Questions YOU must ask any Realtor before you consider hiring them!
#1. Specifically what are your credentials?
#2. Do you have a TEAM? How many people are on your TEAM (NOT how many agents work for your franchise)?
NOTE: Hiring a Lone Agent is like hiring a Doctor who works as a receptionist, marketing assistant, executive assistant, transaction coordinator and nurse. You need to hire a TEAM to be efficient and effective in today’s market.
#3. How much would you list this property for so it sells efficiently? NOTE: Have the agent show you comparable sales within 1 mile to PROVE their opinion of value. Also have them show you what is currently for sale (i.e. the competition)
#4. What type of buyer will you market this property to and WHY?
#5. What type of financing will the buyer need to be able to purchase this property? Specifically what do you do to confirm that the buyer is qualified? Tell the agent to be specific. Getting a “Pre Qualification” letter means NOTHING! See how the Realtor responds.
#6. How would you structure the purchase CONTRACT once we receive an offer and WHY? Have them give you specifics regarding contingencies, deposits, arbitration, notices to perform, escrow periods, release of deposit, disclosures, NHD, TDS, Title Report, etc. NOTE: Most Realtors just know how to check off boxes on a contract and do NOT know how to structure a transaction to protect and benefit the Seller.
#7. How much will you offer a Buyer’s Agent as a commission and WHY that amount? Listen to how they explain their reasoning and see if they are credible.
#8. What will you do SPECIFICALLY to market and advertise our property?
#9. Why is it important to have a “TDS” signed by the Buyer within their contingency period? What does California LAW say about a “TDS”? See if they speak with confidence or do they have doubts?
#10. Why is it critical to have the Buyer sign the “NHD” immediately? What does California law say about this?
#11. When an offer comes in how would you negotiate to get the buyer to bump the price up? Have them tell you “specifically” what they are going to say. NOTE: Listen to the agent’s negotiation and communication skills. Most agents simply have NO training in negotiations.
#12. Tell me about some important facts I should know about the purchase contract and what you will do to protect my family’s best interest?
NOTE: Let the agent talk and you will soon see how knowledgeable they truly are.
#13. Are you a member of the National Association of Realtors?
#14. What do you presently do to continue your training and education?
WARNING! You are dealing with one of your BIGGEST assets. It “PAYS” to hire a professional and it will “COST” you to hire an average agent!
Hector Padilla is the Broker Owner of Success with Integrity Realty, Inc. (a Boutique Real Estate and Investment Firm). Mr. Padilla’s family has been in the business for over 38 years. Mr. Padilla is in the TOP 2% Nationally. If you would like a complimentary Market Analysis you may reach Mr. Padilla at Hector@swirealty.net or call (310) 204-8978. This is the best time to sell in over 6 years!