Jonathan Harris, Author at Scout Realty

How to Interview a Real Estate Agent: A Comprehensive Guide

May 18, 2023 by Jonathan Harris Leave a Comment

Navigating the real estate housing market can be a complex endeavor, whether you’re buying or selling a home. One key aspect that is often overlooked is the choice of a real estate agent to represent you.

Surprisingly, 68% of people opt for the first agent they meet. They skip the important step of talking to different agents. This could mean they end up with an agent who doesn’t really understand what they need or doesn’t have the right skills.

This selection process, frequently based more on emotion than an evaluation of competence, could potentially compromise the home buying or selling experience.

The first step is actually finding a real estate agent. But how can you ensure you make the right choice after you found them? That’s where this guide, “How to Interview a Real Estate Agent,” comes into play.

Drawing on a track record of twenty years in the industry and thousands of successful home sales, we’ve put together a comprehensive series of interview questions that can help you identify the best real estate agent for your needs.

Understanding Your Agent’s Unique Benefits and Work Process

Begin by understanding what separates your potential agent from others in the field. This could involve their unique marketing strategies, the custom tools they employ to sell homes faster, or the special rapport they have with buyers and sellers.

You’ll want to find out how their buyer’s process works to ensure your experience will be smooth and predictable. Ask about their method of deciding whether a house suits your needs.

An experienced agent won’t resort to high-pressure sales tactics but will instead educate and guide you, enabling you to make informed decisions confidently.

The Balance between Current Clients and Personal Attention

The number of current clients an agent has can tell you a lot about their work. While it’s essential they maintain a sizable client base for an updated understanding of the local market, too many clients may compromise the attention you receive. Ideally, they should be working with 10-24 clients at any given time.

Ask about their support system too. If your agent doesn’t have a team to help them, you might not get the service level you need. A great team should include a transaction coordinator to handle details, paperwork, scheduling, and manage the buyer process, preventing missed deadlines and potential deal failures.

Evaluating their Communication and Availability

Consistent communication is crucial in any real estate transaction. Regular updates on market trends, new listings, and your agent’s strategy for the upcoming week will keep you well-informed. Additionally, in a hot market, you need quick access to homes that interest you.

Having a team to assist your agent could solve this problem.

Furthermore, make sure to inquire about any up-front fees and the technology they use to make transactions more efficient. Your agent should set you up on auto-notification for new listings directly from the MLS, ensuring real-time and accurate information.

Assessing Experience and Negotiation Skills

Experience matters a lot in the real estate world. Full-time real estate agents with at least three years of experience are likely to know the local market nuances better, understand negotiation strategies, and respond effectively to buyer and seller market demands. An agent’s track record in terms of home sales last year can give you a clear idea of their capabilities.

During the interview, evaluate their negotiation skills. Ideally, they should have taken a negotiation class, as cooperative and win-win dealings tend to be more successful than contentious ones.

Lastly, an agent who offers a customer guarantee, such as a “cancel at any time” policy, shows a strong commitment to customer satisfaction.

In today’s digital age, a real estate agent’s online presence plays a crucial role. Agents should leverage social media platforms like Facebook, Instagram, LinkedIn, and YouTube to showcase properties, share market insights, and connect with potential clients.

An agent’s website should also be updated, user-friendly, and informative, featuring their services, successful home sales, and reviews.

An experienced agent will also use email marketing, keeping clients informed about latest listings and market trends. When interviewing agents, inquire about their marketing strategies and how they intend to make your property stand out. The agent’s response will provide insight into their creativity and proactivity in the real estate market.

For a more detailed understanding of the home buying process, download our full guide “How to Interview a Real Estate Agent – A Buyer’s Guide”, a resource designed to empower you on your home buying or selling journey.

The Agent Works For You

Remember that the real estate agent works for you. They are technically interviewing for a job, and as with any job interview, it’s essential to ask the right questions, assess their experience, and evaluate their track record.

By doing this, you ensure that your agent is not only competent but also the right fit for your unique needs in buying or selling a home.

In the End: Picking Your Agent

Picking the right real estate agent might seem like a lot of work. But asking the right questions and taking a close look at their answers can help. This might take time, but it will pay off. You’ll have a better experience buying or selling your home.

