10 Questions To Ask When Interviewing A Real Estate Agent

Before you enter into a contract agreement with a real estate agent, make sure you're about to work with someone who is reputable and can meet your needs. Take the time to ask the right questions and don't be afraid to interview more than one candidate. Not sure what questions to ask? The 10 questions listed below are a great place to start. You may think of more questions as the dialogue between the two of you develops.

Question 1: How long have you been in the business?
This will give you an idea of how much experience the agent has. Don't base the agent's worth solely on experience, though. Just because someone is fresh out of real estate school, doesn't mean they won't be a great agent. Likewise, an agent who has been in the business for 20 years might not necessarily be a good match for you.

Question 2: Can you give references?
Ask to see a list of references and ask if you can call them with additional questions. Even new agents should have references from previous employers or maybe even instructors. More experienced agents should be able to provide you with references from their last 3-5 deals.

Question 3: What is your average list-price-to-sales-price ratio?
Unless you're working in a booming seller's market, your buyer's agent should be able to negotiate a sales price that is somewhat lower than the list price. By contrast, listing agents should have a good record for negotiating sales prices that are closer to the listing price.

Question 4: What is your plan for meeting my needs?
Depending on whether you are buying or selling, this question will be answered differently. As a buyer, you'll want to know how your agent will plot your search strategy. As a seller, you'll want to understand the specific strategy for marketing your home.

Question 5: Do you offer any guarantees?
Pay attention to the terms of your contract agreement before signing. Ask if you will be able to cancel the agreement if you are unhappy with the service at any time. Sometimes this is left up to the agent, other times it is part of the company's policy.

Question 6: What is your fee?
Buyer's agents are paid when you pay for the house. They get a certain percentage, usually around 3% of the sales price, paid to them by the sellers. Some agents will agree to work for a reduced fee.

Question 7: Do you do this full-time?
Agents who dedicate their careers to real estate are likely to be more up-to-date on trends and real estate law. That's not to say a part-time agent is incompetent; it's just important to know how much time they are able to dedicate to your real estate deal.

Question 8: At what point am I legally bound to work with you?
A lot of buyers begin to view homes with their agent without realizing that this could obligate them to work with the agent. This is not always the case, so make sure you get a clear answer on this one.

Question 9: Have you handled any sales in my desired neighborhood?
It's always nice to have an agent who is familiar with your turf or experienced with sales in your target community.

Question 10: What do I need to know that I have not already asked?
A good real estate agent will help to keep you informed. Be cautious of any agents who seem to keep you in the dark or maintain control. Never be afraid to ask questions and never presume that the agent is handling everything they should be.

Remember these questions are intended to be jumping off points for a detailed discussion with your potential agent. Your questions and the answers you receive will be different depending on whether you're interviewing a listing agent or a buyers agent. When in doubt, do a little more research before signing on the dotted line.

About the Author:

Steph Medeiros is a marketing professional who helps mortgage companies promote their brands and products, such as 20 year mortgage rates and VA loans, online.