Getting the answers to these questions can help you make an informed decision. They’ll also help you determine what is most important to you. Ask them to explain the entire process of buying and selling a home from beginning to end. This will give you a good idea of their knowledge and how well they communicate.
What is your niche?
Finding your niche means identifying people who value and enjoy what you offer. This could be a product, service, or interest. You can carry out user research or use common sense to figure out who your target audience is.
Narrowing your focus lowers marketing costs because you can tailor promotions to a specific group of customers. It also shows you’re an expert in the field, which helps build trust and credibility.
You can also use market research to uncover pain points and needs in your niche audience. For example, in NYC, landlords typically require a 15 percent broker fee, so an agent who says there’s no fee should be investigated. They’re likely deceiving you.
How much experience do you have?
It’s a good idea to ask how many home sales transactions the agent has worked on in their career as a builder sales brokerage and their overall real estate experience. You can also ask about their expertise in your particular circumstances, such as working with first-time homebuyers or helping clients who are buying and selling simultaneously.
Additionally, ask about their market knowledge and familiarity with your neighborhood, including any upcoming developments that could impact your property’s value or how quickly it might sell. Lastly, find out if they’re a full-time or part-time agent, as this can impact their availability and speed of response to your questions and concerns. You’ll want someone who can devote their attention fully to your needs.
How will you market my home?
Whether buying or selling, asking an agent how they plan to market your home is essential. A potent agent should have a marketing strategy that includes traditional and online avenues to expose your home to the broadest potential buyers.
This question lets you determine if your agent is familiar with the neighborhood. If they can give you a range of homes that recently sold in the area and how much each sold for compared to their original asking price, this is a good sign they know the market well.
It’s also worth noting how many clients they currently have on the books. If they have too many, this may mean that their time is divided too thinly to provide you with the attention you need.
How will you keep me informed?
A savvy broker will be able to explain the home buying or selling process in a way that’s easy for you to understand. This includes answering your questions about how showings work, what happens after an offer is accepted, and how the closing process works.
It may be time to find another broker if they are uncomfortable or cannot answer your questions. Moreover, asking how many clients they currently have could help you get a feel for their level of expertise.
If they say they’ve sold several homes in the past year, that’s a good sign. Also, ask how many listings they’ve had to reduce their price and whether they’ve experienced any delays in finding a buyer.
What other concessions should I ask for?
The home sales process has many moving parts, and an experienced broker can help ensure a successful outcome. Ask about their experience with unique scenarios such as first-time buyers, military relocations, out-of-state purchases, foreclosures, and short sales.
Also, inquire about their preferred method of communication and their availability. If you’re most comfortable with texting, for instance, and expect frequent updates on the status of your sale, you’ll want to find an agent who is comfortable with these expectations.
Ask your agent their average sale-to-list price ratio and how often they’ve reduced a property’s list price to make it sell. A high number of price reductions can be a red flag. A low one might indicate they need to be more aggressive in marketing tactics.