Use this guide on “How to Interview a Real Estate Agent.” It can help you feel more sure of your decision. Make sure your agent is looking out for you and knows what they’re doing.

The real estate agent you pick plays a big part in buying or selling your home. Spend the time to make the right choice. It can make your path to a new home smoother and more fun.

With the right real estate agent, you’re not just buying or selling a house. You’re making your dreams come true. Good luck with this exciting time in your life!

2023 Real Estate Housing Market in Middle Tennessee

May 16, 2023 by Jonathan Harris

As we enter the middle of 2023, the real estate market in Middle Tennessee continues to fluctuate and change. With the Greater National Realtors Association releasing its April statistics, there is a lot of inventory on the market. In fact, there are about 103% more houses listed this April than there were in 2022. However, whenever you look at the amount of homes sold, there’s about 28% less transactions that are happening on the market.

So, if you’re selling in Middle Tennessee, those numbers are not so great. But, if you’re looking to buy a home, you’re in luck. You have a lot of inventory to choose from, and prices are starting to come down. While listing prices are not necessarily decreasing, purchase prices are.

Maybe you’re hesitant to buy right now. But, we believe that there has never been a better time to buy a home in Middle Tennessee.

Here are two easy steps you can take to make sure you’re prepared and confident when looking for a home to buy.

Step 1: Negotiate 2-3 Years of Savings Upfront

For many potential homebuyers, high interest rates can be a barrier to entry into the real estate market. But, with the current market conditions in Middle Tennessee, it may actually make sense for you to think about negotiating 2 to 3 years of savings upfront whenever you’re looking to pursue a house. This means, let’s say for talking purposes interest rates are at 6.5% and you wish they were at 4.5%. Whatever that monthly payment difference would’ve been, let’s try to negotiate that off the purchase price. If you’re able to negotiate that off the purchase price, what you’re trying to do is refinance in the next 2-3 years whenever interest rates come down.

Here’s an example:

Let’s say you’re looking at a home with a purchase price of $500,000.

At 6.5% interest, your monthly payment would be $3,160.

But at 4.5% interest it would be $2,533 per month.

That reflects a monthly payment difference of $627.

By negotiating the purchase price down by $627 each month, you effectively offset the difference between the two interest rates, allowing you to save money on your mortgage payments.

It’s important to note that these calculations are just an estimate and don’t take into account other factors that can affect a mortgage, such as property taxes and insurance. It’s always best to work with a trusted real estate agent and mortgage lender to get more accurate and personalized information.

Step 2: Get Your House Picture-Ready

One thing you can do to be prepared is to get photographs of your existing house ready in case you find your dream home and need to act quickly. This could involve taking photographs of your home’s exterior, landscaping, and interior spaces to showcase its best features. By having your home picture-ready, you can make a stronger offer and avoid the hassle of having to get your home ready for photographs at the last minute.

In the springtime in Nashville, for example, flowers are in bloom, trees are turning nice and green, and the grass is not dead or brown from the summer heat. This is one of the best time to capture photos of your house and save them. Because, if you are able to move on the house quickly, you don’t want to have to make a contingent offer to get your house ready for photographs in a week or two. Delays like this can make a big difference in a quick market.

Is Now the Right Time To Buy?

If you’re a potential homebuyer in Middle Tennessee, now is a great time to take advantage of the current market conditions. With a surplus of inventory and interest rates on the rise, negotiating a lower purchase price and locking in a fixed-rate mortgage can help you save money in the long run. Just be sure to take advantage of the steps mentioned above to make ensure you are ready to act quickly when you find your perfect home. It’s also important to learn about why buyers or sellers markets matter. When there are more properties for sale than there are buyers looking to purchase, it gives buyers more bargaining power and often leads to lower prices.

What’s the best way to find a home in Middle Tennessee?

If you’re looking for a home in Middle Tennessee, our Property Search is easy to use, customizable, and helps you find exactly what you’re looking for.

At Scout, we understand that buying a home can be intimidating. That’s why we’re committed to helping potential homebuyers every step of the way. We pride ourselves on being knowledgeable, responsive, and honest. Let us be your guide and work with you to find the perfect home within your budget, and we’ll be there to answer any questions you have throughout the process. Call us today at (615) 868-9000 or submit our easy Buyer form.

