Agent Selection

Your home is one of your largest investments. In protecting that investment your selection of a real estate consultant is critical. Here are some rules of thumb to follow:

• Make sure the agent is licensed. To sell real estate in Illinois, a person must obtain a license through the State of Illinois by completing a minimum standard of education, examinations and experience requirements.
• Look for the REALTOR logo. Only real estate licensees who are members of the National Association of REALTORS are properly called REALTORS. REALTORS are committed to treat all parties to a transaction honestly, adhere to a strict Code of Ethics, and are expected to maintain a higher level of knowledge of the process of buying and selling real estate.
• Talk to friends and family. One of the easiest ways to narrow your search for an agent is to talk to friends and family. According to a recent National Association of REALTORS Profile of Home Buyers and Sellers, 40% of all buyers were referred to their real estate agent through a friend, neighbor or relative.
• Search the Internet. You can check local listings for REALTORS in your area or contact a local real estate agency. Is the site easily found and easy to use? If it is not then the buyers may have a hard time finding your home. Once you have narrowed your list, you are ready to set up a listing presentation.
• Interview more than one agent. These interviews allow you to meet with local REALTORS to gain insight into their experience, capabilities and personalities to determine the best match for your interests.

Some questions to ask include:

• Do you have an active license in good standing?
• What professional designations do you hold?
• Who do you represent (the buyer or the seller)?
• Do you belong to the Multiple Listing Service (MLS)?
• What have you listed or sold near this neighborhood lately?
• What is your business approach and philosophy? (Do you offer full service, or will I have to assume some responsibilities?)
• How much experience do you have?
• Do you have a referral network of home inspectors, lenders, contractors, etc.?

Home sellers should also ask:

• How many homes have you sold in the past year?
• How long were they on the market?
• What was the average sales price in relation to asking price?
• What kind of marketing approaches will you use to sell my home?

Other:

• Will you represent me exclusively or will you represent both the buyer and the seller in the transaction?
• What type of support and supervision does your brokerage office provide you?
• How will you keep me informed about the progress of my transaction?
• Could you please give me the names and phone numbers of your three most recent clients?