QUESTIONS TO ASK AGENTS
In Colorado, 10% of real estate agents do 90% of the deals.
That means the majority of the agents don't have the experience to best guide you through the home-buying process.
A good realtor should push back when you are outside of your goals, coach you on price, negotiate price and inspection on your behalf, prepare you for what to expect and introduce you to other trustworthy professionals (lenders, general contractors, lawncare, etc.)
How do you know if you've found a good agent or lender?
Here are 4 questions to ask a real estate agent:
1. How many transactions have you done in the past twelve months?
When it comes to choosing a real estate agent, experience matters. The more deals an agent has done, the more they've learned and the more value they bring to your deal.
To be even more blunt, the more experience your agent has, the more likely they'll save you money.
If your agent isn't doing a deal every month, how do they have the knowledge and the rhythm to know how to work the process to your favor?
2. How often should I expect to hear from you?
Strong communication is one of the most important traits of a real estate agent. Your agent should be responding within 24 hours if not before.
In addition to quick communication, they should be able to clearly articulate to you what is happening in your deal. The process can seem daunting. You want someone who can demystify it.
3. Do you work nights and weekends?
Real estate sales don't stop for the happy hour. And your agent shouldn't either. A good real estate agent works evenings and weekends to get the deal done for the client.
4. What happened in your last three inspections?
This is another way of asking, "What did you get your clients during the inspection?"
Yes, a real estate agent might help you find a property, but we think a realtor's value comes during negotiations -- both during the intial offer phase and during inspection.
Sometimes you want repairs done. Sometimes you want money. Either way, we advocate hard for our clients and ensure they get the most they can out of the deal.
Questions to ask a lender:
Do you work nights and weekends?
How often should I expect to hear from you?
How many transactions have you been part of the last month?
Review the buyer's settlement statement (list of costs for the close.)
Your closing will be approximately one hour long. The docs you sign will mostly have to do with your loan schedule, your insurance, names and alias you have and title. It can be a lot of paperwork, but broken down it's pretty simple.