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Ten Questions You Must Ask a Realtor Before
You List 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 90’s and
beyond requires progressive strategies that add
value and service for both buyers and sellers!
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