10 Questions to Ask Your Real Estate Agent

You’ve been perusing Zillow and other real estate websites; you’ve seen enough of Chip and Joanna Gaines and are feeling prepared to make the jump into home ownership; you’ve saved some money for a down payment and closing costs and have run all the calculators available and even got your pre-approval letter… So now what?  
Now you need to hire an agent! But how do you go about choosing one that is right for you? Here are some of the best questions to ask your potential agent to make sure they are a good fit for you and your needs:

1. How many years of experience do you have as a real estate agent? If the agent is a newer agent (less than a year of experience) a great follow up question for them is to ask if they have a mentor or a team that can give them back up if needed. If it’s a newer agent, that doesn’t mean to run the other way! Believe it or not, many of the newer agents often have more time to devote to you and are more cognizant of the rules and regulations and the overall client experience.

2. What is your expertise in the local real estate market? This is important because you need to make sure that your agent knows the in’s and out’s of the area that you are searching.

3. How many clients do you currently work with? I like this question because it will give you and idea of how available your agent will be to assist you. Many agents can hold a heavy pipeline, especially if they have a transaction coordinator that can help with the paperwork side of things so they can be freed up to do client work. If they do carry a heavy pipeline, ask them how they prioritize their load.

4. Can you provide references from past clients? Not all agents have google or yelp reviews, nor do they have a heavy presence on Zillow and other realtor websites. Asking them for a reference from a past client really helps you to determine whether they will be a good fit for you

5. What is your approach to communication, and how often can I expect updates from you? I have never heard a home buyer or seller say that they were over communicated with if that tells you anything, lol. With that being said, it is important to set this expectation up front and see if that correlates with your needs. 

6. How will you help me find the right property (if buying)? The internet has evened out the playing field somewhat between buyers looking for homes and agents sending over listings. That is because our local Multiple Listing Services (MLS) feed into most of the larger real estate websites. However, an experienced agent should have a very good network of other agents that they can tap into to find out about listings coming to the market before they are posted - which will help you get and edge and be better prepared. Alos, a great agent will be looking through the listings on a daily basis to see what homes have become available and test those against your wants and needs list. 

7. Can you walk me through the buying/selling process? When interviewing an agent, make sure they tell you how they plan on getting you through the process. I mentioned a transaction coordinator (TC) up above, and they are super helpful in transactions. Some agents choose to do their contract to close on their own, which is fine too. If they have a TC, find out which parts of the closing process they handle and how much communication you should expect from them and from your agent once a contract is in place.

   
   

   
   

   
   

8. How do you handle negotiations, and what is your strategy? The last couple of years have been crazy when it comes to real estate mainly due to the low interest rates and the pandemic. Negotiations were practically non-existent here in the Triangle market b/c our demand was way out of proportion to our supply. While we are still in a very seller friendly market, buyers are now better able to negotiate price, closing costs and repairs. Builders are offering some incentives, but do not expect them to wiggle much on the pricing. 

9. Are you a full-time agent? This is probably one of the most important questions to ask (and I probably should have made that my number one). A full-time agent has dedicated their career to real estate whereas a part-time agent will have a lot of other obligations outside of real estate that could get in the way of timing, deadlines and the ability to see homes quickly. While you may love your cousin Jenny that works full-time in a corporate setting, she may not be the best option for you.

10. What is your commission rate, and what services does it include? This will also be covered in your buyer agency agreement that you will sign in order for your agent to represent you. In many cases, your buyer’s agent is going to be paid out of the seller’s proceeds and is up to the seller how much they want to pay out, so this amount can vary by quite a bit. There are some scenarios where you, as a buyer, would be asked to cover your agent’s commission, so it is important to have this discussion prior to signing the agency agreement.

These questions will go a long way in helping you understand your realtor's experience, approach, and ability to meet your needs as a buyer in our market. It's important to find a realtor who you feel comfortable working with and who has your best interests in mind.