You’ve done your reading, you’ve heard the presentations, you’ve listened to the advice and now you’re ready to get in the game. It’s time to purchase that real estate. The most effective way to go about this is to form your team to assist you in all aspects of the investment process. One of the key players on your team will be your real estate agent, which means you need to choose wisely in order to protect your investment future. The only question is: “How do I choose?”
There’s no shortage of real estate agents in the marketplace. Flip open the phone book and you’ll see pages of advertisements promising your best investment options. How do you know whom to believe? While there is no foolproof plan for selecting the best real estate agent,here are a few questions to ask that will give you an edge when picking through the masses.
- “Are you a full or part-time real estate agent?” As the real estate market changes constantly, it is in your best interest to work with a Full Time agent who is on top of the changes.
- “How much Business Experience do you have?” The number of years in business does not necessarily give you the most accurate picture here. What you should be interested in is the agent’s record for the past 12 months. He or she will have a list for that time period, and I recommend you ask to see it, as well as any subsequent testimonials to better gauge the success rate of the agent.
- “How well do you know my intended investment area?” Again, refer to the real estate agent’s listings to determine if he or she has a working knowledge of the market within the areas you are considering. This will save everyone time and effort and ensure you are receiving the focused service you require.
- “Will you be handling my transaction in its entirety or do you have a team or assistant you delegate to?” If you are using a real estate agent with many clients, (not necessarily a bad thing as the best are often the most efficient), you will want to be in touch with their assistant and/or team as a knowledgeable team will be exceedingly helpful.
- “Do you have much knowledge/experience with Financial Institutions?” It is helpful if your agent is able to recommend specific lenders who will be able to assist you in your particular situation, especially if you have any sort of credit problems.
Naturally, you will be seeking a business partner who is honest and possesses integrity, who also has very good communication and interpersonal skills, (especially for the negotiation stages). While there are no specific questions to ask regarding these attributes, between the testimonials you will receive and your basic “gut” instinct, you should be able to make a sound judgment.
Make no mistake, choosing an agent is a time consuming process. It is in your best interest to interview a sampling of people to ensure you find your best fit. A word of caution, just because your brother’s cousin’s neighbor’s sister is an agent, doesn’t mean she has to be your agent! Put these questions to use for each potential candidate to be certain you have made your best decision.
The bottom line is every professional real estate agent you meet with should have three things: a resume, an aggressive marketing plan and knowledge of the market you are considering – as a potential client, it is your responsibility to familiarize yourself with each of these points.
You won’t know until you ask.
