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TOP INTERVIEW QUESTIONS TO ASK A REAL ESTATE AGENTPART I Agent Stats

Agent Experience

Networks

Listing Agreement

Commission & Costs

Marketing Strategy

Communication & References

AGENT EXPERIENCEDo you have a real estate sales or broker’s license? Salesperson and broker licenses are issued through the state and many have online systems that allow you to check the status of an agent’s license

You can check whether any complaints have been issued against the agent

How long have you been in residential real estate sales?Look for at least 4-5 years of experience selling in your area

A seasoned professional will be equipped to handle an unexpected crisis, have a large, established network for you to tap into, and be knowledgeable about industry and local market trends

UpNest partners with top agents who compete to

earn your business by offering you the best

commission rates and services to choose from.

Do you work P/T or F/T? You want a full-time agent who is committed to his/her profession and dedicated to helping you navigate the selling process from start to finish

Full-time agents are more likely to be available when you need them, ensuring you don’t miss out on opportunities

What type of properties do you typically sell? Some homes (historic, condos, co-ops, etc.) may have special restrictions or regulations, so make sure the agent specializes in the type of property you own

You want someone who understands the type of buyer(s) you’re trying to attract

An agent familiar with your type of property will be able to price it accurately

Do you typically work in my price range? If the agent sells in the $1M+ range and you have a $500k home, then you might not be a priority and/or they may not have the relevant experience to market your home effectively

AGENT EXPERIENCE

AGENT STATSHow many clients are you currently representing?Ask across both buyers and sellers

There’s no magic number for how many clients an agent can effectively handle; A high number might mean you won’t get much attention whereas, a low number might signal that an agent isn’t very active or very good

You want someone who is active and yet, has time to devote to your listing

What is your average list-to-sales-price ratio?This ratio tells you if an agent prices homes well - it is the final sale price of a home divided by the most recent listing price, expressed as a percentage

In general, a good listing agent will hold a track record for negotiating sales prices that are close to list prices, resulting in a ratio close to 100%. A ratio > 100% means the agents’ homes sell for more than their list price.

Beware of relying heavily on this ratio to judge agents, as it can be manipulated. Market forces can affect this ratio (you can see ratios of 100-110% in a seller’s market) and sellers may set unrealistic prices that adversely affect an agent’s ratio.

AGENT STATSWhat is the average number of days it took you to sell a home?   How does this compare to the market average? The average Days on Market (DOM) reflects the agent's ability to price your home realistically and market it effectively, so it sells fast

A low number DOM, relative to the average in your area, indicates that the agent will be able to sell your home fast relative to competition, whereas, a high number may mean the agent isn’t very competent

Market forces affect this figure – a well-priced home could sell in 10-21 days in a hot seller’s market but will take much longer in a slow market. Also, anyone can sell a home quickly with a low listing price, but this means less money in your pocket. Finally, some areas allow DOM to be reduced by taking down a listing and simply re-listing it.

To really understand how quickly and efficiently an agent will be able to sell your home, also evaluate his/her selling strategies

AGENT STATSHow many homes did you sell last year? Choose an active agent with a good volume of work but make sure s/he has time to devote to answering your questions and marketing your listing

Have you sold any homes in my neighborhood?You want an agent who is knowledgeable about your neighborhood (knows the schools, crime rate, etc.) and has insight into local market trends

What designations do you hold? Not all agents are REALTORS® . REALTORS® are members of the National Association of Realtors (NAR) and must abide by their code of ethics.

Designations such as Graduate REALTOR® Institute (GRI), Certified Residential Specialist (CRS), and Certified Real Estate Brokerage Manager (CRB), all require agents to take additional, specialized real estate training

Check out whether the agent is a top producer in his/her firm and note any other recognitions the agent has earned that demonstrate relevant expertise

MARKETING STRATEGYHow do you plan on marketing my home?You don’t want someone who will just put up a “For Sale” sign in your yard

A good agent has a solid portfolio of tactics to market your home, including MLS listing, open houses, flyers, photography, virtual tour, staging, and websites

Look for someone who has creative approaches and knows how to market your property competitively on the Internet to reach the greatest number of buyers

Check out an agent’s past marketing materials and ask to view samples - look for a good mix of online and offline advertising/marketing

Top agents will work their network to find potential buyers pre-MLS

UpNest’s partner agents have extensive experience, are skilled marketers and negotiators, and can offer you expert advice; We’ll also promote your property on our blog and social networks for added exposure

MARKETING STRATEGYWhat technology do you use? The housing market moves fast and you want an agent who is tech-savvy and responsive, so you don’t miss out on any opportunities

Ask if the agent uses e-signature - it saves time and money by eliminating the need to print, fax, scan, and ship documents. You’ll also create a digital audit trail of your signed documents which will be helpful for record-keeping.

Ask if the agent has his/her own website or blog

What is your pricing strategy? Can you give me a CMA? All agents should give you a Comparative Market Analysis (CMA) and a list of homes on the market

Do your homework and be weary of agents who list your home too low just to sell it quickly and get paid

An good agent will refer to recent market data, the current pool of comparables on the market, and your home's condition before pricing your home

NETWORKSWhat professionals do you partner with?Look for an agent that is well-connected and has a team of professionals, such as mortgage broker, title company, lenders, home inspectors, contractors, staging companies, etc.

It is illegal for an agent to force you to use their service provider, so don’t feel pressured to use their recommendation

What improvements can I make to maximize my sale price?A good agent will honestly point out the drawbacks of your home and help you prepare your house for sale by giving you selling tips

Your agent should recommend repairs and home improvement projects that will make your home more attractive to buyers and yield a high ROI

If an issue arises with a contractor, your agent should be able to manage it

LISTING AGREEMENTHow do you typically structure your listing agreement?An exclusive right to sell is the most common type of listing agreement, giving an agent the exclusive right to earn a commission by representing you

It allows the agent to bring in a buyer through another agent or on their own

It prevents you from selling on your own and not paying the agent

What kind of guarantee do you offer? Avoid agents who will not release you from a listing agreement prior to its expiration or you’ll be stuck if you’re unhappy with the agent

A listing period of 3-mo or less is preferable; ask if there’s a penalty to cancel

Will you represent me exclusively? Although it’s legal for the agent to represent both the buyer and seller in a transaction, it may create a conflict of interest, so be weary of this situation

COMMISSIONS & COSTSHow much do you charge?Commission is negotiable, so there’s no harm in asking for a reduced rate

In fact, in a seller’s market, sub-6% commission is the norm

UpNest pre-negotiates commission rates and services with agents for you, saving you time, money, and the hassle of doing it on your own

What will my closing costs be? Request a breakdown of your estimated closing costs, so you know exactly what you’ll be paying and can budget accordingly

COMMUNICATION & REFERENCESHow will you keep me informed? By what method and how frequently?You want a responsive agent who will update you regularly on the progress of your listing, so understand how your agent will communicate with you (email, phone, text, in-person) and how often; make sure this matches your communication style and preference

Ask what hours the agent will be available to answer you questions/concerns

Will you be handling all aspects of my transaction or will you delegate some tasksIt’s ok if the agent delegates some work but make sure s/he meets your expectations with regards to how involved they should be in the selling process; if you expect the agent to host the open houses for your listing, mention it

Will you provide me with 3 references?A good agent has nothing to hide and should have more than enough clients to vouch for them – ask for the names and numbers of recent clients

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