Everyone knows a handful of real estate agents. If you’re looking to buy or sell, they’ve probably hinted that they would love your business. So who do you choose? Your old fraternity brother who sells cars has his real estate license, but your Aunt dabbles in real estate and owns a few investment properties. And don’t forget about your best friend’s mom, who’s already started throwing properties your way. Soon, the choice of who to hire becomes as stressful as the purchase or sale itself.
You’re not alone. Many people struggle with this decision and hire an agent based on personal ties because they feel a sense of obligation. Sure, this may be the path of least resistance, and you may have avoided a lot of personal drama. Still, chances are that it could become more chaotic once you’re immersed in the transaction, and the realization sets in that you’ve entrusted someone out of obligation with the biggest asset of your life. Now you’ve realized too late that they weren’t the best fit for the job. Home buyers and sellers often don’t realize that the agent they choose can drastically change the quality of their search or the results of their sale.
For Buyers, your realtor might not have access to off-market listings, and you might be missing out on exclusive inventory. They could affect the outcome of a possible multiple-offer situation if they lack a strategy or don’t have strong working relationships with the listing agent. For Sellers, their networks, marketing, and strategic approach may have significant effects on the price you list for, the time on the market, or even the amount of money you profit from your home.
If your Aunt or fraternity brother doesn’t check these boxes, then it’s time to do your homework. Ask your neighbors who they used and how their experience was. Visit Facebook groups, ask for referrals, and look on Yelp to gather some names. Then research. Read bios and look for something to connect on. Are the reviews recent? Do they have a strong online presence? Do they have professional certifications and designations? Are their awards giving them a leg up on their competition? Dig into their stats: recent sales, market time, average sales price, and list versus sales prices. Do these numbers speak to experience? Finally, interview them! This is especially important when you’re selling.
Here are some questions designed to determine the kind of result and experience you will have with this agent. Asking the right questions is critical in deciding who’s going to be the right fit for you:
How long have you been a real estate agent?
Are you full-time or part-time?
What’s your experience in my neighborhood?
What is your availability during nights and weekends?
How do you plan on marketing my home?
Are you present during showings?
How much are homes selling for in this neighborhood?
What should I look for when touring a home?
Do you have a network of inspectors, lenders, or attorneys I can work with?
What are the expenses I should consider when buying a home?
How do you plan to help me search for my home?
What is your approach and strategy when negotiating?
Keep in mind, you also have to like this person. It’s been said that buying or selling a home is one of the five most stressful and emotional things you will do in a lifetime–right up there with divorce and the loss of a loved one. You need a partner that you are confident in and that you trust and feel comfortable talking to about your finances and family situations, as these are factors that may affect your move.
So, is your fraternity brother the right person? Maybe, but probably not. The chances of them being a true expert in your area and your price point are slim. If they are, wonderful! You have a personal connection with this person who will give you great results and a wonderful experience. Choose a realtor who is an expert in your area with the necessary experience, and knowledge relevant to your transaction. This is the person who will sell your home the quickest and for top dollar or who will find your dream home off-market through their networks, strong working relationships and skills necessary to hold the deal together.
Written by Hayley Westhoff