How to Choose a REALTOR®
When it comes to such a big investment, it pays to choose
your REALTOR® just as carefully as you choose your home. Here
are some rules of thumb to follow:
Make
sure the agent is licensed. To sell real
estate in Illinois, a person must obtain a license through the State of
Illinois by completing a minimum standard of education, examinations and
experience requirements. Upon completion of the license, many agents
will choose to join their local board or association, as well as the
state and National Association of REALTORS®.
Look
for the REALTOR® logo. Only real estate
licensees who are members of the National Association of REALTORS® are
properly called REALTORS®. They proudly display the REALTOR® "R" logo on
their business card or other marketing and sales literature. REALTORS®
are committed to treat all parties to a transaction honestly, adhere to
a strict Code of Ethics, and are expected to maintain a higher level of
knowledge of the process of buying and selling real estate.
Talk to friends and family. One of the
easiest ways to narrow your search for an agent is to talk to
friends and family. According to the 2006 National Association of
REALTORS® Profile of Home Buyers and Sellers, 40% of all recent
buyers were referred to their real estate agent through a friend,
neighbor or relative.
Check local listings. In addition, you can
check local listings for REALTORS® in your area or contact a local real
estate agency. Once you have narrowed your list, you are ready to set up
a listing presentation.
Interview at least three agents. These interviews
allow you to meet with local REALTORS® to gain insight into their
experience, capabilities and personalities to determine the best match
to your interests.
Some questions to ask
include:
Do you
have an active license in good standing?
What
professional designations do you hold?
Who do
you represent (the buyer or the seller)?
Do you
belong to the Multiple Listing Service (MLS)?
What
have you listed or sold near this neighborhood lately?
What is
your business philosophy? (Do you offer full service, or
will I assume some responsibilities?)
How
much experience do you have?
Do you
have a referral network of home inspectors, lenders, contractors, etc.?
Home sellers should also ask:
How
many homes have you sold in the past year?
How
long were they on the market?
What
was the average sales price in relation to asking price?
What
kind of marketing approaches will you use to sell my home?
Other:
Will
you represent me exclusively or will you represent both the buyer and
the seller in the transaction?
What
type of support and supervision does your brokerage office provide you?
What is
your business philosophy?
How
will you keep me informed about the progress of my transaction?
Could
you please give me the names and phone numbers of your three most recent
clients?
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