When you’re buying or selling a home, it’s crucial to have an experienced guide by your side. Real estate agents help you navigate the complexities of the transaction, making sure all parties are informed and that you’re getting the best deal possible. However, good agents aren’t cheap—and their services can add up, especially in a hot market. Here are some questions to ask to get a better sense of how much you should expect to pay the real estate agent you choose.
What percentage of the sale price will you be charging?
The way most real estate agents are paid is through commission based on the property sales price. It’s usually split between the buyer’s agent and the seller’s agent, but can be negotiated to suit the needs of both sides. On average, real estate agents charge 6% of the home sales price. Also read https://www.henryhomebuyer.com/sell-your-house-fast-rosemount-mn/
What is your preferred method of communication?
It’s important to find an agent whose communication style lines up with your needs. For example, if you need frequent updates during the day but have to work at your job, find an agent who is willing to text or email you during breaks. If you prefer to talk on the phone, find out if your agent is comfortable with that as well.
Do you have any experience working with my type of property?
If you’re purchasing a commercial property, for instance, a real estate agent who has only worked with residential properties may not have the knowledge necessary to handle a complex transaction. Inquire about an agent’s level of experience with your type of property and how many transactions they’ve completed so far this year.
Do you belong to any professional organizations?
Real estate associations offer members a variety of benefits, from networking opportunities to educational programs. Having an active membership can also help an agent build trust with clients and keep abreast of current market trends. Ask your prospective real estate agent what their involvement with local real estate associations is and if they have any special certifications.
How long have you been in the business?
It’s a good idea to choose an agent who has been in the business for a while, as this indicates they have the experience and expertise you need. In addition, experienced agents tend to have a network of other professionals they can call upon when the time comes to close a deal.
How many other clients do you currently have?
A lot of people think they’re saving money by working with a single agent, instead of having a team of real estate agents on their side. In reality, agents do not work independently and are legally required to have a broker who represents them and their listings. This broker takes a pre-decided portion of the final commission on the sell or buy side of the deal and gives the rest to the agent.
As a buyer, you should be aware that the real estate agent fees can add up, but they’re typically not something you have to pay out of pocket. When you’re choosing an agent to represent you, make sure they can clearly articulate how they will benefit you and why they are the right fit.