How to Spot a Good Real Estate Broker

You have to know first what questions to ask a real estate broker if you wish to find a good one. After knowing the right questions to ask, you can determine which home brokers do their jobs well and which do not by learning to interpret their answers.

1. Ask real estate brokers how long they have been working in the real estate industry.

Work experience is a big plus when choosing a real estate broker. It is advisable to work with a home broker who has at least five years of experience. They readily recognize potential problems and know how to handle some of the most trying situations. Experienced real estate brokers not only have tried working with many different types of cases, they also have a wide network which can help in most of your transactions.

2. Ask about their marketing strategy.

If you are a buyer, you have to know how the real estate broker will find a new home for you. You may also want to know the estimated number of properties that you will get to see before you choose the best home. You must expect an answer of 5 to 7 properties. Ask them if they will be working with other clients. It is best to choose a home broker who will work with you alone.

If you are a seller, ask you have to know how the broker plans to sell your property. Ask them about their advertising strategy as well. That includes seeing a sample flyer. An ideal home broker is one who advertises for you every week. Four-color flyers are a plus. Also, you also need to know whether the broker does online marketing. If they do online marketing, ask them how they specifically do it.

3. Ask about their asking price.

Real estate brokers usually charge around 1-4%. Real estate charges are always negotiable so you would not have to ask that information. You may ask about discounted rates if you are a seller.

4. Ask about their edge over other real estate brokers.

A reliable home broker readily answers this question. Look for answers like excellent communicating and negotiating skills, good online marketing strategies, impressive record of previous transactions, and being assertive.

5. Find a real estate broker who would let you review documents before signing.

A real estate broker that can be trusted is one who would allow you to review all forms and documents before they make you sign them. All necessary documents must be made available to you as you need them. Some important documents are agency disclosures, purchase/listing agreements and buyer/seller disclosures. Your real estate broker must also readily explain the documents to you.

6. Ask for a guarantee.

There might be cases when you have signed an agreement for listing or buying but you later change your mind about the arrangement. Ask the home broker what he will do in such circumstance. You have to know about the policy of their company, among other things. Work with a real estate broker who would allow you to cancel an unexpired agreement that does not meet your criteria.

This entry was posted on Wednesday, April 1st, 2009 at 8:30 am and is filed under Real Estate Brokers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.