Things To Make Sure You Ask Your Real Estate Agent

Whether you plan to buy, sell, or rent, chances are you will be working with a real estate agent. Or rather, you should consult a real estate agent. They are significant assets to have around when moving through the real estate market.

Buying or selling a property is perhaps one of the biggest financial transactions you’ll ever make. There are hundreds of thousands of dollars at stake here and it is important to feel comfortable every step of the way. This is why having a good real estate agent in your corner is a definite must.

Take this opportunity as if you are hiring a real estate agent to help you complete the project; in other words, you are partners. For that reason, you will have to conduct a carefully regimented interview that targets specific points and questions relevant to your real estate needs.

The following are a series of questions you should ask your real estate agent before committing to move forward:

How long have you been a full-time real estate agent in my market?

A great real estate agent usually has been in the market holding a full-time position for at least four years. If an agent openly discloses that this is a part-time gig for them or anything of that sort, it is time to drop that agent. You do not want to work with someone who is only in it half-heartedly or half the time. Keep in mind that you are putting your largest asset on the line, and you would like to have someone just as invested as you in striking a deal.

An agent who is established in your market will have in-depth knowledge of the ins and outs of that market including market trends and market rates.

How many transactions do you close each year?

It is important to have a look at their track record and the number of deals they have closed over the past year. This will give you an inside look at their capabilities and the types of properties and requirements they usually deal with.

Ideally, you will want to work with someone who can close more deals than 90% of the agents in your market. This will take some more research from your side and more interviews with other agents to fully deduce the numbers going around.

Who will be my main point of contact?

The fact that this is your most valuable asset cannot be stressed more in this situation. When dealing with such an asset, it is important to make communication your key component. It can be frustrating when you are trying to reach out to a real estate agent or office to no avail.

Property sales and leases occur very quickly, and taking days to respond to a text message or email is unacceptable. Ideally, you should choose a reputable company, such as My Perfect Workplace to work with, especially if you’ve been led to expect a three-hour response window. Many top-notch agents have a team that supports them. Just make sure you’ll have one dedicated person who will answer your questions whenever you have them—and make sure you get a guaranteed response time.

What are your qualities or certifications?

An efficient agent adapts quickly to fluctuations in tax, zoning laws, and any other factors that may affect a specific market area. Many reputable agents hold certain certifications and qualities that can help boost their credentials, such as:

• Realtor: A real estate professional who’s a member of the National Association of Realtors
• CCIM (Certified Commercial Investment Member): Real estate professionals with clients targeting commercial real estate investments
• ALC (Accredited Land Consultant): Facilitates investments in raw or developable land
• ABR® (Accredited Buyer Representative): These agents have accomplished precise training in representing buyers in a real estate transaction.

How will you help me sell, buy and/or lease a commercial property in a competitive market?

Questions you can ask to accomplish this are:

• Do your listings get leased in under 30 days?
• Are your clients getting multiple offers?
• Are the rental rates competitive?

For questions like these, it is ideal for the answer to always be “yes.” This is why you will need an expert real estate agent who truly knows what they are doing.

If you are interested in buying a commercial property, you will need someone who is well aware of the market's ins and outs. What goes on sale immediately and the offer that should be made. If you are looking to sell your property, then you will need to examine your agent’s sale-to-list ratio. This means that you will get the listing price and then the final price to which the agent agreed to on any property.

What’s your commission fee?

A commission fee goes both ways. Real estate agents make their money by getting a commission when they help you buy, sell or lease a property. The fee typically comes out of the final sale price or total contract value.

The standard commission for a real estate transaction is 6% of the final sale price, and it is split between the seller’s agent and the buyer’s agent. However, commissions can vary depending on the market, the agent and any other affecting circumstances.

To Sum Up

Remember, your goal is to garner the most money if you are selling and cash out the most minimum amount if you are buying. If you are leasing, you want to ensure the best rental rates possible. Keep in mind that everything in the world of real estate is negotiable, so make sure you have an agent on your side that can do so.