Real Estate

Because a realtor represents the buyer in the process of finding and purchasing a home, making sure you have competent representation is always at the top of any buyer’s mind. Or at least it should be. Your home is likely the most expensive purchase you will make in your lifetime, and a mistake in the process can lead to financial ruin. Because the real estate agent works for the buyer, it is important to interview them to make sure they will actually earn their commission in the process of representing you. Here are some questions to ask a potential agent during the interview:

How long have you been a real estate agent? It is a good idea to find out how long the agent has been in the business. A new agent may spend a lot of time with you but an experienced agent may sometimes not be available. The difference is in the experience level. The lack of experience on the new agent’s part may not serve you well. A well seasoned agent may require you to do some of the work on your own, for example, driving around the neighborhood to see if you like it. The difference in experience will be tested during the transaction – offer, presentation and negotiations.

It is easy finding a home but make sure your agent can draft a contract, negotiate the best terms for you and perform all the necessary and required documentations. Make sure the real estate agent is experienced, educated and knowledgeable in the purchase of homes because a small mistake can cost the buyer a lot of headache, time and sometimes money. Always ask for your realtor’s background, education and experience.

Another question to ask a potential real estate agent is what their strategy is for finding or selling homes? Ask to see something in writing to make sure they have a solid plan. This is important and will help you feel out your realtors level of competence. Also make sure to ask what the realtor expects from you in the process. If he says you should just sit back and do nothing, choose someone else. Buying or selling a home is a lot of work and requires the attention of both parties.

How do you negotiate the best deals for your buyers? Ask your agent if he or she will help you decide on a price to offer after you’ve found the home you like. The negotiation is a give and take situation between you and the seller but will your real estate agent be involved? Is your agent knowledgeable and creative enough to make the deal work?

One example is if the buyer wants the seller to pay closing costs and as well as some repair costs. In this situation, the seller may agree to pay one and deny the other. Instead of walking away from the deal completely or agreeing to both, a creative realtor may suggest an alternative option. This option might include the buyer paying for an alternative cost not previously considered, like new appliances etc or increasing the offer price to include that cost. A real estate agents ability to be composed and creative in the hot seat of a negotiation can’t be overstated.

Can they provide you with a list of references? A realtors ability to deliver on their promise of helping you buy or sell your home is the most important skill they have. If they can’t show you a track record of happy clients, you may need to look elsewhere. Good references should say more than just, “great job” or that “Tom is a wonderful real estate agent”. You should look for concrete examples of things the agent did that contribution a to a successful purchase or sale.

Grace Ojuka is a real estate agent focusing on Provo homes for sale. She has been helping home buyers for in the Provo and Orem Utah real estate market for over 11 years. Check out the list of provo foreclosures currently available.

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