Selecting your Real Estate Agent - What most Agents don't want you to know!

When selecting a real estate professional, there are several questions you should ask yourself and several you should ask the agents you interview.  Much like retaining an attorney, a CPA, or Financial Advisor; retaining a real estate professional should be approached with caution and with great care.  The real estate professional you select is going to assist you with one of your largest financial purchases or sells, if not your largest, so this step should not be taken lightly.

According to the NAR Members surveyed by NAR in 2013:

Ø  Only 77% stated real estate is their only occupation

Ø  56% are affiliated with an Independent firm, and 44% are members of a franchised subsidiary of a national or regional corporation

 

Ø  The average years of experience of sales agents is 13, and brokers average 20 or more years

 

Ø  The average residential specialist averaged just 12 transactions in past 12 months

 

Ø  8% did not have single transaction in 2012

 

Ø  83% did not have more than 20 transactions in 2012

 

Ø  Primary Specialty: 79% Residential, 7 % Commercial, 2% Land/Development, 1% Relocation

 

Ø  In the past 12 months, 51% had a transaction involving a foreclosure and 44% had a short sale transaction, but only 21% have received certification in either of these areas

Five Critical Questions to ask a real estate professional:

1.       Are you familiar with this area?  If so, how many transactions have you closed in the past 36 months in this area and can I get a list of these transactions?

2.       Do you specialize in (residential, commercial, farm & ranch, etc.) transactions?  If so, how many (residential, commercial, farm & ranch, etc.) transactions have you closed in the past 36 months and can I get a list of these transactions?

3.       How many years (not months, weeks, or hours) have you been in the real estate business, full-time?  Or, how many years has real estate been your only full-time career?

4.       Is real estate your primary job?

5.       Is real estate your only job?

Summary

·         Choose your agent wisely – one that is familiar, very familiar, with the area

·         Choose an agent that specializes in the type of real estate you plan to sell or acquire.

·         Choose an agent that has closed at least 24 transactions in the past 12 months and has been in business for at least 3 years.

·         Choose an agent whose primary occupation is real estate. 

This was an excerpt from Chapter 2 of Julius' book entitled “The Truths and Myths of Real Estate”  - For the complete commentary pick up a copy of his book available at LuLu.com at:  http://www.lulu.com/shop/julius-zatopek/the-truths-myths-of-real-estate/paperback/product-21118216.html