Selecting A Realtor - Residential Mortgage, LLC

Smart consumers interview potential real estate agents before deciding on whom to hire. Just as you are sizing up the potential for a good fit, rest assured that the real estate agent will likely be interviewing you, too. 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 street, and good agents are just as selective about their clients, too. Remember, your friends, family members and co-workers may have an agent they have used before so ask! But, also remember to interview that agent, just in case your are not a perfect match.

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Here are some interview questions that I have recommended over the years for my clients to ask a real estate agent:

1) Why should I get pre-qualified before shopping for a home?

As a buyer, you will want to be pre-qualified so when you find that perfect home, you know you can afford it, and you have a 90% letter to present with your offer. Once you are pre-qualified with Richard for your home loan, you can direct your home search to meet your needs. Remember that a realtor that tries to steer you to his or her lender, after you have already been pre-qualified with Richard, may not have your best interest at heart.

2) How Long Have You Been in the Business?

Just because an agent is new, don't be disappointed. Continue your questions. You may be surprised by their enthusiasm and committment to you! Experienced agents should be ready and willing to answer all your interview questions, and welcome the opportunity to help you.

3) What is Your Best Plan or Strategy for My Needs?

As a buyer, you will need to know:

How will you search for my new home?
How many homes will I likely see before I find a home I want to buy?
Will I be competing against other buyers?
How do you handle multiple offers?
Do you present offers yourself?

As a seller, you will need to know:

Specifically, how will you sell my home?
What is your direct mail campaign?
Where and how often do you advertise?
Will you show me a sample flyer?
How do you market online?

4) Will You Please Provide References?

This should be a welcomed question. If your agent ends up doing a fabulous job for you, don't forget to call them and tell them to add you to their reference list.

5) What Are the Top Three Things That Separate You From Your Competition?

A good agent won't hesitate to answer this question and will be ready to fire off why she is best suited for the job. Everyone has their own standards, but most consumers say they are looking for agents who say they are:

Honest and trustworthy
Assertive
Excellent negotiators
Available by phone or e-mail
Good communicators
Friendly
Analytical
Able to maintain a good sense of humor under trying circumstances

6) May I Review Documents Beforehand That I Will Be Asked to Sign?

A sign of a good real estate agent is a professional who makes forms available to you for preview before you are required to sign them. If at all possible, ask for these documents upfront.

As a buyer, ask for copies of the following:

Buyer's Broker Agreement (is it exclusive or non-exclusive?)
Agency Disclosures
Purchase Agreement
Buyer Disclosures

As a seller, ask to see:

Agency Disclosure
Listing Agreement
Seller Disclosures

7) How Will You Help Me Find Other Professionals?

Let the real estate agent explain to you who she works with and why she chooses these professionals. Your agent should be able to supply you with a written list of referring vendors. Ask for an explanation if you see the term "affiliated" because it could mean that the agent and her broker are receiving compensation from one or all of the vendors, and you need to determine if this is in your best interest.

8) How Much Do You Charge?

A buyer's agent should say 0! A listing agent will share with you industry standards for your price range which should coincide with their services.

9) What Kind of Guarantee Do You Offer?

If you sign a listing or buying agreement with the agent and later find that you are unhappy with the arrangement, will the agent let you cancel the agreement? Will the agent stand behind his service to you? What is his company's policy about canceled agreements? Has anybody ever canceled an agreement with him before?

10) What Haven't I Asked You That I Need to Know?

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

Remember the 1st step in buying real estate is to get pre-qualified! Call Richard today and set up you loan consulation. You will be glad you did.

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Buying
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Market analysis/My home's value

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Selling a home
Owning vs. Renting
New Construction
Relocation
Investment Property/Financing

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