Before committing to the services of a specific real estate broker, there are a few details that will have to be cleared up first. These have to do with his personal track record and the services that he is ready to provide for you.
Ask him about his Experience
The person or outfit you intend to go in with should have had enough exposure to the trade to be familiar with the matter of computing property value, the different values of property in the location you are interested to transact in as well as the prevailing list prices.
Find out about his Accomplishments
You will need to verify if he is as good in the practice as in the theory of real estate brokerage. It may embarrass you to have to request him to give a documented listing of his track record, but that needs to be done. Remember, you are not asking him to buy or sell a pair of baseball mitts for you, but assets that can be easily worth hundreds of thousands and even millions of dollars. This request is actually one good way to separate the grain from the chaff. Successful real estate brokers are only too glad to show off their accomplishments.
Ask him about and Assess his Sales Tactics
Find out what his buying price to list price ratio is if you are asking him to purchase property for you. This ratio shows how well he is at haggling costs down. On the opposite end, you should know about his selling price to list price ratio if you are asking him to sell your property for you. This figure should be very close to 100% for you to realize the profit you intended to make.
Find out about his Real Estate Strategy
If you are asking him to purchase property for you, find out first if he himself is offering properties for sale and if he is directly connected with the owner of that property. Do not go in with a real estate broker who is an agent of an agent because you may be tripling the markup you need to pay.
If the agent is not himself selling anything, find out how he tackles the business of looking for possible purchases. It is important that you know whether he searches thoroughly to find the right property for you or if he grabs any item closest to the top of his list. Ask him the average number of prospective buys he usually needs to show his clients before they decide on something. This will tell you whether you can expect results in a shorter or a longer time.
You should also know how he manages the business of competition for a certain piece of property. Does he have sufficient public relations with his sellers for your concern to be prioritized?
If you are selling your property, you have to find out his principal market for selling real estate. Ask him about his advertising campaigns. In this regard, you should get samples of his ads and his flyers. This is in order for you to see whether his methods are above-board or underhanded. You don’t want a real estate broker of inferior reputation selling your house for you because that can spoil your chances for getting a good price for it.
Last But Certainly Not Least…
Check if everything he claims that he is and that he can do is true. Ask him for references. These may be past clients or fellow traders. Only after talking with these people should you make your conclusions about the broker.
Sofia Coraines is a contributing writer for a Mississauga Real Estate Broker. For more related articles about the Mississauga Real Estate, Port Credit Real Estate and Lorne Park Real Estate, please visit Real Estate Articles.
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