Knowing which questions to ask a real estate agent during an interview is one thing. But figuring out how to evaluate the answers you receive is an entirely different matter. For example, say a listing agent you are interviewing tells you that her 2009 statistics show a 99.7% sales-to-list price ratio. What does that mean, and why do you care?
If you're a seller, you care deeply because it says the agent prices her properties right and she's aggressive at demanding her sellers get full price without concessions. Besides, last year was a slow market in many parts of the country, and many homes weren't selling at all; so 99.7% is a fabulous ratio for last year as a listing agent.
However, if you are a buyer, it gets trickier. Because in some buyer's markets like Sacramento, for example, prices have been increasing in certain price ranges due to heavy demand. Multiple offers are the norm, and listing agents are pricing homes low. So a buyer's agent might have a ratio of 110%, but it's not a poor reflection on that agent. The better question might be how many buyers have closed escrow this year with that agent? Because some buyers are losing out on every deal they write on . . . read more about Agent Interview Answers.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
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