What are good questions to ask a real estate agent when selling your home? Well, that’s a good question! We have compiled some of the top real estate questions that we are often asked along with descriptions of what you should look for in an answer. Having an agent answer these questions can serve as a way to differentiate themselves and let you know if they are a good fit for your needs. The following list of questions is more particular to real estate in Lafayette, California, but the general principles could be asked of most agents across the country.
Selling a Home
What should you ask a Realtor® when interviewing to sell your home?
1. How long have you been a real estate agent, and how many homes do you sell each year? Asking about a real estate agent's experience and sales volume can give you an idea of their expertise and track record. While years of experience do not equate directly to success, it does translate into market knowledge. A seasoned agent should be able to answer this question easily and explain how their experience marketing and selling homes like yours will give you an advantage.
2. Do you work full-time as an agent? Knowing whether your real estate agent works full-time or part-time can help you understand their level of commitment and availability to handle your real estate needs. Full-time agents have time to see all the available inventory, develop strong relationships with other Realtors®, and, most importantly, have access to real-time data that you can only learn by constantly submitting and reviewing offers.
3. What neighborhoods do you specialize in? Real estate is highly neighborhood-specific. Buyers in San Francisco have many different needs than those in Lafayette. Inquiring about the neighborhoods that your real estate agent specializes in can help you assess their local knowledge and expertise. An agent specializing in the specific neighborhood you live in (or want to buy in) may better understand the local market dynamics, pricing trends, offer strategies, and buyer preferences. This could result in a more effective marketing strategy and a higher likelihood of attracting qualified buyers for your home.
4. Can you provide me with references or reviews from past clients who have sold homes with you? Requesting references or reviews from past clients can give you insights into the agent's reputation, professionalism, and client satisfaction. Hearing from previous clients who have worked with the agent can provide you with valuable feedback on their communication style, negotiation skills, and overall performance. It can also help you gauge whether the agent has a track record of delivering successful results for their clients. You can also search for these reviews on websites like Yelp, Zillow, and Google.
5. What percentage of your clients are buyers versus sellers? Understanding the percentage of clients an agent represents as buyers versus sellers can give you an idea of their market knowledge. If you want to sell your luxury property, you may want to work with an agent who works with buyers at that price point. Having an agent who understands what is happening on the listing and buying side of the business can help give you an edge when reviewing offers and negotiating.
6. What marketing strategies do you use to promote your listings, and how will you market my home specifically? Inquiring about an agent's marketing strategies can help you assess how an agent invests in their clients and their business. Do they have an in-house marketing team? Do they have a strong video presence? They should be able to provide a comprehensive marketing plan tailored to your property that shows how they will attract potential buyers. Understanding the agent's marketing strategies and how they plan to showcase your home can give you confidence that your property will receive the exposure it deserves.
7. Do you have good relationships with other Realtors® in my community? Knowing if your agent has good relationships with other Realtors® in your community can benefit the home-selling process. A well-connected agent who has established relationships with other real estate professionals in your area may have access to a larger network of potential buyers or off-market opportunities. Having positive relationships with other Realtors® can also make escrows run more smoothly and increase trust in the transaction.
8. How do you determine the listing price for a home? Can you provide me with a comparative market analysis for my property? This is the most asked question in real estate. Asking about how your agent determines the listing price for your home and if they can provide you with a comparative market analysis (CMA) can help you understand their pricing strategy and expertise in valuing properties. Note, the actual value of your property may be different than the suggested list price and depends on market conditions as well as the quality and condition of the home. A well-researched and accurately priced home is crucial in attracting qualified buyers and maximizing your home's selling potential in the market. If it’s priced too low, you may leave money on the table or discourage buyers who may wonder if something is wrong with the home. If it’s priced too high, you risk deterring buyers and resorting to price drops, which can be seen as a red flag by some buyers who may also wonder what it means about the home.
9. What is your commission rate, and what services are included in that fee? Asking your real estate agent about their commission rate and what services are included in that fee is crucial to understanding the value your agent brings. A higher commission should come with a higher level of service and commitment. This can be proven with data from the agent’s past sales and the resources they can provide. On the flip side, agents offering much lower commissions or fixed fees may not be able to provide the resources needed to sell your home for top dollar.
10. What is your schedule and availability? Knowing your real estate agent's schedule and availability is important to ensure they are accessible and responsive when needed. Working with an agent or team that can be readily available to handle inquiries, showings, and negotiations is essential to ensure a smooth and timely transaction process.
11. Do you have a team, or do you work primarily by yourself? Understanding your real estate agent's work structure is important for various reasons. If they work with a team like ours, it means that they should have additional resources and support to handle different aspects of the home selling process. On the other hand, if they work primarily by themselves, they may handle most of the tasks and responsibilities personally. Knowing this information will help you understand how your agent operates and what level of support you can expect throughout the home-selling process.
