Having a great agent can make or break your home purchase or sale. In this video, we will cover ten questions that you can ask potential agents to help you decide who’s a good fit for you and who isn’t. We will address topics like:
✅ Marketing strategy
✅ Commissions
✅ Agent reputation
✅ Do you need to sign a contract?
✅ Watching out for agents who “buy the listing”
Eric Andersen, B.A., M.Div.
Owner/Designated Managing Broker, Eric Andersen Homes
📲 Text/Call: 708.674.6725
📩 Email: eric@eandersenhomes.com
🌎 www.ericandersenhomes.com
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https://www.ericandersenhomes.com/go/home-value/
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I have a number of awards and designations, including:
⭐️ Platinum 2021 Top 1% Sales Award (Mainstreet Organization of REALTORS®)
⭐️ Top 3 REALTOR® in Brookfield, IL (2021)
⭐️ 20 under 40, class of 2021 (Mainstreet Organization of REALTORS®)
⭐️ Gold 2020 Top 3% Sales Award (Mainstreet Organization of REALTORS®)
⭐️ Endorsed Local Provider (RamseyTrusted)
⭐️ Best of Zillow
⭐️ Pricing Strategy Advisor (National Association of REALTORS®)
⭐️ Certified Staging Consultant (Mainstreet Organization of REALTORS®)
Transcript:
Selling or buying a home represents a significant financial investment, and so it’s important that you have expert guidance through the process from a real estate agent you trust. And since trust is built through communication, here are ten things to discuss with your realtor. I’m Eric with Eric Andersen Homes, and there are two goals here. One is to make sure your agent knows what they’re doing. There are some dingbat agents running around out there, and you probably want to avoid those. On the flip side, a great agent can help your bottom line significantly. But equally important as expertise is finding an agent who’s a good fit for you, someone you feel comfortable with. We all know there are doctors out there who are excellent at what they do but have awful bedside manner. Realtors are no different. As the Brothers Osborne say, I’m not for everyone. But then again, I may be the realtor of your dreams. Only way to know is to ask the questions! So here they are, ten questions to ask your realtor. Question 1: how long have you been a full-time agent in my market? This is really a two-part question. Weekend warrior agents who do a few deals a year aren’t going to be as effective as full-time agents who sell fifty or more homes per year. Experience matters. But the wrong kind of experience can actually be detrimental for you. An agent who isn’t staying current with the latest trends and has been helping buy or sell homes the same way since 1984 is going to hurt you financially. You should also look for an agent who knows your market. It’s very easy to overpay or leave money on the table if your agent doesn’t account for factors that are unique to your area. For example, the median sale price of homes in the historic district of La Grange is over one hundred thousand dollars higher than the La Grange average. If you’re a buyer and don’t know that, you could significantly overpay for a home not in such a premium location, and if you’re a seller on a premium lot, an agent who doesn’t know the area could underprice your home considerably. Question 2: how many homes do you sell every year? A recent survey says the average agent sells only four to five homes per year, or one per quarter. Others sell four to five per month, and others zero. Now, there are some terrible agents who sell a ton of homes and some great agents who only sell a few, so this isn’t the only thing that matters, but with these other questions, it should be taken into consideration. Question 3: who will be my primary point of contact? Some agents are solo. Others run a well-oiled machine, and others are churning out sales without providing any kind of real service. So if you’re dealing with a team, you’ll want to know who’s on it and who you’re dealing with. Watch out for the top-producer who reels you in but then hands you off to their less-experienced associate. Question 4: what sets you apart from other agents? There are certifications, trainings, areas of expertise, familiarity with technology, and levels of communication or service that can have a big impact on your experience and bottom line. Almost every agent gives considerable thought to this question, and most will be ready and happy to discuss it with you. Question 5: what’s your strategy to help me buy or sell a home in this market? An effective agent will have a plan. But these aren’t one-size-fits all. They should vary based on your needs and current market conditions. In a hot sellers’ market, an agent who’s helping you purchase should have a plan to put together a competitive offer, and that doesn’t just mean them convincing you to offer the most money. Price is definitely a factor, there are some other intangibles that can affect the strength of your offer. One significant factor that is ofter overlooked is what kind of impact the agent will have on the transaction. What is their reputation, and do they try to maintain quality relationships with other agents? Negligent, lazy, and overly-aggressive agents can sometimes make or break your offer being accepted. When representing buyers, I have sometimes had the seller accept our offer even though it might have been slightly weaker than others they had because the other agent knew I’d do a good job and be easy to work with. The listing agent shared that with their client, and they decided to move forward with us. Question 6: what’s your commission? Rates will vary from brokerage to brokerage and agent to agent. Quality agents with experience and get results will often charge a little more, but the net result to you is positive since their results more than offset their commission. You may pay a lower commission to a discount broker but end up paying more for your purchase or selling for less. You don’t always get what you pay for, but you often do. Question 7: do I have to sign a contract with you and may I cancel at any time without penalty? Some agents will let you out of a contract, and others will not. Others will, but it will cost you. Contracts are always required when listing your home for sale, but when you’re working with a buyer agent, you may or may not need to sign one depending on the policy of your brokerage and agent. Know what you’re getting yourself into! Question 8: how will we communicate? You may love to text, or maybe you prefer email or phone calls. You might think DocuSign is the greatest thing since sliced bread, or you might think it’s the devil. Let your agent know your preference, find out theirs, and make sure it’s a good match. Question 9: what should I expect in the current market? It’s important to have an agent who sets realistic expectations. There are some agents who are notorious for ‘buying the listing’ from you, meaning they promise an over-inflated price to sellers to secure the listing, only to start dropping the price a week later. It’s important to have a realistic agent who is basing their recommendations on an intimate knowledge of current market conditions and your objectives. Question 10: who can I contact for a reference? If you want to know how good an agent really is, talk to their past clients. It’s easy enough to read their reviews online, and if you want to go the next step, most agents would be happy to provide you with names and numbers of past clients who can tell you about your experience with them. I hope this video has been helpful. For more videos like this and about the housing market in Burr Ridge and the western suburbs of Chicago, subscribe to my channel, and reach out anytime with any real estate-related questions or needs. I’m Eric with Eric Andersen Homes, here to remove the headache from real estate and provide expert guidance for your next purchase or sale.