Questions To Ask Your Realtor
There are over 3,000 Realtors in the Tulsa area.
Statistics show us that in 5 years, 87% of those Realtors will have left
the business. That is why it is imperative that you put your trust and
money into a Realtor that is proven and committed.
The best place to find a Realtor is through your mortgage company. They
deal with scores of Realtors every day, and it is in their vested
interest to work with the most professional and accomplished Realtor in
their area.
The following questions will help you qualify the Realtor that you
interview for your real estate transaction.
How many years have you been involved in the real estate business?
Tulsa has about 3000 licensed Realtors at any given time. Statistics
tell us that within 5 years, 87% of them will no longer be in the
business. You will want to engage the services of a Realtor that is
experienced and committed to the industry.
Is the company you are affiliated with nationally known?
Nationally known companies usually have an excellent referral system and
a good track record of successful home sales in your area. In addition,
statistics show that a full 40% of homes are sold by company name
recognition or agent contact.
Is your company a member of the MLS system?
MLS stands for the Multiple Listing Service, wherein member companies
catalogue their listed properties for sale so that all agents have
immediate access to the information. This means all of the realty
companies and their Realtors will know your home is on the market, and
will show it to prospective buyers.
Are you a member of the National Association of Realtors?
The National Association requires higher standards of ethics for
membership, thus ensuring you are treated fairly.
Are you a member of your local board of Realtors?
The Tulsa Board of Realtors requires a clearly outlined standard of
ethics and provides ongoing educational classes and awards for
excellence. This creates local accountability, credibility and
influence.
Do you have a personal resume? May I see it?
A close look at a personal resume can tell you a lot about the agent.
They may be doing a business transaction for you, but purchasing a home
is highly personal and can be very emotional for you and your family. It
is important that you find a Realtor you respect and enjoy as a person.
Do you have an assistant?
A Realtor who does have an assistant will have the ability to give you
more time and individualized attention. Their assistant will be able to
help with details and paperwork, so that they can keep in touch more
often and have time to be more aggressive about selling your home or
finding the house of your dreams.
Are you linked to the real estate market by computer?
In the real estate industry these days, being computer proficient is a
must. A Realtor with easy access to a computer that is tied into the MLS
system will give the agent a large advantage in marketing your home
sufficiently.
Do you have any professional designations and have you won any
awards?
Though the fancy initials behind a Realtor’s name may not seem important
to you, they chart achievements in doing for others what you would want
your agent to do for you.
Can I get out of the listing if I am not pleased with your services?
It is good to be loyal to an agent who has invested their time into your
home. However, you need to be free to back out if you feel your home is
not being marketed properly, you are not getting adequate service and
support, or if the agent has not made any progress on getting your home
sold after a sufficient time period.
Is your real estate company of good size?
This is an important question because larger companies have more agents
for more internal exposure of your property.
Are your real estate signs easily recognizable to the general public?
People will more readily notice that your home is on the market if the
“For Sale” sign is colorful and easily readable, and if the sign is
familiar to them. Statistics show that many homes are sold to
prospective home-buyers responding to a “For Sale” sign.
Will you have a marketing plan for our house and will it be custom
tailored for our specific needs?
It is a good idea to ask for a marketing plan in writing that you can
follow and monitor. You will want to be sure you are getting maximum
exposure to home buyers.
Do you use professional flyers to give prospective buyers?
It is important to know (and see a sample of) what potential buyers will
be leaving your home with. This is an important marketing tool that
needs to be properly utilized so that your prospective buyers come away
with something professional to remind them of the benefits of purchasing
your home.
How do you get information about my home out to other Realtors?
Because most homes are sold through Realtor showings, you need to make
sure other Realtors are well aware of your home being on the market.
This is in addition to the MLS listing.
Do you use open houses? How effective are they?
Statistically, open houses sell very few homes; only 1% of homes are
sold to someone who bought a property they saw during an open house.
Open houses are very popular because they can be very beneficial to
agents by giving the Realtor prospects for listing and selling other
properties. However, your agent’s time and the commission dollar you are
paying, is much better spent in other, more aggressive marketing areas.
Will you give me a comprehensive plan so I can best prepare my home
for sale?
There are many subtle improvements and arrangements you can make on your
home, that you may not be aware of. It is part of your agent’s job to
educate you on these preparations, because homes that are well prepared
for sale usually sell quicker and for more money.
Do you use direct mailings to inform prospective buyers? Who do you
mail to?
Statistics show that 18% of homes are sold by referrals. That means
mailing information about your home sale to friends, business
associates, and family members can sometimes uncover a buyer who is a
part of your center of influence.
Will you give us your opinion of what the market value of our house
is, based on sold listings that are comparable?
A “CMA” is a comparative market analysis based on recent similar sales
in the area of your house. A Realtor should not just give you their
opinion offhand, but should be able to document and support their price
recommendation.
Do you request that all potential buyers be pre-qualified for a loan
before they submit a contract offer?
An agent should always require that any offer submitted to you be from
someone who is already pre-qualified, and preferably pre-approved, for a
loan amount at or above your listing price. This can save you the
potential risk of thinking your home is sold, and weeks later
discovering that your prospective homebuyer cannot afford, or was denied
the mortgage loan for your property.
Do you follow up on all showings of our home and report the results
back to us?
An agent should follow up on each and every showing of your home and get
feedback from the showing agent to monitor for comments and possible
leads. This will make sure any deficiencies in your home are quickly
discovered and possibly remedied.
Will you return all my calls in a timely manner?
Because lack of communication is one of the biggest complaints in the
real estate industry, it is important that you get the agent to look you
in the eye and assure you they will call you back promptly when paged or
called. Everyone is human, but on average, you should get rapid
responses to your inquiries. Repeated failure to do so is reason to
cancel the listing.
Do you have a list of personal references and a list of past clients?
Can I call on them?
This is a very good way to ensure that you have picked a good
Realtor. If you make sure to call on some of the past clients, you can
get a very clear picture of the service your agent should provide you,
and what standards you should be able to expect. Take notes so that you
can point out to your agent during your real estate process that you
would like this or that service they arranged for their past clients.
Will you be present during all contract negotiations for the sale of
our home?
Because you have enlisted your agent to be your real estate advisor,
they should always be personally present during all contract
negotiations. This will save you large amounts of time, and worry, if a
problem should arise.
