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How to Interview an Agent
Buying
real estate is a huge event in your life, so it’s understandable that you don’t
want to do it on your own. If you’re like many homebuyers out there, you’ll
want a real estate agent to help you find, then buy, your new home. Of course,
you don’t just want to settle for the first half-decent home you stumble upon.
You want to make sure you’re getting the best home possible at the best
possible price. That’s why you don’t just want any old real estate agent; you
want the BEST real estate agent for your unique interests, wants and needs. You
want a real estate agent who understands the real estate industry and who has
had experience with the type of home you’re looking to buy, in the area you
want to move into. You want someone you can whose knowledge you can value. You
want someone you get along with, someone you can trust.
But
with so many real estate agents out there, how do you know which one is the
most qualified to lead you to your new home?
Usually, homes for sale by a
real estate agent get listed on the Multiple Listing Service, more commonly
known as the MLS. All real estate agents can access to the MLS, so in theory,
all it takes is a simple phone call to any random real estate agency, and
you’ll come across an agent prepared to bring you to properties for sale.
However, you have no idea what caliber of agent you’re dealing with. Is the
agent high quality, or simply the Joe (or Jane!) Average of real estate
agents?
Then again, not all real
estate agents are found “by accident.” Many are found through referrals from
family, friends, coworkers, or other personal connections. But what if the
boisterous, talkative real estate agent who clicked perfectly with your
outgoing older sister gives you a headache? Or what if the reserved, formal
real estate agent perfect for the timid head of the accounting department at
work makes you feel like a blabbermouth? A real estate agent can seem like a
genie to one homebuyer, and a jailer to another.
Our point? Don’t just settle
for the first real estate agent you hear about. Shop around, interview a few
agents, and go for the agent who best suits your needs. Yes, there are certain
characteristics that set some real estate agents above others. However, there’s
no generic template of a good real estate agent. Rather, one’s notion of a good
real estate agent, like one’s notion of good ice cream or good music, is a
matter of personal taste.
Just imagine what your life
will be like during the house-hunting process. Stage One will have you going
from property to property, probably in the confines of a car, with your real
estate agent. You and your agent will walk through these properties together,
discussing in detail every room, nook and cranny you see. Once you’ve decided
on a property you’d like to buy, your agent will be there through every step of
the transaction, from offer to closing. Surely you don’t really want to spend
all that time with someone you don’t even like. Yet that’s exactly what you’ll
have to do once you’ve signed the contract. That’s why it’s crucial to meet
potential agents before hiring them. Make sure that the person you’re hiring is
someone whose knowledge you value, whose opinions you trust, and whose
personality you like. The best way to
gauge all these factors is to interview not one, not two, but several agents
before hiring one to represent you.
When you interview real
estate agents, be on the lookout for several things. First, make sure you find
someone who will care about you and fight for your interests. Second, make sure
this someone exhibits ready knowledge of properties on the market, which
demonstrates a pro-active approach to real estate. The last thing you need when
buying a home is some lazy bum who has to “check the computer,” then get back
to you!
Here are some questions to
ask during your interview with your prospective real estate agents:
·
How long have you been in business?
Chances are, you’ll want a real
estate agent with experience. The more years an agent has done the job, the
better he or she will know the industry. Some real estate experts point out
that staying in real estate is a lot harder than getting into it, so
someone with at least five years of experience clearly has an interest in and
commitment to the field. That said, you shouldn’t completely disqualify someone
who is new to the field if you like their personality. Newcomers to a career
are often full of enthusiasm and energy, and are willing to go that extra mile
to build a good reputation in a field. This is especially true for real estate,
where reputation is everything.
·
How long have you sold houses in this area?
It is important that your real
estate agent is familiar with the area. There’s no point in getting a good deal
on a great house if you’ll spend the next thirty years of your life in a
crime-ridden area, waking up to police sirens and/or drug busts in your
neighbor’s home. Your agent should provide you with information not just about
the property, but about the community as well.
·
How many transactions have you had in the past year?
Does this agent actually satisfy
his or her customers? If he or she has led few customers to homes they actually
wanted to purchase, then something is wrong. Either the agent is simply not
listening to the needs of the clients, or they do not have a broad enough
picture of the market to recommend satisfactory homes. That said, keep in mind
that part-time or freelance agents will obviously be involved in less
transactions a year than full-time agents.
·
Do you know of any properties that might be appropriate
for me?
Remember what we said about
finding a proactive agent? Here’s where you discover if your interviewee is
one. If he or she already has properties for sale in mind to show you, you can
bet that this agent is out regularly, scooping out the market. If he or she
says something like “I can suggest a few that come close,” then describes them
for you, but isn’t sure that you’ll like any of them, don’t despair. It still
shows that he or she is up to date on the market; it just shows that he or she
has yet to come across anything right for you. If he or she responds to your
question with a blank stare, you can be pretty sure that this agent is a little
too passive about the job.
Who are your references?
Every agent will tell you they
have satisfied customer testimonials to their name, but you don’t know for sure
how accurate this claim is until you’ve spoken to actual people who’ve dealt
with the agent. Any really good agent should have customers willing to provide
references and able to answer any questions about their own experience with
that particular agent.
·
Are you full-time or part-time?
Some experts caution against
enlisting the help of a part-time agent, as he or she may have other
commitments that get in his or her way of helping you. However, you shouldn’t
just jump to this conclusion until you have met the agent in person. Many
part-time agents are just starting out in the business and can’t yet generate
enough business to form a full-time practice. While a new agent won’t
necessarily be the best agent, you might get to experience some of that energy
and enthusiasm typical of starting-outers in the field. Meanwhile, other agents
are so good at what they do that they only need to work
part-time!
What awards have you won?
Many good full-time agents have received, at the
minimum, the “million dollar club” award.
·
How can I reach you?
The whole point of hiring a real estate agent is so
that you’ve got someone to help you out with the process of buying real estate.
An agent who isn’t readily accessible isn’t worth much to you. You want someone
with regular office hours, and who has at the very least a cell phone or pager
that you can contact them on. A really devoted agent might even let you contact
them at home. The last thing you need is to find the perfect home, call your
agent, and discover that he or she is drunk in a noisy nightclub and can’t
return your call. Be sure to choose an agent who can be readily reached, no
matter what comes up during the house-hunt process.
Pay
attention to whether or not the agent is good at listening. Do they pay attention to
you, or do they interrupt you mid-sentence? Few things are as frustrating as
letting valuable hours pass you by while you look at homes all wrong for you,
all because the agent has not paid enough attention to your desires.
Oh, and another thing: you
shouldn’t be the only one asking questions during the interview. Your prospective
real estate agent should be asking you questions about your finance, debt and
credit information. Why? So he or she can determine the price range of
properties you should be considering, and the price range within which he or
she can show you homes. Using this information, the real estate agent should be
able to tell if what you want in a home is feasible for someone with your price
range. Maybe the answer is yes; maybe the answer is “lower your standards, or
wait a while to purchase a home.” A really good realtor won’t just tell you
what he or she thinks you want to hear. Instead, they’ll tell you what you need
to know.
Finally, any good agent will
request for an appointment to meet with you, too, especially if the interview
was conducted online or by phone. Don’t be turned off; these appointments come
with the territory. After all, real estate agents earn a living by commission.
Naturally, they have to put some energy into chasing down business. However,
this pursuit should be tastefully done, and your real estate agent should still
care about your needs just as much as—preferably more than—his or her
commission. If you smell a salesperson, look elsewhere.
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