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Step 1
Ask to see a resume. Look for advanced training and professional designations. Make sure they are members of a few reputable national and local associations. Membership in the National Association of Realtors is always a plus, and about half of real estate agents are Realtors.
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Step 2
Ask about commission rates. Traditionally, a seller pays 6% in commissions, with 3 percent going to the seller's agent and the other 3 percent going to the buyer's agent. Commissions are never set in stone and should be negotiated.
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Step 3
Ask how often the agent will communicate with you about the sale of your property or your home search.
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Step 4
Ask to see the agent's plan for marketing your home (if you're selling). Look for someone with solid marketing skills and a great personality. If you don't like him/her, other people probably won't, either.
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Step 5
Inquire as to how many transactions the licensee completed last year. This gives a good indication of his/her experience and skill level.
Comments
susanhorton72 said
on 10/8/2009 Nice article. Negotiating a commission is a great way to pay less to the broker. However, not only will you negotiate the listing agent's commission down, you've also talked down the selling agent's commission. The full commission is usally 6% with 3% going to the listing agent and 3% for the selling agent. If you opt for 5%, both agents will then get 2.5%.
When agents go through their mls for their buyers, many select only houses offering a higher commission. Yes, real estate agents can use commission amount as part of the search criteria. So let's say there are 5 houses in your neighborhood and all the other listings offer 3% commission to the selling agent and yours offers 2%. The buyer's agent may simply skip your house.
It's a common practice to get paid the full compensation that I do not follow, but other agents do. This is especially true when there's an abundance of hous...