How to Interview a Realtor
Buying or selling a home is one of the biggest financial transactions a person makes in their life. So, naturally, it’s essential to be very selective when selecting a realtor, since are playing such a big part of that process.
However, many people don’t know what to look for in a high-quality real estate agent, or which questions to ask during interviews with potential realtor (and yes, we recommend everyone interview at least three realtors before hiring one). To help you prepare for your interview process, we’ve compiled a few topics to ask about when gauging each realtor’s expertise:
What’s the Local Market Like Right Now?
A tell-tale sign of an experienced realtor is an accurate, up-to-date knowledge of the local market around a home. You might start the interview by asking what the median sales price is in your neighborhood, or how much time houses in your neighborhood are spending on the market these days. Is there a lot of inventory available? Is there considerable interest in your neighborhood right now?
Asking about this information will also tell you if you’re in a buyer’s, seller’s, or neutral market. In the former scenario, sellers have to compete with each other to draw attention from the limited number of buyers and it is even more important to work with the right realtor.
What are the Comps in My Area Selling for?
Next, it’s time to get an idea of how your potential realtor will price your home. The price of a home is determined primarily by the “comps,” or comparable properties in your community that were recently sold. So, you want to make sure your realtor is just as knowledgeable about your local comps as they are about the market in general.
To gauge your realtor’s comp expertise, ask them about any recent sales in your neighborhood involving houses similar to yours. What was the average for-sale price? Did most of them sell for above or below asking price? How long were they on the market?
A realtor who is well-versed in comps is more likely to give your home an appropriate price based on the current market. The comps ultimately determine what’s considered a high, average, or low price in your neighborhood.
What Kind of Competition Am I Facing?
Speaking of comps, an experienced realtor will know exactly who you’re competing with as a seller. Ask them if they know of any active listings in your neighborhood that are similar to your home. What are the for-sale prices on these houses? Does your potential realtor think your house will be priced higher, lower, or about the same?
It’s also important to ask what it is about these houses that attracted buyers. Which features did buyers like most? This will tell you what potential buyers will be looking for when they walk through your home, and which questions you can expect to receive.
Who is the Likely Buyer for My Home?
Selling a house is infinitely easier when you have a target buyer in mind. Realtors you interview should be able to outline how they will market your home and have an idea of the kind of person who is interested in a home like yours, or the kind of person your home appeals to most. Should you be preparing your home for visits from young working professionals, budding families, senior citizens, etc.?
The more details your realtor has on your target buyer, the more targeted their selling strategy will be. The same with your home preparation process: It’s overwhelming to think of all the things you could do to increase your home’s value. But which of these things does your target buyer actually care about? That’s where you should be focusing your efforts, and it’s your realtor’s job to supply this information.
Are you ready to put your home on the market? If so, the Kern Team is proud to show you what an experienced real estate team looks like, firsthand. Much like a great teacher or coach, a great realtor can literally change your life. So, give us a call when you’re serious about selling, and we’ll develop a strategy for a quick and lucrative sale.
