The Best Questions To Ask Your Real Estate Broker

Buying, selling, or investing in real estate is a significant decision for everyone and a huge moment in people’s lives. It often involves working with large amounts of money and dealing with various real estate laws. Hiring a real estate broker can help you navigate the process and make more informed decisions. But how exactly do you choose the right real estate broker? Asking the right questions can help you find a competent and reliable broker who can represent you and your needs. Here are the top questions by subject, that you should ask your real estate broker for any sized deal:

Experience and Qualifications

The first question should focus on the broker’s experience and qualifications. It’s important to know what type of properties, clients, and neighborhoods they’ve worked with to see if that matches up with your needs. To start out recommended asking

• How many years have you been in the real estate industry?
• What type of properties do you specialize in?
• Have you sold any properties in this area before?
• Can you provide references from previous clients?
• What licenses and/or credentials do you have?

Market Knowledge

The next set of questions should be focused on the broker’s market knowledge. Successful agents keep up to date with local/national market trends, interest rate news, and many more industry-specific topics including:

• What is the current state of the [local] real estate market?
• What are the recent trends in the [local] market?
• What are the average prices for properties in this area?
• How long does it usually take to sell a property in this area?

Communication and Availability

Lack of and inconsistent communication is frustrating for everyone. That’s why it’s important to work with a real estate broker that has excellent communication skills and to know that they will be available when you need to contact them. Ask the following questions:

• How do you prefer to communicate with your clients? Text, call, or email?
• How often will you provide updates on the progress of our sale or purchase?
• What is your availability? Will you be available on weekends and evenings?
• What is your policy on responding to phone calls and emails?

Marketing Strategy

A good real estate broker should have a solid marketing strategy to sell your property. This helps set expectations for clients on the timelines and logistics of the selling process. While all questions are important to ask, these are among the best questions to ask your real estate broker. We recommend asking the following:

• What is your marketing strategy for selling my property?
• How will you market my property to potential buyers?
• What type of advertising do you use?
• What is your strategy for finding the right property for me to purchase?

Fees and Commission

Lastly, it’s important to know how much you will be paying your real estate broker and what services are included. This is vital information for determining numbers and payouts at the end of the deal and typically has some effect on the pricing of a property. Ask the following questions:

• What is your commission rate?
• What services are included in your commission?
• Are there any additional fees I should be aware of?
• Can you provide a breakdown of all the costs involved in the transaction?

Choosing the right real estate broker is crucial when working with any type of real estate property, big or small. Asking the right questions can help you navigate the market to find a competent and trustworthy broker who can represent your interests. Be sure to ask about their experience, market knowledge, communication/availability, marketing strategy, and fees & commission. When you find the right broker for your needs, you can expect a smooth and successful real estate transaction.

Pearson Realty Group agents pride themselves on local neighborhood experts serving the entire Chicagoland area. It doesn’t matter if you’re selling a single-family home or searching for a new investment property, there is a Pearson agent that fits your needs & niche. If you have any real estate-related questions our agents are happy to help – contact us anytime to get answers and find the best agent for you.