Although
you might already know what to ask your real estate agent, it is not enough. It
is impossible to know without answers whether the agent is speaking truth or is
faking everything. Dean Graziosi has arranged top ten questions and their
answers. Now you can interview your real estate agent and know whether he is
really worth it.
Dean
Graziosi is an expert realtor. He has been working in the field of real estate
for more than twenty years. He is a bestselling
author and a true mentor. His infomercial series based on real estate and
auto parts is on air for many years, apparently since 1998. He also designs special
courses and guides to help novice and aspirants of real estate.
Question _ 1: How
Long Have You Been in the Business?
Answer: Minimum of a five years
experience is recommended. An experienced real estate agent will recognize a
problem at once; he will immediately plot a solution to the problem. However,
there are some talented newcomers; you can judge them by their educational
background, communication power and references.
Question _2 : What
is Your Average List to Sales Price Ratio?
Answer: If you are seller, you must make
sure that the buyers market list-to-sale-price ratio must be within 97% - 100%
whereas, for sellers market it must be 100% - 110% of the list price.
If you
are a buyer, expect 90% - 99% buyers market ratio whereas, 100% - 105% sellers
market ratio.
Question _ 3: What
is Your Best Marketing Plan?
Answers:
Marketing plans for buyers and sellers are different.
For buyer:
·
Expect
to see 5 - 7 homes a day.
·
Agent
should preview homes before you.
·
Agent's
preview is to make sure that the homes are according to your parameters. (This
clause is negotiable)
·
The
agent will not represent any other buyer competing in the same vicinity or on
the same inventory.
For Seller:
·
Must
incorporate a weekly marketing plan.
·
Try
online as well as offline means.
·
Implement
flyers, signage, print advertisement and post cards.
·
Must
show samples of emails, virtual tours for prospective buyers, online listings
·
Must
show a separate marketing campaign specially designed for you.
Question _4: What
are Your References?
Answer: A good agent should show a few
of the references. He must show references that are not related to him in any
way. The references should not be older than two years. The references must be
available if you want to talk to them.
Question _ 5: What
Makes You Different from Others?
Answer: The list will be long; however,
it will be good if the agent can show proof. The list must include following
qualities:
- Analytical skills
- Negotiation skills
- Good communication skills
- A complete record of satisfied customers (in case you choose for an experienced agent)
Questions _ 6: Documents
Answer: As a buyer, ask him to show a
sample purchase agreement. Point out different clauses and ask him to explain
those clauses. Ask him to show and explain buyer's rights of cancellation. If
he fails to explain or start babbling, leave him and hire another agent.
As a seller,
ask him to show listings agreement. Ask him to reserve the right of selling
home yourself. If there are any hidden charges, question them.
Questions _ 7: Do
You Know Other Professionals?
Answer: Ask the agent if the title
company she suggests is charging any referral fee. Most of the title companies
arrange for mortgage, lawyer, home inspector, appraisal etc. In turn, they
charge referrals. If this is the case, search for another agent, as such
referrals are illegal in many states.
Question _ 8: What
is Your Commission?
Answer: All fees are negotiable. Whether
you are a buyer or a seller negotiate the fees.
Question _ 9: Do
You Allow Release from the Agreement on Request Prior to Expiration?
Answer: Make sure that the agent allows
you release from agreement upon your request, prior to its expiration. If
he/she refuses, hire another one. This implies on buyers as well as on seller's
agreement.
Question _ 10: Understanding
Answer: If you think that despite of
your efforts, the agent does not understand your objectives, demands and goals,
it is better to hire someone else to do the job.
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