Questions to ask a realtor

When working with a Realtor one of the questions you should ask them is how long has he/she been a Realtor. An experienced Realtor who has been doing it for a long time has been there and done that, while a new Realtor will obviously be less experienced and may not be familiar with everything still. I would definitely be more apt to second guess something a new Realtor was doing versus an experienced veteran Realtor. This is not to say a new Realtor can not do his/her job as well or better than the veteran, but I would make a mental note of their experience in my head. An example where the seasoning of a Realtor may come into play: If you have a "unique" property that you are trying to sell, the veteran might have more experience or knowledge about selling this type of property than the newbie Realtor.

You will want to find out from the realtor if there are any other fees that you will need to pay besides the standard commission. The standard commission is 6% total, 3% goes to the listing agent and 3% goes to the buyers agent. You may be able to negotiate this fee with your agent, while these are the customary fees, there are many new companies that charge a flat rate or smaller fees, so some real estate agents will negotiate with you.

If you have children, feel free to ask the realtor about the local school system, daycare, etc. You shouldn't hesitate to ask your realtor about the basics either. Things such as where the grocery store is or the nearest dry cleaners, are all questions that your realtor can answer or find the answers for you.

One of the most important questions to ask your real estate agent is which neighborhoods appreciate higher than others. You don't want to buy a property in a neighborhood that has seen little to no appreciation.

If you're buying, ask about tax rates and trends in various area towns. They can vary considerably and will affect your total cost of ownership. Also, ask the realtor whether they work primarily with buyers or with listing. If you're a buyer, a buyer-only realtor may be a good bet.

Ask your realtor about Home Owners Associations and covenants for the neighborhoods you are considering. Ask if the neighborhood is part of any special taxing district.

Also, ask your realtor if there are any administration fees associated with the transaction. These are paid to the realty company at closing.

» DISCLAIMER: The information contained in this article on 'Questions to ask a realtor' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.