REAL ESTATE
by Jim Coleman, REALTOR®
IMPORTANT QUESTIONS TO ASK YOUR PROSPECTIVE AGENT
When it comes to selecting an agent to represent you in your real property transaction, there are important questions to ask the prospective representative.
Would you give a stranger your life’s savings to invest? Incredible as it seems, that’s exactly what you’ll do if you casually select the agent to represent you in the sale or purchase of your property. It is very important in this day of tremendous competition and the horrendous volume of paper work and disclosures, that one be very deliberate, informed and comfortable when selecting the agent.
Great agents can save you thousands of dollars through their knowledge of property values, financing techniques and negotiating skills. Conversely, a less competent agent may be part of the worst financial mistake you ever make.
Here are specific questions you should ask during your agent selection process:
Is the agent working in real estate on a full-time or a part-time basis? As you wouldn’t let a part-time doctor operate on you or a part-time attorney defend you, don’t trust your life’s savings to a part-time agent. Real estate brokerage, like other professions, is a full-time business.
Some 32 years ago (1975), this writer thought he had the best of two worlds when he became licensed as a real estate agent and intended to maintain his other profession. It didn’t take long to realize he could not serve two masters. The business of real estate is too complex to try to be competent and professional on a part time basis. That was before the day of disclosures, due-on-sale clauses and non-assumabilities, and so forth. So how important is professionalism, competency, knowledge and availability today?
Is the agent a REALTOR®? Not all people who have a real estate license are REALTORS®. An agent who is a REALTOR® is a member of the local Board of REALTORS® as well as the State and National Associations of REALTORS®. As a REALTOR®, the agent is committed to the highest standards of integrity, honor, fairness and competency in business relations, and is obligated to uphold the REALTOR®′S Code of Ethics and abide by its lofty ideals.
A thorough inquiry with the licensee is very important in the selection process. Important questions asked early will help to evaluate and determine if the person considered is right for you needs.
St. George REALTOR® Jim Coleman is Associate Broker and Partner/Owner of ERA Brokers Consolidated. He works with Buyers and Sellers and Specializes in Residential, Investment and Commercial Real Estate. You can contact him by e-mail at Jim@RealtorJimC.com. Call: (435) 674-0600; or write: Jim Coleman, 201 East St. George Boulevard, St. George, Utah 84770. This and other columns are available at www.RealtorJimC.com/articles.