, you will want inquire how your real estate agency will market your property.
Ask about their philosophy to marketing a property as well as their track record of marketing success. As the popularity of online real estate searching has exploded, find out about a real estate agent’s use of online resources.
5. How many clients are you currently representing?
A readily-available real estate agent is an advantage to closing a deal. If you want individualized attention, find out how many clients an agent is currently representing.
If an agent is juggling fewer clients, you will be more of a priority.
6. Will you represent me exclusively, or might you also represent the buyer?
A real estate agent is legally allowed to represent both the buyer and the seller. Since this practice could present a potential conflict of interest in negotiations, ask potential real estate agencies if they allow their agents to represent both sides of a deal. If they say yes, ask about their philosophy of how this practice can benefit you.
7. What is your realtor fee?
Realtors charge a percentage of the sale or purchase price as their fee for services. Since this percentage can vary depending on real estate agency, it helps to know the realtor fee upfront.
8. Can I see your references?
If you’ve spent some time talking with a real estate agent, they’ve likely touted their credentials. But, with a decision this important, don’t take the realtor’s word at face value. Ask to speak to a few former clients. These references can give you a sense of what it could be like to work with this realtor.
If you have other questions about residential or commercial real estate on Long Island, please call S&D Real Estate at 516-248-6905 or 631-761-9220.
