Questions to Ask a Real Estate Agent

DO I Need A Real Estate Agent?


questions to ask a real estate agent


When its time to make the most important financial decision of your life to buy a home or sell your home, you could choose a Realtor® to guide you. It is vital that you know what questions to ask a real estate agent. The Realtor® designation means that the person you are entrusting to help you with buying or selling a property is licensed and trained to represent you. Realtors® belong to a local real estate board, provincial and national real estate associations, and abide by a strict code of ethics and professional standards.


questions to ask a real estate agent

If you decide to use a real estate agent here are some questions to ask a real estate agent.

1. What is the commission rate?

2. What services will you provide for that commission?

3. What are the details of your marketing plan for selling my home?

4. In what publications will you advertise my home?

5. How many photographs of my home will be included on the internet?

6. Will you include a virtual tour of my home?

7. How are the showing appointments arranged?

8. Do you provide a lock box and how does it work and is it secure?

9. How do you qualify potential buyers?

10. What houses have sold in our area in the last 6 months and for how much?

11. Explain in detail how you determined the market value of my home.

12. Will you hold open houses for the public and real estate agents?

13. How should I prepare my home for these showings?

14. What type of market exists now: a buyer’s market or seller’s market?


A home put up for sale without the services of a real estate representative presents some unique challenges to the seller and buyer.


1. The seller needs to be aware of local home values and to objectively compare the value of like properties to their own. How much should I sell my home for?

2. Up to date pricing is key to generating interest in the property for sale.

3. Potential buyers expect a deal when they know a real estate representative is not involved. Why would they bother otherwise to handle all the paper work and negotiate for the deal themselves?

4. Education on realty matters is crucial for any owner thinking of selling a property, especially for those without professional real estate guidance.

5. Disclosures, legal forms and contracts must be in place and real estate laws must be adhered to in order to avoid any vulnerability to lawsuits.

6. Advertising exposure in local newspapers and placement on the Multiple Listing Service generates interest in a property and subsequent showings.


Four Questions to Ask Yourself

1. Do I have the time and effort sell my home myself?

2. Am I familiar with real estate procedures and contracts?

3. Will I be available to show the property?

4. Do I have the knowledge to be able to market my property?

Consider your answers to these questions and perhaps with the help of a real estate lawyer you may be able to sell your home yourself.
If after a month or so with no sale you can always decide to list with a real estate agent. Depending on the real estate market in your area a month of lost time in the selling process might or might not be important.


When You Decide to Sell

1. You and your real estate agent will sign a listing agreement that identifies and sets out the responsibilities of each party in the buying and selling process. The listing outlines the details of the property such as the listing price and the description of the property and the commission to be paid to the listing company. The listing company pays the company representing the buyer on the day of closing.

2. The real estate agent will market your property on the MLS, the internet, feature sheets available for prospective buyers and advertising in local newspapers or magazines.

3. When an offer is received you may accept it, reject it or negotiate.

4. Once you accept the offer the buyer will usually have five days to remove any conditions contained in the offer such as home inspection and financing.

5. On the day of closing, your lawyer will allocate funds and clear mortgage obligations. He will arrange for the transfer of the property title and ensure that you are paid for any prepaid expenses such as property taxes and utility bills.


When You Decide to Buy

1. Your real estate agent will usually advise that you pre-qualify for a loan. Together you can determine what you can afford taking into account savings for a down payment and monthly expenses. You will also be advised about expenses such as land transfer tax and legal costs.

2. Your real estate agent will select properties for you to consider. Appointments will be made by your agent to view those properties that you have selected.

3. When you have found a property that you want to buy you and your agent will prepare an Offer to Purchase setting out the price you are willing to pay along with terms and conditions.

4. Your closing date (moving day!) is the day when your lawyer arranges for the payment of the property, you receive the keys to the property and legally take possession.

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