The Nest

Monday, May 07, 2007 12:46 PM

Hiring an agent?

What should I look for in a real estate agent?

Not that you need to bring a spotlight and 200-watt bulb, but this is your chance to find someone who you trust and feel comfortable with, since you will be together a lot. Whether you're buying or selling, here's what to ask:

• How long have you been in the real estate business? Obviously, the more time, the better.

• Are you a member of the National Association of Realtors? This organization requires certain standards from its members. And we like standards.

• Are you a member of MLS? This is the Multiple Listing Service, which gives agents access to houses represented by all agencies -- not just their own. For sellers, this means your home will be posted on the list as well, which means more people will see it.

• Do you work on weekends? Since this is probably when most open houses are, the answer to this should be yes.

• Can you outline how you would represent me? The answer should include your housing inspections, following through with your mortgage approval process, and being present at your closing.

• Will you show me houses listed by other companies? Double-check that the agent isn't partial to his or her own realty group.

• Are you familiar with my area? You'll want the agent to know the ins and outs of your community.

For Potential Buyers:

• What would happen if I fell in love with one of your listings? In this situation, your agent might be too invested in the sale to barter for you to get a "deal." Unless you hear otherwise, your agent's loyalties probably lie with the seller, who, naturally, wants to get the highest price.

• Do you recommend aggressive or conservative bidding? The agent's answer should either match your own feelings, or provide you with a strong argument otherwise.

• Will you sign a Buyer's Contract?

For Sellers:

• What percent of your company's listings have sold in the past 12 months? You're looking for an answer that is over 75 percent. Call at least three companies and compare the difference.

• On average, how long did it take to sell these listings? Since you're likely to be in a time crunch, an average span of over four months signals a problem. However, if you find that most agencies have a similar span, the problem might be with the housing market, and not the real estate group.

• What is the average sale price of your sold listings? Get an idea of the price range they typically sell. If it's significantly higher or lower than your home's value, they might not have the clientele you need -- or be experienced enough to know your home's strengths.

• What's the list/sale price ratio? This is a good way to see if they're overpricing their homes. The closer that ratio is to 100 percent, the better.

• Do you have a relationship with a relocation company? They have access to buyers that others wouldn't have.