This is my response to a recently-asked question on the REALTOR.com® Ask a REALTOR®.
So my answer to the question “What do I look for in a REALTOR®?” is really two steps: in the first, you should create a short list of Phoenix real estate agents that you’d like to interview. To do that, I recommend searching for agents active in your Phoenix neighborhood (you can do that easily using Find a REALTOR® from the REALTOR.com® home page). Search by the specific neighborhood – remember that all real estate is local.
I recommend creating a list of three agents that you’d like to interview. It may sound like a tedious, over-involved process, but remember that if you’re selling, this is someone who can make you (or lose you) tens of thousands of dollars on the sale of your home. If you’re buying, this is someone with whom you’ll be spending lots of time looking for your “perfect” home.
When you sit down to interview an agent, I recommend asking these questions:
1) Will you write a marketing plan that’s tailored specifically to my home?
Marketing is one of the most important ways your Phoenix REALTOR® will let people know that your home is for sale, and why it’s such a great buy. Yet the best marketing strategies really depend on the kinds of buyers you want to target. I sell a lot of Scottsdale bank-owned homes and Phoenix short sales, so a lot of my buyers are investors – I market to them differently than I market a home in a neighborhood where a lot of first-time homebuyers and young families live.
2) Are you a real estate agent or a REALTOR®?
All REALTORS® are real estate agents, but not all agents are REALTORS®. REALTORS® are licensed by the National Association of REALTORS® and bound by a strict code of ethics. They’re also expected to maintain a high level of home buying and selling knowledge. The REALTOR® designation is a sign of quality you can trust.
3) Do you have the connections necessary to get my house in front of many other real estate agents and prospective buyers?
According to the National Association of REALTORS®, 82% of home sales are the result of agent connections. In other words, Scottsdale buyers agents in my office who bring their buyers to see your home. Or buyers who I represent.
4) Do you have references (other homeowners you’ve worked with) who I can contact?
I can tell you that I’m the greatest thing since sliced bread, but you probably want to hear it from my past clients. Ask for references and then actually call them. Ask about their overall experience with the agent and ask for the stats – how many days the home was on the market, sales price compared to original listing price, etc.
5) What’s your track record?
In addition to references, an agent’s track record of selling Scottsdale homes recently, in your area, is your best indication of how well he’ll be able to sell your Scottsdale home. If an agent has sold five homes within a few miles of yours in the last six months, all at or close to list price, you can feel confident that he will do the same for you.
6) Will you discuss with me the market analysis you did on homes in my area? Will you be forthcoming with the information you use to price my home?
Home sellers are often inclined to price their home too high. That’s a bad idea, for a number of reasons. So while you should hire an agent with a strong track record in your area, and then trust him to price your home at market value, you should also expect your agent to be forthcoming with the information he used to price your home.
7) What makes you different? Why should I list my home with you?
Let the agents you’re interviewing explain in their own words what they think sets them apart from the pack.
Do you have experience selling homes like mine, in my area?
See #5.
9) How many buyers are you currently working with?
On one hand, an agent who works with a lot of buyers has a ready supply of prospective buyers for your home. On the other hand, he may not have a lot of experience or expertise in helping sellers. So if the agent you’re interviewing has a lot of buyer clients, ask some detailed questions about his experience with sellers. Then ask how he’ll leverage his buyer relationships to benefit you.
10) Can I cancel my listing contract if I’m not happy with your service?
On one hand, as agents we need to protect ourselves against clients who sign a listing contract with us, use us to market their homes, and then cancel the contract before their Phoenix home sells (and before we’re reimbursed for the out-of-pocket money we’ve spent to market the Phoenix home). On the other hand, it’s important for you to be able to “fire” your agent if he isn’t performing. Ask about cancellation provisions in the listing contract.
By creating a list of several Phoenix real estate agents who are active in your area and then interviewing them using the 10 questions I’ve listed above, chances are good that you’ll find a Phoenix real estate agent who will not only do a great job helping you sell (or buy) your home, but who you’ll be able to “live with” for the several months it will take!
What do you think? How have you found your Phoenix real estate agents? Click on the “Comments” link below and join the discussion!
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