Here are 13 Powerful and Insightful Questions You Should Ask Your Anchorage Alaska Real Estate Licensee BEFORE You Sign Anything!
Real Estate Licensees are NOT all the Same!
Purchasing an Anchorage Alaska home is often one of biggest financial and emotional investment decisions one makes in a lifetime. This two-page report provided by Anchorage Alaska REALTOR, Lonnie Logan is designed to assist you in making an informed decision in retaining a real estate professional that you can count on in accomplishing your goals.
1. How Long Have You Been Practicing Real Estate?
This question will reveal more than just years practicing. You want to delve into the number of transactions, average price range, specialized areas and types of Anchorage Alaska homes or condominiums they’ve helped people purchase and sell. You also want to know how productive they’ve been in each year in practice.
Some licensees in business less than five years may have more experience than other licensees who have been in business 10 years or more!
2. Can We Cancel Your Buyer Representation Or Buyer Agency Agreement At Any Time?
A good Anchorage Alaska REALTOR will keep to their word on what they agree to do. If they are not performing, you should not be obligated to continue with the relationship, period. If your licensee uses a Buyer’s Agreement make sure they explain all the dates, cancellation policies and compensation you may be responsible to pay.
3. Do you have automated technology to e-mail listings on a DAILY basis?
Because you don't want to miss out on a great buy, it is critical that you are being provided with daily market updates. A good Anchorage Alaska REALTOR has invested in automated technology to keep you informed.
4. Do you communicate with e-mail, text and do you carry a smart phone?
Your Anchorage Alaska Realtor should be equipped to communicate with you fast and efficiently. Imagine waking up in the middle of the night with a burning question that you just want an answer to. With e-mail & text you have the opportunity to get it off your chest immediately and with a good Realtor your response should be answered in a timely manner.
5. I don’t want references. Can you provide me with the names and phone numbers of your past 3 clients?
This is a big one and yes, calls them to see how the Associate performed and when they used the licensee’s services. Steer clear from any Associate that does not provide any names.
6. Can You Refer Me to a Reputable Mortgage Lender, Appraiser, or Real Estate Lawyer?
This question reveals how active the licensee is, and how well connected they are professionally. At some point in the buying or selling process, you will need the services of a reputable and competent lender, appraiser, title company, etc. If your licensee is active, committed, and diligent with their practice, he or she will be able to give you a few names of each right on the spot.
7. What Percentage of Your Business Comes by Referral?
Competent, well-known licensees get a large part of their business from satisfied clients and customers.
If a Anchorage Alaska agent gets less than 25% of new business through referrals, it may be because: 1) the quality of service they offer is not up to standard (hence, people don’t feel compelled to refer to them after a transaction); 2) They lack the marketing experience or skills required to market for referrals; or 3) They don’t cultivate contacts in their business (which means they won’t have many people to speak with about your home need whether buying or selling).
Clearly, the best way clients show their gratitude for outstanding service is by referring their family, friends, neighbors, and or co-workers.
8. Have you ever had a grievance or complaint lodged against you with your local association or the State of Alaska real estate department?
9. Do you work with or research “For Sale By Owner” (FSBO) properties?
When working with a buyer, it is not uncommon that a Realtor will avoid FSBO’s like the plague. Why? They are afraid you will work with the seller directly and hence they would miss out on earning a commission. A good Associate has experience in working with and negotiating on behalf of the buyer for their FSBO purchase.
10. Do you do this full-time or part time?
If the Associate is “part- time” walk, no, run away as fast as you possibly can. Generally speaking, 52 people are involved in a real estate transaction from start to finish. You need an Associate that can manage those relations, not limited to nights or weekends.
11. Besides negotiating a reduced price, what other items do you intend to negotiate?
Your Associate should be negotiating for you to keep appliances; getting the seller to reimburse you for the appraisal fee; subsidize your loan closing costs (such as discount points or other fees); and including a home warranty.
12. Goals and expectations.
Housing needs aside, you should outline your minimal goals and expectations with your Realtor and determine if their interpretation of how they intend to respond to them is best suited for you.
13. Will You Personally Handle Contract Negotiations?
Surprisingly, many licensees simply submit or receive offers, and act as a conduit between the buyer and seller. That’s not good enough. You want a licensee who has excellent negotiation skills. You want a licensee who’s committed to your interests.
They’ll need to represent you to other licensees and their client. It’s a good idea to follow-up the above question by investigating specifically HOW their negotiation skills saved other clients money, hassles, or helped a transaction come together.
The Intention of These Questions is NOT to Impress You, But to Impress UPON
You the Difference Between an Anchorage Alaska Real Estate Agent, and a Competent,