How to Find a Real Estate Agent

May 16, 2023 by Jonathan Harris Leave a Comment

Finding the right real estate agent is a crucial step in the process of buying or selling a property. However, finding a reliable and competent agent can be a daunting task, especially if you are unfamiliar with the industry.

Many people make mistakes when hiring agents. They do this based on connections or personal relationships, instead of assessing the agent’s competency and expertise.

This guide provides valuable insights on how to find a real estate agent. We will help you find someone who will meet and exceed your expectations.

Choosing an Agent

Moving Past Guilt and Connections

People often make a mistake when selecting a real estate agent. They choose someone they know, like, or trust, simply because they feel guilty. They might feel compelled to hire a friend, relative, or acquaintance as their agent, even if that person lacks the required skills or experience.

However, it’s crucial to remember that real estate transactions are significant financial decisions that demand the expertise of a qualified professional.

Finding an Experienced Real Estate Agent

Ensuring a Successful Real Estate Transaction

When it comes to becoming a real estate agent, the requirements are not very demanding. In fact, the training needed to obtain a license is pretty minimal in many places. For example, in Tennessee, agents are only required to complete a short course that lasts about two weeks. This means that many agents enter the industry without having received extensive educational training.

Unfortunately, this lack of education often translates into a lack of practical experience. On average, agents only sell around five and a half houses per year nationwide. This low number reflects the limited exposure and on-the-job learning opportunities that many agents encounter. It’s like a baseball player who finds themselves in the World Series but has only had six chances to bat throughout the entire year. It’s difficult to expect them to perform exceptionally well in such a high-stakes situation.

In the same way, agents with limited sales experience can find it challenging to navigate the complexities of real estate transactions. Buying or selling a property involves intricate processes and negotiations that require a certain level of expertise and skill. Without adequate experience, agents may struggle to provide the best guidance and representation to their clients.

To bridge this skills gap, it’s important for aspiring agents to seek out additional education and practical experience opportunities. Continual learning and professional development can help them better serve their clients and navigate the complexities of the real estate industry. Additionally, clients looking for an agent should consider the level of experience and track record of potential agents before making their decision. Working with an agent who has a solid foundation of knowledge and experience can significantly increase the chances of a successful and smooth real estate transaction.

Benefits of Flat Fee Real Estate Agents

Save Money and Avoid Surprises

If you’re considering selling your home, there are lots of advantages that flat fee full service real estate agents can offer. Here a just a few:

Save Money – $10,000 on average: Flat Fee agents, like the agents at Scout Realty, will list your home for a fair, flat fee while providing a full service experience that includes everything from listing on the MLS to a fully executed marketing strategy that markets and sells your home in the fastest amount of time for the most amount of money.

Transparency: You know exactly what you’re paying for and the associated costs upfront, avoiding surprises at closing.

Predictability: The set fee remains the same, regardless of the final sales price, providing clarity on expenses.

Experienced Agent: You receive guidance and representation from an experienced agent dedicated to your best interests.

With a flat fee realtor, you can expect transparency, predictability, and the support of a knowledgeable agent throughout the home selling process.

How to Interview a Real Estate Agent

What Questions Do I Ask?

Remember, agents are interviewing for a job with you!

To ensure you choose a real estate agent who is both well-connected and competent, it’s essential to adopt a strategic approach. While connections can be valuable, they should not be the sole basis for your decision. By using effective evaluation methods, you can assess an agent’s competency and determine whether they are the right fit for your needs.

At Scout, we’ve developed valuable resources to help you, like our Seller’s Guide: How to Interview a Real Estate Agent. These interview questions are designed to help you make an informed decision based on the agent’s qualifications and expertise.

When interviewing potential agents, here are just a few of the questions to ask:

What sets you apart from other Realtors in the market?
How do you determine the appropriate price for a home?
Can you provide a written marketing strategy for my property?
Are you a full-time real estate agent?
How many clients are you currently working with?

Agents should not only have a genuine desire to serve their community but also the required competency to serve their clients well. By using available resources like our interview questions, you can make an informed decision considering the agent’s connections and their ability to meet your real estate needs.

Download our resources, take the time to effectively interview potential agents, and avoid the trap of hiring an agent solely because of guilt or personal relationships.

Remember, this decision will have a significant impact on your real estate experience, so it is crucial to prioritize competence and expertise when choosing a real estate agent.