If you’re in the market for a home, be it a new construction or a resale, a real estate agent will help you make it the best investment possible. But how do you choose a real estate agent? What special knowledge should your Realtor have when you plan to buy a home in a 55+ community? We’re here to give you a quick guide with our list of questions to ask when choosing a Realtor. Here’s why that’s important.
To legally represent you, real estate agents must be licensed. However, not all real estate agents have the same training or experience. The term “Realtor” applies only to those agents who are members of the National Association of Realtors. These professionals are held to exacting standards, ensuring a positive experience.
At 55places.com, we hand-pick our Partner Agents based on their expertise in the active adult space and their deep knowledge of the real estate market. This gives us confidence that our Partner Agents will provide you with informed answers to every question, helping you navigate your needs to find your next home.
“Don’t be afraid to ask questions when meeting with a real estate agent. And, if you aren’t happy with the responses, it’s okay to shop around for a new agent.”
Chad Walker, Vice President of Sales and Real Estate Operations at 55places.com
This article will explore ten questions that can help you find the most qualified Realtor or real estate agent for finding a home in a 55+ community.
1. Are you a full-time agent?
This entry on our questions to ask when choosing a Realtor might seem personal. Some real estate agents only work part-time. This might not be a problem if they’re sure to work flexible hours and make time to accommodate your schedule. However, you may feel more comfortable knowing that your agent is working full-time hours. Those who do generally have more availability for showings, meetings, and responding to your inquiries.
2. How many homes have you sold in this specific community?
When you move to an active adult community, you’re investing in the development as much as the home itself. Knowing how many homes a real estate agent has sold in the community will tell you how much insight they’ll have into the development and its history. They’ll be better positioned to answer questions about community dynamics, amenities, and future development plans.
3. What specific community rules should I be aware of?
Active adult communities have rules in place regarding the upkeep of homes and the conduct of residents while in community buildings. In age-restricted communities, rules regarding the ages of people who live in your home or the length of time underage visitors can stay are also common. Your real estate agent should be familiar enough with these rules to provide you with accurate information.
4. Which models or floor plans will suit my needs?
When you first meet with a real estate agent, bring a list of features you want in your new home. The agent should have enough knowledge about the available homes to help you find a good fit. An experienced agent will be able to break down which models offer the best value and which best fit your specific needs.
5. Will you show me listings of other agents?
This one on our list of questions to ask when choosing a Realtor might not be obvious. Real estate agents have their own listings, but their job is to serve your best interests. If they aren’t willing to show you other agents’ listings, provided they fit your needs better, then they aren’t looking out for you. The listing agent is representing the seller, you deserve an agent who is focused on your interests.
6. What’s the sale-to-list price ratio in this community? And what’s your ratio when helping buyers?
The sale-to-list price ratio compares recently sold homes’ list prices to their actual sales prices. For example, homes in a community may typically sell for 95% of their list price. If an agent’s personal ratio in that community is 90%, they save their clients more money on average. Keep in mind that many factors contribute to this ratio, so it shouldn’t be the only reason to consider an agent.
7. What specific skills set you apart from other agents?
Real estate agents can have a wide range of training beyond their basic license. Some are members of the National Association of Relators. Many have earned local sales awards or distinctions. Others complete specialized training, such as becoming a certified Seniors Real Estate Specialist (SRES). Those with such training may be better suited to understand the needs of older adults.
8. How familiar are you with the financial considerations of retirees and near-retirees?
Buying a home in a 55+ community often involves different financial considerations than traditional home purchases. Agents with experience in retirement-specific financing options, tax implications, and how homeowners’ association (HOA) fees will factor into your long-term budget can help you make more informed purchasing decisions. The agent you choose should be able to answer questions about reverse mortgages, strategies for downsizing equity, and how community fees may change over time.
9. Can you connect me with trusted local resources for aging-in-place modifications?
You may occasionally need to make accessibility modifications to your home. A skilled agent will have connections with contractors, designers, and healthcare professionals who have experience modifying 55+ homes. They should be familiar with which modifications add the most value to your home while still meeting your needs. Ask if they can provide references to professionals who have worked for past clients in similar communities.
10. What lifestyle amenities do residents use most in this community?
The marketing materials for a 55+ community will list all the available amenities, perhaps highlighting the ones they’re most proud of. But if those amenities aren’t frequently used by residents, you may find that an amenity you were excited about doesn’t have much community around it. A skilled agent can answer questions a bout the community’s social calendar, popular clubs and activities, and how well new members integrate into the community.
55places Connects You With a Real Estate Agent
These are some of the most essential questions to ask when choosing a Realtor, but you may have many more homebuying questions. 55places is the number one resource for active adult communities. We can connect you with a real estate agent who specializes in active adult living. If you’re ready to start your homebuying journey, contact us today!
