Before You Hire an Agent, Here Are Ten Things You Should Know
Real estate agents are not all the same. You'll need some solid facts before making any decisions if you decide to use an agent to sell or buy your home. You can spend or save hundreds of dollars depending on the kind of agent you hire.
Choosing an agent is one of those crucial decisions that can cost you thousands of dollars or save you thousands. To ensure that you get the best representation for your needs, you should ask very specific questions. Some agents may prefer that you don't ask such questions because the information you'll acquire from their candid responses will give you a fair indication of what kind of results you can expect if you work with them. In real estate, as in life - not all things are created equal.
Hiring a real estate agent is similar to other hiring processes, only you're on the other side of the desk. It's vital that you make the best decision possible regarding who will manage what is likely to be your single largest financial investment.
1. What distinguishes you from others? Why should I use you to sell my house?
The real estate market is far more difficult now than it was a decade ago. What special marketing strategies and initiatives does this agent employ to ensure that your home stands out among the competition? What services does this agent provide that others do not in order to help you sell your house in the shortest time possible, with the least amount of bother, and for the most money?
2. What is the track record and reputation of your company in the marketplace?
It may appear like real estate brokers are talking about being #1 for this or that, or quoting you the number of homes they've sold, everywhere you go. If you're like most homeowners, you've probably grown immune to a lot of this data. “Why should I care about how many properties one agent sold over another?” you might wonder. The only thing that matters to me is whether they can sell my house quickly and for the highest possible price.”
Because you want your home to sell quickly and for the highest price, you should inquire about how many homes the agents you interview have sold. I'm confident you'll agree that selling houses is the key to real estate success. Ask yourself why one realtor is selling a large number of homes while another is only selling a few. What are the differences between these two agents?
Many agents sell fewer than 10 properties each year, which may surprise you. Because they can't generate the money to fund the advertising and special programmes needed to give your property a high profile, they won't be able to execute full-impact marketing on your home. Furthermore, at this low level, they are unlikely to be able to afford to hire an assistant, which means they are frantically attempting to complete all aspects of the job themselves, putting service at risk.
3. What marketing strategies do you have in mind for my home?
In comparison to the other agents you're interviewing, how much money does this agent spend on advertising the homes he/she lists? What publications or social media (newspapers, magazines, television, Instagram, Facebook, Twitter etc.) does this agent advertise in? What does he/she know about the relative effectiveness of each medium?
4. In my neighbourhood, what has your company sold?
Agents should present you with a comprehensive report of their own sales as well as comparable transactions in your area.
5. Do you or your Broker have authority over your advertising?
Your home will compete for advertising space not only with this agent's other listings but also with the listings of every other agent in the brokerage if your agent does not control their own advertising.
6. On average, how close is the selling price of your listings to the asking price?
The Real Estate Board can provide you with this information. Is this agent's performance better or worse than the industry standard? Their success on this metric will help you estimate how much money you'll get for your house when you sell it.
7. How long does it take on average for your listings to sell?
The Real Estate Board can also provide this information. Is this agent's sales pace faster or slower than the industry average? Their results on this metric will help you estimate how long your home will be on the market before selling.
8. How many buyers do you currently have waiting to buy a home?
Obviously, the more buyers with whom your realtor deals, the higher your prospects of selling your house quickly. It will also have an impact on price because an agency with many buyers can create an auction-like environment in which multiple bidders bid on your home at the same time. Inquire about the system they use to attract customers.
9. Do you have a list of clients I may call for references?
Request a copy of the list, and then go over some of the names.
10. What if I'm not satisfied with the work, you're doing to sell my house? Can I get out of my listing agreement?
Be aware of agents that tie you into a long-term listing agreement that they can get out of (by failing to promote your home adequately) but you can't. The agent's interests are normally protected by penalties and broker protection periods, but not yours. How sure is your representative that the service he or she will provide you will be satisfactory? Is s/he willing to let you cancel your contract without penalty if you're unhappy with the service?
Examine each agent's answers to these ten questions with care and objectivity. Who will provide you with the greatest service? These questions will assist you in making your decision. To find out how to work with a trusted team to help sell your home contact Team Feras Riyal @ 647-383-7111
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