Interviewing Collin County Real Estate Agents

These days the smart consumer will interview potential real estate agents before they choose the one they think is best. Be wary of agents who don't ask you questions and probe for your motivation. You wouldn't work with just any agent off the net. You should note that good agents are just as selective about their clients as well. Make sure you find out the following before you choose which agent to hire.

How Long Have You Been in the Real Estate Business?

The question itself isn’t meant to automatically disqualify newer agents because there are many that can do a great job for you. Much of it depends on whether they have access to competent mentors and the level of their training. Newer agents tend to have more time to concentrate on you and your transaction. There are some agents with 10 years of experience repeat their first year again and again. Other 10 year agents learn something new every year.

2. What is Your List Price to Sales Price Ratio?

Knowing the agent's average ratio speaks volumes about their abilities. Excluding strong sellers markets a buyer's agent should be able to negotiate a price that is lower than list price. On the flip side, a great listing agent should be able to negotiating sales prices that are close to list prices. Listing agents should have higher ratios close to 100% and buyer's agent ratios should fall below 99%. Sometimes market value has no bearing on the asking price and, if this is the case, ratios are meaningless.

3. What is Your Best Marketing Strategy for My Particular Needs?

If you are a buyer, you will need to know:

Do you present offers in person?

• How will you located my new home?
• How many homes will I likely visit before I find the right one?
• How do you handle multiple offers?

If you are a seller, you will need to know:

How will you market my home online?

• Specifically, how will you sell my home?
• Why or why not is a direct mail campaign appropriate?
• Where and how often do you advertise?

4. What Separates You From Your Competition?

A great agent won't hesitate to answer this question and will be ready to tell you why she is best suited for the job. Everyone has their own set of standards but most consumers say they are looking for an agent who are:

Friendly and outgoing

• Honest and trustworthy
• Assertive negotiator
• Available by phone or e-mail
• Good communicators

6. Will You Help Me Find Other Professionals?

Let the agent explain to you who she works with and why she chooses to work with these professionals. Your agent should be able to supply you with a written list of their preferred vendors such as home inspectors mortgage companies and title companies. Ask for an explanation if you see the word "affiliated" because it could mean that the agent is receiving compensation from one or all of vendors.

7. How Much Do You Charge In Commission?

All real estate commissions are negotiable. Generally, real estate agents charge a percentage, from 2 to 4% to represent one side of a transaction: a seller or a buyer. A listing agent may charge, for example, 3.5% for herself and another 3.5% for the buyer's agent, for a total of 7%.

8. Do You Have A Guarantee?

If you sign a listing or buyer agency agreement with the agent and later find that you are unhappy with the arrangement will they let you out of the agreement? Will the agent stand behind his services to you? What is his company's policy about canceled agreements?

9. What Haven't I Asked You That I Need to Know?

Pay close attention to how the agent answers this question because there is always something you need to know. You want your agent to take time with you to make sure you feel comfortable and secure with his knowledge and experience. They should know how to listen and how to ask the right questions to find out what she needs to know to better serve your needs.