Published: September 06, 2008 12:53 am            

FAQ’s when hiring a Realtor may save buyers money

FAQs are Frequently Asked Questions. And there are several that will help you make certain you hire the right Realtor. The rest of this article presumes that your home is repaired, painted and ready for sale. So how do you know if you’re hiring the right Realtor? Ask these FAQs.

Do you sell real estate full time? If the time it takes for your home to sell is not critical, then don’t ask this question. In fact, if timing isn’t important in your situation, you can stop reading all together. But for the vast majority of home sellers, timing is critical.

Realtors who work full-time have the best opportunity to sell your home quickly. Part-time Realtors typically get part-time results. This is not to advise you to avoid part-time Realtors, but extra care should be taken when hiring a Realtor who is not full-time.

How many listings do you have now? This number can give you insight into several things about your Realtor. The more listings they have, the more likely they are to have a good reputation. Realtors who have the most listings generally sell the most homes. It could be that their names and faces are seen all across the city, and it could be that they are good at what they do. A bit of caution is warranted at this point. There is a point when a Realtor can have so many listings that the time it takes to sell each home gets longer instead of shorter.

What is your minimum listing term? This is a great question to determine your Realtor’s confidence in their own abilities to market your home. Ninety days is what you’re listening for. This is not a magic number it’s a way of estimating the track record of your Realtor.

How much can you get for my home? Put your thick skin on here, because now we’re getting personal. If your Realtor has passed the previous three questions there’s a strong possibility they will have a good grip on the price your home will fetch. Listen carefully as your Realtor explains their answer to this question. You’re listening for confidence based on good market analysis from the surrounding area. Make at least one genuine challenge to their estimate just to see if they can back up their judgment.

How do you plan on marketing my home? When asking this question you’re likely to hear “newspaper ads,” “real estate magazines,” the “MLS” and other tried and true marketing avenues. All of these marketing options are good, but the absolute best way to market your home is by the Realtor’s word of mouth. The way your Realtor talks about your home when they are visiting with other Realtors is the single best way more people find out about your home.

May I visit with your last five home sellers? This is a simple request that strips away any and all pretense. You’re asking for the pudding so you can examine the proof. By visiting with these people who will experience your realtor’s work ethic and you’ll have a clearer understanding of what you can realistically expect. Your Realtor should confidently provide you with these names and phone numbers. They should encourage you to contact them and ask whatever questions you feel necessary. If they promise to deliver these names and numbers to you but fail to do so within a reasonable time, extreme caution is advised.

What do you charge to sell a home like mine? The going rate in our current market is between 5 percent and 6 percent of your sales price. A good Realtor is worth every penny, so find a good Realtor and resist the urge to haggle over their commission. Our local housing market is robust and contracts are being written every day.

TREY BOWDEN is a licensed loan originator in Edmond. To read more, go to: http://homeownergonemad.blogspot.com.

        

• Click to discuss this story with other readers on our forums.