12. How do you handle negotiations with potential buyers, and what strategies do you use to get the best price for my home? Negotiating the best price for your home is a critical part of the home-selling process. Asking your real estate agent about their negotiation strategies and how they handle potential buyers will give you insight into their approach and experience in securing favorable deals. A skilled negotiator can make a significant difference in the final sale price of your home.
13. Can you explain the contract and paperwork involved in the home-selling process? The home selling process involves significant paperwork and contracts that can be complex and overwhelming. Most agents will go over this proactively, but if they don’t, you should ask your real estate agent to explain the contract and paperwork before you submit or review an offer. It's essential to clearly understand the paperwork and contracts to protect your interests and avoid any potential legal issues. However, as a buyer or seller, you are responsible for understanding everything in the documents you sign, even if your agent didn’t explicitly point it out to you.
Buying a Home
What are good questions for a real estate agent when buying a home? Well, that’s a good question! We have compiled some of the top real estate questions that we are often asked that serve as a way to differentiate ourselves and let our potential clients know if we are a good fit for their needs. The following list of questions is more particular to real estate in Lafayette, California, but the general principles could be asked of most agents across the country.
Questions to ask a buyer’s agent when considering whether to buy a home with them:
How will you help determine what homes may match my specifications? This is the fun part of real estate, but also a pain point when expectations don’t match reality. Asking your real estate agent about how they will determine what homes may match your wants and needs is crucial to ensure they understand your preferences and can provide you with relevant property options. This may involve discussing your desired location, budget, size, features, and other important criteria. The more information you provide your Realtor®, the better they can help you identify potential properties. As a COMPASS agent, we have various tech tools to help you with your search, such as a custom Collection that can automatically alert you to new properties.
Do you know a good inspector, appraiser, insurance agent, contractor, or lender? Having a reliable network of professionals is essential in the home-buying process. Asking your real estate agent if they have connections with reputable vendors in these areas can be beneficial to save you time and effort in finding reliable service providers. At the Dana Green Team, we have curated a list of contacts we offer our clients for this purpose.
How many clients are you currently working with? This is sometimes a difficult question for an agent to answer as the number can vary from week to week, but understanding your real estate agent's workload can give you an idea of their availability and ability to dedicate time and resources to you. If an agent is overwhelmed with too many clients, it may affect their ability to provide you with personalized attention and responsiveness. It's important to ask about their current workload and ensure they can effectively meet your needs. Conversely, if they do not have many active escrows or recent sales, you should ask them how they stay updated on the market. If they work on a team, you can ask how the other agents support them if they cannot handle your request.
Do you see any potential issues with this home? While Realtors® are not trained as inspectors, an active agent is typically inside multiple homes each week and can help identify potential issues or roadblocks to investigate early on. This can be done during a walk-through of the home or by combing through the disclosure package with you. For issues outside an agent’s expertise, they should be able to refer you to a qualified inspector or professional to answer any questions. The burden to inspect a home or verify information is always on the buyer, however, an agent should be able to guide you to the appropriate resources.
What is the seller's timeline? Understanding the seller's timeline is important to effectively plan and strategize your offer and negotiation strategy. This information is often included in the “confidential remarks” section of the MLS, which is only viewable by Realtors®. However, sometimes your agent will need to ask the listing agent if there is an offer date or other factors determining when you must submit an offer.
What offering strategy do you recommend? This is where an experienced agent with deep market insight will excel. Asking your real estate agent about their offering strategy can help you understand their approach to making competitive offers. This may involve discussing factors such as market conditions (are there other offers?), comparable sales (is your offer at the high end or low end?), and the seller's motivation to determine the best approach to structure your offer (do they want cash, a short escrow, or are they all about highest price?). Your agent’s recommendations can help you make an informed decision and increase your chances of a successful offer
What contingencies should I include in the contract? An additional part of your conversation about offer strategy should focus on contingencies. Contingencies are clauses in the contract that protect you as a buyer and allow you to exit the contract if certain conditions are not met without losing your deposit. Asking your real estate agent about the contingencies you should include in the contract is important to protect your interests. This may include contingencies related to home inspection, financing, appraisal, or other specific conditions relevant to your situation. In a competitive market, a buyer may waive their contingencies to strengthen the offer. However, this comes with risks that your agent can advise you on.
Can a listing agent lie about having multiple offers? This is a commonly asked question as it speaks to the uncertainty in the negotiation process. However, the answer is a clear ‘no.’ The code of ethics requires that listing agents cannot lie about having another offer to squeeze more money out of you. However, there is a difference between having a ‘verbal offer’ and a written offer. Often, listing agents will let you know they have a certain number of ‘confirmed offers’ to give buyers agents an idea of the level of competition. They may not be lying, but that number can change if buyers back out last minute or never submit, even if they had confirmed verbally. As a buyer, your agent should constantly communicate with the listing agent to ensure you have the most updated information. Also, keep in mind that the listing agent must follow lawful and ethical instructions from the seller, which can determine how much information the listing agent might provide to potential buyers about other offers.