Skip to main content

5 Questions Every Chicago Seller Should Ask When Hiring a Real Estate Agent

By U.S. News & World Report

Finding the right real estate agent to sell your home — especially in a market as competitive as Chicago — is no easy task. The best person for the job should have experience selling homes like yours in your area, but you also want to find an agent who you connect with on a more personal level in order to build trust.

That said, hiring a real estate agent to help you with your transaction requires due diligence from the get-go, and there are questions that every Chicago seller should be asking during the agent vetting process. According to some of Chicago’s top real estate agents, as identified by OpenHouse Realty, an agent referral company (and a U.S. News partner), here are five things you should be asking your potential listing agent.

[Read: 4 Ways to Sell Your Chicago Home Fast.]

What experience do you have selling homes in my neighborhood? The Chicago real estate market varies from neighborhood to neighborhood, and it wouldn’t be wise to assume that someone looking to buy a condo on the Near North Side would respond to the same sales tactics as someone hunting for a bungalow in South Shore. Hiring an agent who is familiar with the area where you live will go a long way when it comes to securing an offer that’s above your asking price.

“I think it’s important that you select an agent that has experience,” said Helaine Cohen, a broker with Berkshire Hathaway HomeServices KoenigRubloff Realty Group. “Real estate is local. Some agents are better at selling condos versus single-family homes.”

Will you need to stage certain rooms, hire a professional photographer or take drone footage? Or is the market so hot right now that those extra expenses won’t be necessary? Those are all questions an agent who has worked in your neighborhood will be able to answer.

Are you a full-time agent? Knowledge and experience can go a long way, but if the agent doesn’t have time to put those tools to use for you, then you’re right back to square one.

Arthur Cirignani, managing broker at Chicago Realty Partners, recommends hiring an agent that’s on the job full-time, rather than selecting someone who is juggling the sale of your home with another job.

“Sellers want to have their agent focus in on their properties on a full-time basis,” Cirignani says. “Are you available? When that phone call comes in, are you able to pick up the phone or get back to that person in a short period of time?”

Cirignani believes that sellers should hire agents who are available to field calls and actively market the home to prospective buyers. Additionally, a good listing agent will be available when potential buyers are, which can often vary from person to person, which means having the flexibility to work at any time of day can go a long way toward closing a sale.

[Read: 5 Ways to Guarantee a Higher Offer on Your Home in Chicago’s South Side.]

What’s the sale going to cost me? When selling a home, it’s easy to focus your attention on how much money you’re going to bring in from a sale. However, your agent’s fees — plus the cost of any renovations, staging services or professional photography — are going to affect your bottom line.

Tessi Davis, a broker associate with CONLON/Christie’s International Real Estate, recommends having a conversation with your agent about these costs early on to ensure that you know exactly what you’re in for as you embark on the journey of selling a property. “That’s important to understand when trying to figure out what they need to sell for,” she says. “That’s a huge, unknown factor.”

That conversation will usually start with the commission rate. Not all sellers are aware that they will be paying the commission rate of not only their agent, but the buyer’s agent, as well. That commission for both is generally set at a rate between 5 and 7 percent total, but is often negotiable.

There are also all the standard fees like transfer stamps, taxes, title insurance, attorney fees and so on. Davis recommends asking your prospective real estate agents for a sheet with a range of fees up front, as she feels it’s “good to understand where your money is going.”

What do you recommend for a listing price? While many sellers have an idea of what their property is worth, they are often not the most qualified people to set the asking price. Homeowners can form an emotional attachment to certain aspects of their home, or may feel their upgrades are worth more than they actually are.

Cohen feels it’s best to leave this decision to the people who make these decisions for a living. “The agent is the expert who knows the [comparable sales],” she says. “A good agent will set realistic expectation depending on market conditions and the history of other homes that have sold.”

It wouldn’t be out of line to expect an agent to do a complete analysis of not just your property, but your entire neighborhood in order to narrow in on a correct listing price, Cohen notes. The tools that real estate agents have at their fingertips often give them the ability to do this more quickly and effectively than a homeowner.

[Read: 4 Real Estate Trends to Know Before You Sell Your Chicago Home.]

How will you market my property? There’s no one way to reach a buyer. To put yourself in the best position to sell your home, hire an agent who will attempt to get your home in front of as many home seekers as possible.

“You’re casting a wide net, looking for as many potential buyers as possible,” Cohen explains. “It’s important to market to the buyers, and it’s also important to market to other agents because they bring buyers.”

Simply putting a home on the multiple listing service is likely not enough to get a property sold. Successful agents are now marketing using direct mail, print advertising and online platforms.

Cirignani recommends asking your potential listing agent if they plan on putting together a full-color brochure and if they will create a virtual tour. He also thinks it’s important to ask what social media channels the agent plans to use. “In this world we’re in right now, you have to be pushing the buttons,” he says. “There’s a certain segment of society that’s always on Facebook and Twitter and YouTube.”

Looking for a real estate agent in Chicago? Our Find an Agent tool can match you to the person who’s most qualified for the job.

More from U.S. News

How to Avoid Getting Burned (and Burned Out) When House Hunting in Chicago

Get The Best Price on a Lakefront Condominium in Chicago

What’s It Like to Live in Chicago?

5 Questions Every Chicago Seller Should Ask When Hiring a Real Estate Agent originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
Read Next Story

Related News

Frustration grows in Venezuela as earthquake death toll reaches 1,430

Israel and Lebanon sign framework agreement with US in ‘first step’ toward peace, Rubio says

Trump-endorsed populist poised to become Colombia’s next president as rival challenges vote