How to Select a Realtor Washington DC

Steps

1. Make sure s/he is familiar with the neighborhood.
2. Find out how successful s/he has been in the past.
3. Ask for references from the realtor's past few transactions.
4. Gauge the agent's honesty. Is s/he willing to tell you the value of your home compared to others in the neighborhood, or is s/he just trying to "buy" the listing?
5. Consider the size of the brokerage. What kind of networking can you expect? Is it a one-man show or many collegues to draw upon?
6. Find out if the agent has a marketing plan, and what it is.
7. Specifically, ask the following questions about the Realtor's marketing plan to help you identify the top-quality realtors: "Who do you think is the right target audience to buy my home?" "How do you plan on reaching that target market?" (Note: the average newspaper reader is 55 years old and over 75% of home buyers start their search online - if your realtor doesn't have an online marketing plan, consider a different realtor). "What are the steps in your marketing plan." "When Do you think that we'll be able to get a) calls of interest, b) showings, c) offers?"
8. Think about communication. What is the agent's preferred method? Email? Phone Calls? And how often -- Weekly? Daily?
9. Ensure that the agent specializes in your type of home, i.e. condo, waterfront property, land.
10. Is the agent internet savvy?
11. Does the agent have an active real estate license in good standing?
12. Ask for references and look at the successes of their past listings.
13. Ask "will you represent me exclusively or will you represent both the buyer and the seller in the transaction?"

Tips

• Interview at least 2 agents
• Don't hire a relative or friend that is not in the neighborhood... most agents will cut them a referral.
• Don't try to find the cheapest deal - you get what you pay for.
• Tell the agent what you expect from him or her right away.
• You may want to stick with realtors who serve buyers only. Realtors charge the seller a percentage, usually between 5% and 7% depending on your area, on the negotiated sales price, called a commission. The buyer's Realtor is customarily paid a percentage of the total commission paid by the seller at closing, which amounts to about half, or 2.5% to 3.5% while the seller's Realtor receives the other half of the commission. An individual Realtor's commission is split again with their company resulting in the actual gross commission to your Realtor being closer to 1.5% to 2% of the total. Most states require disclosure of agency (who represents whom) and buyers are wise to agree to work with a Realtor who will contractually represent the buyer's interest alone. Realtors make their living through referrals from satisfied clients and therefore it's not in your Realtor's best interest to fail to negotiate the best possible price and terms for the buyer.(Example: A house offered at $100,000 could mean $3000 to the buyer's Realtor and their company. If the Realtor negotiates a price of $95,000, it would mean a reduction in commission to the buyer's Realtor and their company of only $250, or $125 to $150 gross to the agent--not an amount a competent agent would consider worth never getting a referral from the client in the future.) Buyers should be aware that a buyer's Realtor can and will help the buyer seek out houses sold directly by the owner (through signs or various websites) and negotiate not only a fair price for the home but their own commission as well.

Warnings

• Be sure to let your realtor know if you want offers presented as they come in, or if you want them at a certain date (hopefully, you'll have this luxury of more than one offer!).

Sources and Citations

• http://www.realtor.com

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