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March 29, 2019
If your trying to figure out how to find a real estate agent for yourself, whether you’re a veteran or brand new at buying real estate, then I’m going to give you 10 questions to ask in that process and I’m going to do it right now.
Hi everybody! My name is Ty Eden. I’m a realtor with exit realty redefined in Wheaton, IL. I’ve been a realtor for about 2 years and I work with Buyers, Sellers and Investors in the Dupage County and Northern Illinois, greater Chicago land area.
In this video I’m going to give you 10 questions that you should ask in a Realtor or a Real Estate Broker that you’re considering to hire whether your looking to buy property or your looking to sell property. Because the question is really going to go either direction.
So, the first thing you want to do is you want to start asking friends and family, maybe neighbors even if you’re renting. If they know of any realtors that they’ve had any experience with or maybe they’ve had friends that have had experience with. You want engage those people and start asking enough questions around to enough people. Once you do it long enough, you’ll start coming up with similar names and then you want to get the contact information for those folks that are the similar names and reach out to them to set up an appointment. A face to face appointment because this transaction is too big for you to just try and qualify these folks over the phone. You want to see eye to eye with them.
Question number # 1: How long have you been a Realtor?
When you’re sitting in front of that Realtor, in your interview process. Ask them how many years have you been in the real estate business. Now the number of years doesn’t necessarily go to end up equating to success, see real estate is a commission-based job, profession or career. So, if they’ve gone for a long amount of time, a number of years and haven’t had to many transactions, then they may not be your best choice for a realtor. It all depends on if they are taking this game seriously or if it just kind of a side hobby that they do to collect some extra money.
What you want to be most concerned about with that question is the level of service that they will be able to provide for you and the level of knowledge that they have in the real estate business. Whether they are representing you as a buyer, a seller or an investor.
Question number # 2: What is your average number of clients?
To be more a little bit blunt, if they’re really busy do you have time for me? What your looking for a realtor is are you the only client that they deal with or are they part of a bigger team and they’ve got so many clients that you may end up being in the middle of a pack or the bottom that may not have that importance. When your looking either to buy or sell a property for yourself, you want to feel important. You want to know that you’re important to that Realtor and that they’re going to maintain you as number one importance in their eyes, in their mind and they are going to work hard for you.
When you sitting down with them and talking about whether they have enough time, ask them if they are part of a team. If they have team members that are going to work with you and you end up liking that realtor enough, you want to end up meeting those team members.
Question number # 3: What is your ratio of buyers to sellers?
In this real estate game, you have certain realtors that are more buyer representative and then you have some realtors that are seller representative. Now to you, unless you live in the business may not understand that there is a lot of difference between the two types of roles that realtors can play. If your dealing with just strictly a buyer representative and your selling a piece of property, are they really going to understand everything that your going thru and all the nuances that you have as far as selling the house? Vice versa as well. If your looking to buy and your dealing with a seller representative, are they going to be able to fit themselves into your shoes and understand where you’re at?
Now, very well they maybe true that there are some Realtors out there, some brokers out there that are equally attacked to be able to help you whether your buying real estate or selling real estate. But that is why your interviewing them to find out what kind of ratio they have. Do they have team members that do this? because more often than not your going to end up finding yourself selling a piece of property since the average amount of time folks live in a house is about 7 years more or less. If your selling a property you’re probably going to move in to buying a property and if that is the case in order to make the whole transition seamless, you kind of want to have the same realtor working with you to help sell the property and to help you buy a property. This way you don’t have to know two different people, go thru two different processes, two different systems and now they’re both contacting you about different things. One conversation, one realtor for both makes a lot of sense.
Question number # 4: What are do you cover?
This is an important question because there are going to be a lot of realtors that are neighborhood experts and then there’s realtors that are going to travel across the country just to sell you a piece of property. They don’t know much about the area, but they want to get a transaction done. There is good and bad to both those two scenarios. You want to try and find somebody that’s a little bit more in the middle. Across the country is too far and neighborhood expert is fine. But what if that neighborhood expert doesn’t know much about the surrounding areas to what they are the expert in? they might be pushing you into a particular property that maybe you’re not most comfortable with or isn’t really the best fit. There might be some houses surrounding that particular neighborhood that is the best fit for you. That is why you have to find a Realtors that know a bigger area than just a neighborhood. In that way they can very easily direct you to a particular spot, neighborhood, town or village that is a better fit for you.
Question number # 5: Are you part of a team?
