Ten Questions You Must Ask a
REALTOR® Before You List Your Home or....
You Could Lose Big!
Most of
us sell only a small number of homes in our lifetimes. With limited
experience in real estate how are we to be capable of maximizing the profits
from our home sale? Many home sellers make the critical mistake of thinking
all REALTORS®
are the same. They list with the first agent who comes along. Does it make
good business sense to put the responsibility of selling your home with
someone who has no plan or qualifications? This special report will educate
you with valuable information that will help you make the best decision
concerning: Which real estate agent should you list with?
Start by doing a few hours of research. Ask around... get to know who has
the most signs, ads and marketing material in your neighborhood. Who’s the
most active agent? Compile a list of agent names and use these questions to
help you determine which agent is right for you.
Could you send me some
information about yourself? - You
can often get a good idea of which agents are the most professional by
looking at their promotional materials. If their own materials aren’t
professional, how well are they going to market your home? Track how long
each agent takes to respond to your request and how quickly they follow up.
If they don’t respond efficiently to your listing requests imagine how
they’ll handle potential home buyers.
How many homes have
you listed and how many homes have you sold in the last six months?
- Look for an agent who has experience with homes similar to yours and is
active in your area. If your home has special features look for an agent
with experience in those areas. Your agent should have a good record of
selling homes, not just listing them. After all, this is your ultimate goal.
What is your average
length of time from listed to sold?
- Don’t automatically assume the shorter time on the market the better. That
could reflect selling homes quickly at lowball prices. Look at what the
asking price was compared to the selling price. An agent who sells close to
the asking price and quick is effective at helping clients determine the
right price and helping them get it.
How long have you been
in business and what professional organizations do you belong to?
- The length of time a real estate agent has been licensed is not a sure
fire sign that they’ve been an active seller. They may have been in business
for 10 years but only part time, whereas an agent who’s been in business for
2 years may be a real top producer. So take into account what professional
organizations they belong to. The minimum should be a licensed professional
who’s a member of the local real estate board and multiple listing service
as well as the state and National Association of
REALTORS®. Local community groups and
associations are also pluses in terms of networking and commitment.
Do you have an
assistant or support staff? - By
employing someone to handle the details of their business the agent can
spend more time servicing your needs. However, make sure you know how much
time an agent will spend and how much time their assistant will spend on the
sale of your home. It may be fine if the assistant does most of the legwork
as long as the agent is there at the most critical times of the transaction
period.
How often will you
hold open houses? Will they be
public or by appointment only? - Simply putting a sign on your lawn and
holding open houses every Sunday will not sell your home. Too frequently
open houses make the property a target for low ball bidders. Look for an
agent with a specific plan for each open house. The plan should be just one
facet of a complete marketing plan.
What listing price do
you recommend and what is that price based on?
- Pricing is the most critical step to selling your home. Take great care in
choosing an agent with the knowledge to price your home effectively. Keep in
mind the selling price should attract prospective buyers to your home, get
you top dollar in the current market and reflect the condition of your home.
Be realistic and avoid ‘yes agents’, who will say ‘yes’ to any request or
price while your home languishes on the market. Lowball agents will try to
talk you into an artificial price simply to sell as fast as possible.
What does the listing
agreement entail, what are the beginning and expiration dates, and what are
the fee amounts I will be paying?
- Have your agent go over every detail in the listing agreement with you
until you understand it completely. Make sure the beginning and ending dates
are on the agreement; a good standard for length is three months. Know
exactly what fees you will be paying and remember that less is not always
better. If the agent stands to make very little commission you can bet it
will be reflected in the amount of time and effort that is spent marketing
your home. If the agent reduces their commission to get the listing it may
mean they intend to spend very little money promoting the property. The
normal commission is between 5 and 7 percent.
What disclosure laws
apply to me and what do I need to be aware of?
- Make sure your agent helps you with locating professional inspectors for
the various mandatory home inspections required in your area. Create a home
marketing file including a property fact sheet, a property transfer
disclosure statement, pest control report, applicable C.C.& R’s , applicable
study zones report, structural engineering report, property profile from the
title company, plans for alterations or additions, and special equipment
report for pools, spas, sprinklers and alarm systems. Your agent should be
able to handle this for you.
What types of things
separate you from your competition and will you give me some feedback?
- How effectively will they advertise? Do they have 24-hour advertising
capability? Will all the leads be followed up on by your agent’s team or
will they go to other agents who may have other listings they would prefer
to show? Agents who are innovative and offer new methods of attracting home
buyers will measurably outperform agents who rely on methods of the past.
Marketing effectively in the 21st
Century and beyond requires progressive strategies
that add value and service for both buyers and sellers!
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