More Good Real Estate Agent Questions

In a special live audience segment, Dave reads suggestions from his real estate ELPs of good interview questions to ask your agent.

QUESTION: Dave reads some suggestions from the endorsed local provider real estate agents in his live crowd about things to ask your agent before choosing them to help you sell your home.

ANSWER: Ask if this agent actually work full-time, if their office is open 7 days a week and if they actually work every day. You are paying someone thousands of dollars to market a product that is worth a few hundred thousand here. If someone in my organization came into my office and said they wanted to pay $10,000 or $20,000 to a marketing consultant to help us market a product, I would start asking questions to determine if they are worth the money.

Other suggestions we got are to ask real estate agents what their list-to-sell ratio is. What percentage of homes they list actually sell, and what percentage of asking price do you actually get? If you list a property at $200,000 and sell it for $100,000, that’s a 50% ratio, which is bad.

Do they encourage their sellers by showing them the actual facts of the marketplace to put their home on the market for as high a price as it will reasonably bring? The real estate agents who want to list your house at the highest price are probably not the right ones, because they’re not going to give you any money. It’s just an asking price, and any idiot can ask any price of anything. That has nothing to do with the fact that it will actually sell for that. If you list your house for more than it will sell, you’re kidding yourself just as much as if you tried to sell a $20,000 car for $30,000.

Ask them what kind of system they have for finding buyers, and what system they have for communicating with you, the seller. Ask them if they have a team to cover for them if they are sick or on vacation. Also, don’t hire your relative. This is a business transaction, so don’t feel guilty by not immediately hiring Uncle Henry to be your real estate broker. If Uncle Henry is a pro and leading the market, then we can talk about listing it with Uncle Henry. If not, I’ll just have him over for Thanksgiving dinner.

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