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21
Essential Questions to Ask a REALTOR Before You Sign Anything!
Note:
After reviewing these important questions, ask about our list of
pre-screened real estate consultants and the bottom of the page.
There are over 3,000 Realtors in the Merrimack Valley area.
Statistics show us that in 5 years, 87% of those Realtors will
have left the business. That is why it is imperative that you put
your trust and money into a Realtor that is proven and committed.
Often
times the best place to find a Realtor is through your mortgage
company. They deal with scores of Realtors every day, and it is in
their vested interest to work with the most professional and
accomplished Realtor in their area.
The
following questions will help you qualify the Realtor that you
interview for your real estate transaction.
1.
How many years have you been involved in the real estate
business?
Greater
Lowell has about 3000 licensed Realtors at any given time.
Statistics tell us that within 5 years, 87% of them will no longer
be in the business. You will want to engage the services of a
Realtor that is experienced and committed to the industry.
2.
Is the company you are affiliated with nationally or locally known?
N ationally
known companies usually have an excellent referral system and a
good track record of successful home sales in your area. In
addition, statistics show that a full 40% of homes are sold by
company name recognition or agent contact. Sometimes using a
local company is in your best interest as every individual sale is
different.
3.
Is your
company a member of the MLS system?
MLS stands
for the Multiple Listing Service, wherein member companies
catalogue their listed properties for sale so that all agents have
immediate access to the information. This means all of the realty
companies and their Realtors will know your home is on the market,
and will show it to prospective buyers.
4.
Are you a
member of the National Association of Realtors?
T he National
Association requires higher standards of ethics for membership,
thus ensuring you are treated fairly.
5.
Are you a
member of your local board of Realtors?
T he Greater
Lowell Board of Realtors requires a clearly outlined standard of
ethics and provides ongoing educational classes and awards for
excellence. This creates local accountability, credibility and
influence.
6.
Are you
linked to the real estate market by computer?
I n the real
estate industry these days, being computer proficient is a must. A
Realtor with easy access to a computer that is tied into the MLS
system will give the agent a large advantage in marketing your
home sufficiently.
7.
Do you
have any professional designations and have you won any awards?
Though the fancy initials behind a Realtor’s name may not
seem important to you, they chart achievements in doing for others
what you would want your agent to do for you.
8.
Is your
real estate company of good size?
This is
an important question because larger companies have more agents
for more internal exposure of your property.
9.
Are
your real estate signs easily recognizable to the general public?
People will more readily notice that your home is on the
market if the "For Sale" sign is colorful and easily
readable, and if the sign is familiar to them. Statistics show
that many homes are sold to prospective home-buyers responding to
a "For Sale" sign.
10.
Will
you have a marketing plan for our house and will it be custom
tailored for our specific needs?
It is a good idea to ask for a marketing plan in writing
that you can follow and monitor. You will want to be sure you are
getting maximum exposure to home buyers.
11.
Do you
use professional flyers to give prospective buyers?
It is important to know (and see a sample of) what
potential buyers will be leaving your home with. This is an
important marketing tool that needs to be properly utilized so
that your prospective buyers come away with something professional
to remind them of the benefits of purchasing your home.
12.
How do you
get information about my home out to other Realtors?
B ecause most
homes are sold through Realtor showings, you need to make sure
other Realtors are well aware of your home being on the market.
This is in addition to the MLS listing.
13.
Do you use
open houses? How effective are they?
S tatistically,
open houses sell very few homes; only 1% of homes are sold to
someone who bought a property they saw during an open house. Ask
your agent their feeling as this still could be an effective way
to market your home.
14.
Will you
give me a comprehensive plan so I can best prepare my home for
sale?
T here are
many subtle improvements and arrangements you can make on your
home, that you may not be aware of. It is part of your agent’s
job to educate you on these preparations, because homes that are
well prepared for sale usually sell quicker and for more money.
15.
Do you use
direct mailings to inform prospective buyers? Who do you mail to?
S tatistics
show that 18% of homes are sold by referrals. That means mailing
information about your home sale to friends, business associates,
and family members can sometimes uncover a buyer who is a part of
your center of influence.
16.
Will you
give us your opinion of what the market value of our house is,
based on sold listings that are comparable?
A
"CMA" is a comparative market analysis based on recent
similar sales in the area of your house. A Realtor should not just
give you their opinion offhand, but should be able to document and
support their price recommendation.
17.
Do you request that all potential buyers be pre-qualified for a
loan before they submit a contract offer?
An agent should always require that any offer submitted to
you be from someone who is already pre-qualified, and preferably
pre-approved, for a loan amount at or above your listing price.
This can save you the potential risk of thinking your home is
sold, and weeks later discovering that your prospective homebuyer
cannot afford, or was denied the mortgage loan for your property.
18.
Do you
follow up on all showings of our home and report the results back
to us?
A n agent
should follow up on each and every showing of your home and get
feedback from the showing agent to monitor for comments and
possible leads. This will make sure any deficiencies in your home
are quickly discovered and possibly remedied.
19.
Will you
return all my calls in a timely manner?
B ecause lack
of communication is one of the biggest complaints in the real
estate industry, it is important that you get the agent to look
you in the eye and assure you they will call you back promptly
when paged or called. Everyone is human, but on average, you
should get rapid responses to your inquiries. Repeated failure to
do so is reason to cancel the listing.
20.
Do you
have a list of personal references and a list of past clients? Can
I call on them?
T his is a
very good way to ensure that you have picked a good Realtor. If
you make sure to call on some of the past clients, you can get a
very clear picture of the service your agent should provide you,
and what standards you should be able to expect. Take notes so
that you can point out to your agent during your real estate
process that you would like this or that service they arranged for
their past clients.
21.
Will you
be present during all contract negotiations for the sale of our
home?
B ecause you
have enlisted your agent to be your real estate advisor, they
should always be personally present during all contract
negotiations. This will save you large amounts of time, and worry,
if a problem should arise.
For
a list of Pre-Screened Real Estate Consultants (not salespeople)
in your area who specialize in Helping rather than selling
please
ask and we will provide you with choices appropriate for your area
Pre-Screened
Real Estate Consultants
To
have our State-of-the-Art Free Loan Finder Computers search over
235 different loan programs for you to help you find the best loan
and interest rates, Call Referral Financial anytime at 978-957-9100. |
