Working with a real estate agent you know is a bad idea. It’s unlikely you know the best in town, so you’ll already be putting yourself at a disadvantage. Also, I’m sure you don’t want to ruin your friendship over a few heated arguments.
You need someone brand new to enter the equation so you won’t know much about them. It means you’ll need to put them through a grilling interview before they get the job. Here are a few of the questions you should be asking potential candidates.
1. Ask If You’ll Be Working with a Team
You’re about to interview a potential candidate, so make sure you’ll be working with them directly. Some real estate agents like to work in small teams, but you don’t know anything about any of their gang.
If the agent can prove they gained their reputation with the help of a team it’s okay. You know they’ll be capable of delivering results. If it feels like you’re being handed off to the B-team walk away.
2. Ask If They Mostly Represent Buyers
Some real estate agents will work primarily with sellers because it’s their specialty. Buyer’s agents will have a lot of buyers on their books. You want to go with someone who has a specific set of skills.
Reject anyone who sits somewhere down the middle. It’s still good if a buyer’s agent sells homes. They might be able to supply you with special information like when a specific property is hitting the market.
3. Ask Them Which Neighborhoods They Work In
You will have a price you want to pay for your new home. That might be much more than the real estate agent has ever dealt with before. You don’t want to bring someone up to the big leagues before they’re ready.
Let’s imagine they mess up and it costs you roughly 10 percent of the sale price. That is going to be a big chunk of change they’ve added to the total cost, plus a better agent might have saved you the same amount.
4. Ask Them How Many Clients They’ve Got
“If you want something done, ask a busy person to do it”. I’m sure you’ve heard the famous quote before, but did you know it’s completely true? When your fire is already burning it’s easy to throw more logs onto the flames.
Common sense says those with more time on their hands will get stuff done, but it doesn’t account for them not being warmed up. Unless your agent is working with competitors it’s okay if they have lots of clients.
5. Ask About Their Experience Over the Years
If you’re looking for a job greedy employers will want you to have lots of education and experience. In the real world, you should know experience will give someone the upper hand 99 times out of 100.
Do you want someone who can ace tests, or do you want someone with proof they’ve bought tons of homes? Ask your agent about their experience, but dig deep into it to see if you can uncover anything.
6. Ask How Many Homes They’ve Actually Bought
When you ask this question you have to be more specific. The number of homes they’ve bought since they started working counts for very little. Ideally, you want to know how many they’ve bought in your ideal location.
After working with so many people they’ll have picked up a few valuable pieces of information. It could help you get a much better deal. Make sure it was recent too, or you won’t be dealing with up-to-date prices.
Don’t Ask Friends for Recommendations
Do you think it’s strange when people ask friends for real estate agent recommendations? Unless they’re in the industry they won’t know anything. Stay safe by doing your own research before buying a home.