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10 Essential Questions for Choosing a Real Estate Agent

Whether you’re embarking on your first real estate transaction or you’re a seasoned veteran, having the right real estate agent is crucial to a smooth process. But with over 2 million agents in the U.S. alone, how are you expected to find the right one for you?

Start by asking friends and family for referrals in your target area. Find out about their experiences and, hopefully, you will find a name that keeps coming up. Once you have a couple names, call the agents and set up a time to go over some basic, but absolutely essential questions.

[See: 10 Tips to Sell Your Home Fast.]

How long have you been selling real estate?

This question is key because it can lead to so much more than simply a number of years. While it is true that experience doesn’t necessarily equal success, real estate is a commission-based business and it would be very difficult for an agent to survive for a long time providing awful service. An agent who has seen many different situations is less likely to be rattled should any bumps be encountered down the road.

What is your average number of clients?

Or if you really want to be blunt: Do you, and will you, have enough time for me? No one wants to feel as if they’re thrown to the wayside while their agent is working with dozens of other clients. If your agent is working with a high volume of clients, find out how he or she plans to remedy the situation should you need additional support. Does she have other team members who can help? Does she have a licensed assistant who can offer advice?

What is your ratio of buyers to sellers?

As you talk with agents, you will find many work with primarily buyers or sellers. On many teams, there are designated buyer agents and listing agents. While it’s good to know one thing very well, this can also lead to a limited perspective. How well can your agent be expected to know what a seller may be thinking if he’s only worked with buyers, or vice versa? Not only that, but should you be looking to sell your current house and buy another, the transactions will be much more seamless should one agent be able to oversee the entire process.

What area do you cover?

You will likely encounter agents who are neighborhood experts and others who will travel halfway across the country to make a sale. It’s best to find someone in the middle. The internet now allows agents a better understanding of a larger territory, but doesn’t mean they can cover an entire state while maintaining intimate knowledge of local markets. And when working with that “neighborhood expert,” they may try too hard to fit you into a shoe that doesn’t fit. Find someone who works both in and around your main area of interest.

[See: The Best Apps for House Hunting.]

Are you part of a team?

Working with a team can have many benefits, but the relationship you will have with the other members should be clarified from the get-go. Within a team, its members will have a wider level of experience and you will often find one has more intimate knowledge of specific situations than another. However, it should be disclosed up front if the team plans for you to work with one agent the duration of the transaction, or if you will be meeting with different people at different times. You shouldn’t expect to work with just one agent, only to find you’re passed around at every step along the way.

Are you equipped to handle my unique situation?

Are you a long-term investor, first-time homebuyer, house flipper, or selling an estate? These are just a few of the unique scenarios you may find yourself and you don’t want an agent who has little to no experience in your specific area. Don’t be fooled by someone who answers the question with, “Don’t worry, I’ve dealt with this before.” Ask the agent what unique issues could arise and how she would handle them.

What type of communication should I expect from you?

At this point, you should already notice if you and the agent understand how each other communicates. Equally important, this should be where you both set expectations for how often you should be updated, the best methods to use and who all needs to be kept in the loop. These should be determined by what makes you, as the client, feel most comfortable.

Do you have a recommended vendors list?

An experienced agent will have developed trusted relationships with other industry professionals over a long period of time. From lenders and title companies to contractors and inspectors, your agent should be able to refer you to multiple sources so you can ultimately determine who works best for you. These should be recommendations, nothing more — the Real Estate Settlement Procedures Act gives you the right to choose who you work with every step of the way.

Can I have the contact information for three references?

While an agent should be able to accurately judge the customer service provided, no one can better say than his past clients. Obviously, agents won’t be handing out information for clients who hated them, so take what they say with a grain of salt. Ask specific, open-end questions based on your priorities.

[See: 10 Unorthodox Ways Your Real Estate Agent May Market Your Home.]

What questions do you have for me?

This is the most important question you will ask. The true determination of a person’s mindset and priorities is exposed by the questions she asks. Anyone can ask how much you want to sell your house for or how many bathrooms you want in your new home. If an agent takes the time to get to know you, your goals and your priorities, this is an excellent indicator he is already setting a foundation of client-centered service, for which there is no substitute.

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10 Essential Questions for Choosing a Real Estate Agent originally appeared on usnews.com

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

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
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