Find a Top Louisville Real Estate Agent

Great Tips for Choosing the Best Louisville Real Estate Agent for You

Buying a property is one of the most important purchases in a person’s lifetime, because that person spends a great amount of time in the home.  Memories will be created there.  You want those memories to be mostly happy in a pleasant environment.  Therefore, when it comes to selecting a real estate agent, it is important to make the right decision.  Whether you need a real estate agent for purchasing or selling, there are certain questions to know the answers to in order to make the best well-informed decison.  Here are the essential questions you should ask a potential real estate agent:

 

How long have you been in business?

 

The answer to this question should not be your deciding factor, but something to take into consideration.  Newer agents are not necessarily bad.  Just as real estate agents who have been in business for 20 years will not necessarily bring pleasing results.  The quality of training and experience is usually what determines the competence of a real estate agent.

 

Why did you price our property higher than other brokers?

 

This is a common way brokers trick sellers into hiring them by promising the client he/she will receive a price higher than market value.  At first look, many people see nothing wrong with this.  But, ask yourself: who is the broker really looking out for?

 

If your property is higher than the market price, there is a chance that your property will be sitting on the market for a longer time than usual.  Whenever a property sits on the market for an extended period of time, other people begin to think something must be wrong with it.  The listing term is six months and the broker can request several price reductions.  Because it will take longer for your property to sell when it is listedat a higher price, you will also have to struggle to keep it clean and appealing.  Having to tend to a home for 6 months or even more is a lot of work.

 

Moreover, you will not be seen as a serious seller due to the higher than normal price.  This results in your property not being shown to many potential buyers.  Your property will rarely even show up in searched because minimum and maximum price are taken into consideration.

 

What geographic area are you an expert in?

 

Transactions, such as closing costs, contracts, and terms differ from county to county.  Even buying a coop/condo works differently than purchasing a house.  Therefore, it is important to pay more attention to those who are experts in the area you wish to purchase from or the area in which you live in the case you are selling.  An agent who is an expert in the geographic area of interest in more important than many people realize.

 

Who do you have working for you?  Do you work full time or part time?

 

Business in this field operates 24/7 and some brokers face the problem of other brokers not returning their calls.  Therefore, working part time just won’t cut it.  Many brokers who work by themselves tend not to return calls or emails when they become overwhelmed.  They may even not show your property until it fits into their schedule.  Having a team or assistant helps ensure that all calls and emails will be returned in a timely manner and the properties will be showed.

 

What is your marketing plan like?

 

Asking this question will tell you whether or not the agent knows the step-by-step process of what he/she is doing and where he or she is going.   You should also ensure that they provide a guarantee that is in a checklist format.  A good marketing plan should sell the less noticeable aspects of your property and present them in the best light.

 

In the event that you are buying a home, the marketing plan should also cover the answers to these questions: How will the agent search for the new home; will there be any competition from other buyers; does the agent present the offers; how many homes you will have to look at before finding one you want to buy;  and how multiple offers will be handled.

 

In the case that you are selling your house, the marketing plan should answer: How the agent plans on selling your home; what his/her direct mail campaign is; where and how often the potential agent advertises; will you be shown a sample flyer; and how the agent markets online.

 

Have you sold, purchased, or leased your own property?  Do you own your own home?

 

It helps if the real estate agent understands what it feels like to sell, purchase, or lease his own property.  This should not be a major determining factor in your final decision, but it is definitely a bonus.  It can never hurt to work with someone who understands your feelings and needs through personal experience.

 

What is your average list-price-to-sales-price ratio?

 

Listing agents should have higher ratios close to 100%, while buyer’s agents should have ratios below 99%.  This is because a good buyer’s agent should be able to bargain a sales price that is lower than the list price.  On the other hand, a listing agent should be able to negotiate a sales price as close as possible to the listing price.  By knowing your agent’s list-price-to-sales-price ratio, you will have a good idea of how competent and successful he/she is.

 

In conclusion, in order to select the best real estate agent for the job, you must ask the prospective agent these critical questions: How long have you been in business?  Why did you price our property higher than other brokers?  What geographic area are you an expert in?  Who do you have working for you?

Do you work full time or part time?  What is your marketing plan like?  Have you sold, purchased, or leased your own property?  Do you have your own home?  What is your average list-price-to-sales-price ratio?

 

There are 2 important things to consider before finding a realtor for buying or selling a home. One: You must be very clear about what you want. The existing and new home market is in a state of flux. That, coupled the hangover from the economic downturn and the recent fears of a double-dip may combine to make you indecisive. So, you must be clear about what you want before approaching a realtor. Two: There are many realtors around – so, you must get an experienced professional who knows the market inside out. Here are some great tips that will help you find a professional realtor:

1.      Before approaching a realtor, do your homework: What is your budget? Have you decided the location of your new home purchase? Do you need a loan and have you worked out your finances? What type of property are you looking for? What is its desired size? What is the price you are willing to pay? Firm yourself up on all these before bothering to locate the ideal realtor.

2.      Before looking up the directory, ask your friends and relations if they can recommend a good realtor who has provided them with great service in the past. If they can refer a realtor, consider yourself lucky. Plus, a reference always gets you the feeling of knowing a person even before meeting him. To top it, the reference is coming from a trusted source who knows you well. Nothing ever beats a good reference – it saves you loads of time needed to find a good realtor.

3.      If you do not get a reference, the next best thing is to check the Internet for a realtor listing and customer reviews.

4.      Find out how experienced the realtor is. Has he bought and sold houses and does his portfolio look good? Working with an experienced realtor works well because a newcomer may not know the neighbourhood or market well.

5.      How versatile is the realtor? Does he specialize in just new homes or just distressed homes or just existing homes? New home realtors represent builders and they already have a list of favourite apartments and gated community houses for sale. These realtors will not run around compiling a list of houses for sale, nor will they spend time on finding the right buyer for existing homes. An existing home realtor can get you a list of new homes – but his choice will be restricted as he’s not that deep into the market as a new home realtor. Versatile realtors deal in both new and existing homes – but then they become generalists, not specialists. So, look for a realtor who can fulfil your needs.

6.      Now, it’s talking and analysing time. However, before you do that, familiarize yourself with the terms used by brokers or by financial institutions that finance real estate.

7.      When you approach the realtor, approach him with confidence. The homework you have done will fill you with the required dose of confidence. Otherwise, the realtor can size you up and as a typical buyer or seller and present you with a wide, non-targeted choice of properties, which can both confuse you and waste time.

8.      Ask your to-be realtor very pointed questions: How long is he in the business? Does he work with realty investors, and has he made profits for them, even in this slumped market? If yes, how? Can he give you some references? What kind of properties does he specialize in – distressed, new, existing, etc.? Answers to these questions will help you evaluate his capabilities.

9.      Finally: Is the realtor the very, very busy type? One who slots times for new clients in small parcels or makes them interact with his not-so-experienced assistants? If yes, then look for someone else. Your realtor must be a professional who knows the market, operates in your type of property and is hungry to earn a commission. The “hungry” realtor will do his darndest to complete your deal, and that is what you want.

Choosing the wrong realtor can give your nightmares. You will not find the right property and you will waste a whole lot of time. Plus, if you are not clear about what you want, there can be more chaos, and for all you know, the deal may not happen for months. The realtor market is overcrowded and you must be choosy. So, take your time before choosing a realtor. Following the guide above will help you zero in on a realtor that can work a great deal for you. Good luck.