Ten questions to ask your potential Realtor

When buying or selling a home, asking the right questions upfront can save problems down the road

Realtor Jason Wheeldon has been helping customers buy and sell homes in the Cranbrook area since 1994.

1. What kind of Internet presence do you have?
2. A strong Internet presence is one of the best assets for most realtors, since most buyers are actively searching online for properties. Every Realtor has a standard web presence with the MLS system; however, Internet strategy goes far beyond the standard. Are virtual home tours offered? Are mapping systems, school and neighbourhood information provided? How many websites will the listing be carried on (i.e. national franchises, local franchises and personal websites)? Every property can have a unqiue but effective Internet strategy.
3. What is the best marketing plan or strategy for my needs?
   A home should be profiled to reach expected buyers in a specific target market. Once the demographic has been identified, the marketing strategy can be tailored to best fit the home or property. The plan can be a combination of advertising, networking, Internet presence and Realtor promotions. Flyers, direct mailing, neighbourhood alerts, brochure boxes, etc. all form part of an overall marketing strategy. Find out how the marketing plan specifically identifies the demographic you are trying to reach. 
4. What are the top three things that separate you from your competition?
   The Realtor should be quick in answering this question. Every Realtor has certain standards, service levels and marketing practices that they have developed during their career, and they should be able to quickly identify these as the primary reasons why they should be chosen for the job over the competition. There is often a certain amount of crossover in Realtors' marketing plans.
5. Can you provide written references?
   Most Realtors keep a number of current reference letters. They are proud of their success stories and should not be concerned to ask their previous clients for written testimonials.
6. What haven’t I asked you that I need to know?
   This is one of the best open-ended questions to ask. There will always be something you need to know. Ensure the Realtor has engaged with you and identified your needs; from that they should be able to reasonably advise you what to expect in the short term and during every stage of the transaction—from start to finish.
7. How long have you been in the business and is it your primary career?
   Rules have changed regarding Realtors, and you want to ensure that yours is providing you with experienced, dedicated service. The length of time they have spent in the industry dictates experience, market knowledge and product knowledge. Engaging a seasoned Realtor does not always lead to success in buying or selling your property, but a seasoned Realtor who constantly strives to do better and learn more in the industry can apply that knowledge and experience directly to your benefit. A newer Realtor may lack the experience, but may have support from a mentor—giving you the benefit of being represented by a team—as well as the possibility of more time and dedication as they set out to prove themselves in the market.
8. How many yearly transactions do you conduct, what is your list-to-sell ratio, and what is your success rate?
   Yearly transactions can show the level of success achieved by the individual Realtor. From those statistics, you can get a sense of their track record—including their success in negotiating. A Realtor who does numerous transactions tends to be more knowledgeable about the market, current inventory and trends.
9. What kind of communication from you can I expect to receive?
   This should be clearly identified in the beginning of the selection process. Will the Realtor provide a follow-up on information about showings and monthly summaries? Can you expect regular phone and email communications? A good Realtor prides themselves on ensuring their clients are abreast of the most current market information and how it relates to their home. Customer service is important, and communication is the key to good service.
10. What are the current absorption rates in the local market—supply and demand—and how does it pertain to marketing my property?
    The answer to this question demonstrates the Realtor’s knowledge of the current local market and the trends. A Realtor who provides local statistics to educate you on current market conditions will yield a more favourable result in marketing efforts.  
11. What education levels have you achieved that are relevant to your business practice?
    Basic licensing requirements and a mandatory continuing education are required by all Realtors; however, some go above and beyond with specialized professional development courses to further their knowledge and market expertise. Even the most experienced agents in the industry continually upgrade their education to improve their skills and understanding of the industry.

Jason Wheeldon has been a Realtor in Cranbrook since 1994.