Teams are probably pretty good, because the person that put the team together was obviously a successful Realtor. But that doesn’t necessarily mean that they are good business persons. They maybe great at sales but are they good at providing service and managing other team members. Why this is important? Generally, when a team is put together that means they’ve got a number of brokers that are seller representatives and they have a number of brokers that are buyer representatives. Each one of those two are probably good in their particular representation. So, if you’re sitting down across the table from the person who created the team, will you be dealing with that person from that point on to when you get handed the keys? Or are you dealing with that same person when you finally moved out the last box in your house and the transaction is all done.
More often than not, they may have you move around to a couple of other Realtors within their team. If that is the case and your comfortable with that team’s main person then you might want to insist to be introduced to any team members that you may have to deal with or find yourself dealing with thru the process unless they volunteer those people to you.
The last thing you want to do is finding yourself in an emotional situation and all of a sudden, you’re dealing with a different realtor than the one you sat down at the kitchen table with and signed that listing contract /Buyer representation contract with. You want to know who you’re dealing with because buying real estate is emotional.
Question number # 6: Are you equipped to handle my unique situation?
Are you a long-term investor or are you just a standard buyer? Are you a first-time home buyer? Are you a fix and flipper or do you find yourself being an executor to an estate of maybe your aunt Sally’s that now you have to deal with selling her home that she’s been living in for the past 35 years? These are just a few of the unique situation that people can find themselves in when they’re looking to either buy or sell real estate. When your talking to that Realtor, you might want to ask them what type of experience they’ve got at dealing with your unique situation. Don’t be fooled when they say: “I’ve dealt with that before. No problem”. Ask that agent what unique issues that they’ve dealt with similar to your situation and how they go about handling it. That will give you a great insight as to whether they do have experience dealing with someone such as yourself or not.
This is something I am adamant about and I don’t know how many people or other Realtors are but it is true in any kind of business that you deal with.
Question number # 7: What is the communication channel/method that Realtor is going to have with as their client?
Be it you are a buyer, a seller or an investor, have them tell you how they will be reaching out to you. There are so many different methods these days with email, text messaging or telephone. Some realtors all they do is just text message or they might just do an email and you might hear from them from time to time but is it going to be or a regular basis?
I am a big avid of reaching out to you every week whether I got something to tell you or I don’t. I’m interested in reaching out to you every single week because I want to make sure that your seeing every house as a buyer that you can possibly see or I’m wanting you to know exactly what activity there is or isn’t as far as showings is concerned or possible interested parties on your house. That way we can try and change what the deal is and get your home sold within the time period that your expecting to have the house sold under.
If you get a wishy-washy answer from the Realtor as far as their communication method or frequency that might not be the person for you.
Question number # 8: Do you have a recommended vendors list?
Now whether your buying, investing or selling a house, you might want to find out if the Realtor have some type of recommended vendors list. An experienced Realtor is going to have a qualified vendor list that they have developed over a period of time. It’s going to be home inspectors, title companies, attorneys and contractors. According to the real estate settlement procedures act, a realtor should be giving you 3 names for anyone as a referral in order for you to have freedom of choice to deal with that contractor, that title company or that professional that you choose to work with. Don’t settle on just 1 name or number.
Question number # 9: References
References are always the biggest. For anyone that is in any kind of business for a period of time, they will have references. But are there going to give you a bad reference? Chances are no but you can always ask for 3 references. One should be something that they had troubles with closing but they were able to rescue. A realtor that is able to do that is the King/Queen!
Question number # 10: Specific questions you have for the Realtor
Here is the most important question of all. You want to ask the Realtor when your sitting down with them the type of questions that will give you an insight as to whether or not they are a transaction-based realtor which doesn’t have much interest in what your concerns and/or what your plans, dreams are. There are those Realtors that will ask you those type of questions because they want to get down to the root of what makes you tick. If you find yourself a realtor that is asking that kind of questions, then that is a relationship Realtor! That is a Realtor you want to deal with!
I hope that these 10 points were beneficial to you and that you can utilize them. I have listed them at the description of this video in order for you to possibly write them out. They are important and thorough and you really should be interviewing a Realtor as so your hiring an employee or your looking for someone that is going to take care of a family member. You really want to know what they are all about because again a real estate transaction has a lot of emotion attached to it and you want to try to minimize that drama and that emotion as much as you can. Have a Realtor that will give you that great bedside manner that you deserve as their client.
Again, my name is Ty Eden. I’m with Exit Realty Redefined in Wheaton, IL. Give me a call if you’re looking to buy, sell or invest in real estate. I’d be happy to help you out. Thank you!