In figuring out how to vet an agent, make sure you keep a look out for what kind of agent they are. Unlike the picture above, the relationship should be one of giving from both sides rather than one of pulling. Be sure to interview more than one. Be prepared with questions (this list) to ask. Don’t let them close you until they’ve explained clearly their role and your role going forward. Expectations are everything, so again, be clear. Here are some categories to thoroughly interview them on:
1. Are you a Realtor? Do you have Errors & Omissions Insurance?
2. Are you full or part-time?
3. Are you familiar with my neighborhood? The area I want to buy?
4. What’s your Agreement Policy? Will you modify it to my needs?
5. Why should I hire you?
6. What’s your list price to sales price ratio?*
7. How’s your DOM compare to the market average?*
8. Do you have any past client references I can speak to?*
9. What aspects do you personally handle vs. delegate to your office?*
10. How many current listings do you have?*
11. What price can you get me? Why?
12. How do you intend on marketing my home?
13. How will you use the internet?
14. Do you have additional material or resources I can use?
15. What do you do when your marketing isn’t working?
16. How do you keep me updated on progress?
17. Do you offer staging or moving help?
18. Do you take your own listing photos?
19. Do you have any unique experience?
20. Why do you sell real estate?
Question Details:
*The Price Ratio between listing price and selling price is THE most important metric that a real estate agent has. Unfortunately it’s not well known, even so much that the agent might be taken off balance by it and not know what theirs is. This doesn’t mean they’re not a good agent, just that they’re not on top of their most important numbers. If the agent does know it off the top of his/her head, it’s a promising sign.
*DOM stands for Days on Market. Another important number for an agent to know, his own average as well as the market’s.
*References are effective. That’s why you want to check them out. The problem is that the answer you’ll get is probably a paper with quotes on it, or something close. Make sure you speak with someone.
*Delegation is actually a good thing…..to a point. You want the productivity and efficiency of a team, however you want to know that things are under control and when you’re handed off to the secretary a bit too many times, you can start feeling a bit disconnected. Not to mention opening the door to confusion and misunderstandings.
*With a large number of home listings on the agents plate, there’s a natural tendency to prioritize speed at the expense of your priorities, goals, and even price.
If you’re interviewing Realtors in Weber, Davis, or Salt Lake Counties. Contact me to let me show you what I have to offer.
Other Resources:
- Playing 20+ Questions With a Lender
- Playing 20+ Questions With a Contractor
- Playing 20+ Questions With a Title/Escrow Company