Before finalizing on a property deal in Chicago, it is imperative that you ask the realtor certain questions so as to be able to gauge his efficacy and effectiveness. This article lists out few questions that you should ask of your agent before closing a deal.
1. If the agent is experienced enough
This is important as many real estate agents simply pick up skills on the go. A successful realtor who has a successful sales record has more knowledge about the industry. Thus, can help you cut better deals.
When dealing with new real estate agents, make sure you ask them how long they have been in the business for, the number of successful deals that they have clinched, and whether they understand the different legal implications and the various physical inspection processes that a deal entails. This will help you in making a right decision.
2. The neighborhoods that your agent primarily works in
There are certain nuances that you should watch out for before finalizing a property deal. These include schools, plans of lakes and parks, traffic patterns and so on. So, you need to find an agent who has some experience in the locality where you plan on living and this will give you a better chance at making informed decisions.
If the agent regularly works in a certain area, he will know about the prices in the locality, as well as be able to provide better recommendations. Thus, finding a local agent helps a lot.
3. The marketing tools that your agent will use
You should want to capitalize on the marketing expertise of your real estate agent. The realtor must use sales strategies effectively, from photographs to digital marketing and social media marketing, so as to leverage the sales.
Ask your agent if he has innovative ideas to help you find the best deals, and how effectively he will use them so as to help you sell your house. Ask him about the marketing techniques that he plans on using and then judge their feasibility.
4. The real estate agent’s average list-to-sale ratio
The list-to-sale rate of the real estate agent should not exceed hundred percent. Therefore, you should ask your agent about his list-to-sale ratio, as it will help you to gauge his performance better. Having a better list-to-sale ratio will help you in differentiating between various real estate agents.
5. The number of foreclosures and short-sale transactions that he has completed
In cases of foreclosures and short sales, the process is more complicated, thus your risks as a buyer are much greater. You should make sure that your agent has enough experience with complex deals so that you can sail through the necessary processes of negotiation, documentation and organization before you buy your dream home.
If you keep these in mind then you will be able to sail through the process and be able to get a much better deal for yourself, from the real estate agent. So make sure you ask those questions to avoid a pitfall when making a real estate transaction.