What You Need to Know About the Mortgage Process [INFOGRAPHIC]Some Highlights: Many buyers are purchasing a home with a down payment as little as 3%. You may already qualify for a
7 Must Ask Question When Your Hire A Broker Or Agent
Thinking of selling or purchasing a home?
THE MUST ASK QUESTIONS!
Thinking of selling or purchasing a home? That's great and a good time of year to do that!
STOP! Have you called and interviewed a few Brokers/Agents?
This is a must, and ask these 7 tuff questions.
1. What experience do you have in this area? Hiring a broker with experience is a must do. Do not just hire a friend that just started in the business a month ago. Your home is one of the biggest investments you will ever make, get a professional to help you. It could cost you if you do not have experienced representation or it could be the difference between selling or not or acquiring your next home or not.
2. What is your plan to sell my home or get my next home? Make sure your broker has a plan. What are they doing to sell your home or get you into the next place. Yes you do need a plan and a strategy! Who is the most likely buyer of your home? How can your broker target them? What is your target property? How can you be put in the best position to acquire it? These are just a few of the good follow up questions as to what is your plan to sell my home.
3. What staff do you have to assist you in selling my home or helping me find my next place? Having full time staff and a network of agents in the same brokerage is important. The more people helping me sell or purchase the better. Who handles appointments? If you're gone or on vacation, who will be taking over for you? The next question in follow up would be; Is your office a designated agency office or a traditional agency office? In a traditional agency office, every agent in the office would also represent your best interest in your purchase or sale. This is not the case in a designated agency office. Each agent and their managing broker would be working on your behalf but not the whole office. This could be a concern to a potential seller if their agent discloses information not meant for a buyer's agent. The same case for you as a buyer and the seller's agent receives information that was not meant for them. If you have a choice the Traditional agency office is what you want!
4. What tools or technology are you using to help sell my home or help find me a home? Why is this important? Long gone are the days where the paper is the best place to market homes and find homes. With subscribers dwindling fast and the information being outdated as soon as it hits the shelf, the print market is not the best for results anymore. The web is where it is and if your broker does not have there own website that generates business they might not be the smartest choice. Every listing will go on Zillow, Truila, and Realtor.com, but there is no control on the listing on theses sites. Leads go to the agent based on how much they pay to get leads. If your agent and broker have a good website, they can target who and when people are viewing your property or help you find a home when they hit the market. This could pay off big time! Find out what they are using, ask for traffic stats. What other tools do they have that will help you sell or will help you purchase?
5. Is your office affiliated with any offices out side of the area? Does your brokerage belong to a brand or affiliated with other office locations? Working with a broker that is part of a brand could have some benefits. Most brands have structured training and have a bigger base of agents for exposure. This could be a benefit to you but it will depend on the brand and the agent you hire. Some brands have networks of clients moving in and out of areas this could get you in-front of a person moving into town or out of town first and might give you an advantage.
6. What are they charging you? Negotiating a brokers commission is not always the best way to net more money in your pocket. Would you pay a broker what they are asking for if they exceed your expectations on price? Top brokers do not need to negotiate what they charge you to net you more in your pocket. If they do their job, they can get you more than an average agent can even with a reduction. As a broker, I would not negotiate my fees upfront. This is like negotiating the price of a car without test driving it first. When you get an offer this might be the best time to negotiate this might also be the bridge to make a transaction work. A broker will be more motivated to "make it work" if they have a deal in place.
7. Can I review your contracts? Prior to signing any contract you should have the opportunity to review the contract and ask any questions you might need clarification on. Items on a contract can also be negotiated so make sure you know what you're signing and be comfortable with your commitments in the contracts you sign.
Broker, Frank Locricchio
Realty Executives Home Towne
I was raised in the housing industry and have 18 years of real estate sales experience Extensive experience in residential sales and leasing Successfully negotiated hundreds of residential and com....