Choosing a Real Estate Agent? Read This First!
When you want to sell your home, and have decided to enlist a real estate professional to help you, there are a few things you should know about your agent before signing the binding agreement.Experience is one factor but there is more to selling a home than finding an agent with years on the job.
Being the listing agent means that you could, theoretically, just list the property on the MLS and a few high traffic web sites, and then just wait to get contacted by potential buyers and their agents. And that is all… In that case you could as well list the property yourself for a flat fee and save thousands on commissions.
How many properties has you agent sold? Was he/she the sellers agent, or the buyers agent? How many properties were sold at, or near, the asking price when agent acted as sellers agent? That is an important question. Some agents will prompt you to reduce the price substantially when negotiating with the buyer. That can mean you lose a lot of money, but it is a quick sale and fast commissions for the agent.
Some agents have a challenge negotiating with the buyers agent. Some do not have the skill, or the confidence to act on your behalf and get the best price for you. In a transaction involving a substantial amount of money you will want someone skilled and knowledgeable about bargaining and negotiating.
Besides placing your listing on the MLS, what other marketing plans does this agent have? Ads? Will they host open houses? Will those open houses be advertised somewhere to draw the largest amount of house-shoppers?
Is your potential agent available seven days a week? Amazingly, some agents do not work, nor return calls on the weekends. Weekends tend to be the busiest time in real estate… What will be the average response time? This can be crucial not only when a new potential buyer makes contact, but also during negotiations when time is of the essence due to contract expiration’s.
What is the personality of this potential agent? Is she optimistic, upbeat, solution oriented? Or is she pessimistic about your property, about the market in general, unmotivated to have open houses or to otherwise show initiative?
An agent should be chosen with care. All contracts have a time limit, and you could be forced to stay with an agent for months. Make sure it is an agent you like, trust and find competent.
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