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You will not know you have a great agent via interview. You will know you have a great agent via their performance, i.e., in the rear view mirror.
Recognize that your agent will not set the price, nor will you, in a hot hot market. Buyers will stumble all over themselves to set a price.
List price is only relevant if you and the agent do something stupid, like listing at your hopeful guess what buyers will eventually pay, instead of pricing to reasonable comps and letting buyers raise the price above.
A list I did a few years ago regarding interview questions:
1. How long have you been licensed and working full-time?
Are you full-time, or do you have a primary day job?
Are you a salesperson, provisional broker (that is an NC thing), or broker?
Generally, a full-time experienced agent is the only logical choice. You are getting into this to sell your house, not to support a newbie in their dream.
2. How many sales have you closed, representing buyers? Representing sellers?
Anything over 20 in the last couple of years indicates reasonable current experience.
20 closings in 20 years of licensing? Walk away.....
3. What were the appraised values vs. contract price for your closed sales over the last 6 months or year?
You won't know the appraisal price for selling your house unless there is an issue or someone on the other side fumbles.
But, ask about their performance on the buy side. It reflects their skills in dealing. Appraisal value is MUCH more interesting than list price vs. sales price. The appraisal:sales price comparison considers agent performance to disinterested and professional third party opinions.
4. Will you give me a sample contract, a sample listing agency agreement, a printed or PDF CMA, a Net Proceeds guesstimate sheet, and other sample docs to study before asking me to sign anything beyond a mandated agency disclosure?
Should all be an easy "Yes," and better yet, with the possible exception of a detailed CMA, should be in their hand if you are meeting face to face after any significant prior notice.
5. Do I have to allow dual agency, designated agency, or any other form of compromise on my fiduciary representation and advocacy to work with you or your firm?
"No," is a very good answer, and particularly for a first time seller. You want full advocacy.
6. Are you my point of contact and available throughout the listing and transaction? Or, are you just involved in securing the listing, and then I am turned over to a staff and a "team?"
"A team? When will I meet the people who I will be working with?"
I.e., some agents lose sight of client service once you are handed off.
While many teams function well, they can also be outsourced/virtual assistants, or transient workers. Lots of turnover.
How long have your team members been with you?
7. How will we all communicate?
This is a key point.
Phone, text, fax, email, US Mail, snapchat, FB Messenger, whatever.... You all need to be on the same wavelength.
Does the agent use electronic signatures? Does the agent only use electronic signatures? Do YOU want to use electronic signatures?
And there is merit to saving all communications.
8. Can you afford to be in business?
Have you ever taken a loan advance on a commission? Pressure to pay that off is an inducement to close the sale, and could compromise the client.
Are all your dues current?
All office expenses current?
And, NO client, buyer or seller should ever hear about the agent's cost of doing business. If an agent tells you this is an expensive business to be in, thank them. Then find someone with a grip on expenses, and a bit more worldly insight into business.
Now, a good agent may tell you that your marketing dollar is better spent in one area than another, for better return on the time and dollar investment, but you should NEVER hear that "This is a really expensive business." factually, for $30 grand, it is a very very cheap business.
And, you should never hear, "Well, that $30,000 gets split 4 ways, and I don't get it." Find someone with a grasp of business sense.
9. I'm serious here:
Ask the agent about their favorite listing success, and to tell you about a listing failure.
(If they've never failed, they just got their license over the weekend. "Next!")
This is a "Trust your gut" question to get them off their scripted pitch, and the agent should enjoy telling you a story or two.
Also:
You should be looking at the agents' listing histories, to see write-ups, marketing, MLS input, photos and virtual tours, because that is how YOUR property will be presented.
Separate your pride from the fact that marketing is for bring sales, not for stroking your ego.
Zillow....
Let's just say, we start with the same cow....
If I make you a hamburger, it will be lovingly crafted, juicy, meaty, and fresh and hot off the grill. (Man, my mouth is watering now.)
Zillow?
"Do you want fries with that?"
Location: Sarasota/ Bradenton - University Pkwy area
4,619 posts, read 7,541,245 times
Reputation: 6036
Selling a home should be like any other business transaction, but all too often sellers make emotional or impulsive decisions that cost them both money and time. Choosing the right Realtor to market your property and negotiate the sale is the most important step in the process.
So how to find the right agent? Start by looking at agents that list and sell in your neighborhood/price range, not just those that claim they are top sellers. Look at their websites, the photos used (are they professional looking?), the other Internet marketing. Internet marketing is very important as a majority of buyers do "shop" for homes on the Internet.
Interview several agents before making a decision. Your agent friends should not be offended if you ask them to do a presentation for your listing, that way you can fairly compare their marketing skills against those of agents you do not know personally.
When you interview agents, here are some suggestions for questions to ask:
How long have you been selling real estate?
Are you a full time or part time agent?
How many homes have you sold recently? What were the sales prices vs original list prices?
Have you had any expired listings recently? If so, why do you think the home(s) didn't sell?
What specific marketing plan do you have for selling my home?
Do you have your own website? (Look at their site, see how homes are being marketed.)
What list price do you suggest for my home? What documentation do you have to support that list price?
Do not pick an agent solely because the agent agrees with you on the price you wanted for your home.
Some agents tell you what you want to hear when it comes to a listing price. This is known as “buying a listing.” The agent is more concerned with getting your listing than with pricing your home properly as a part of an effective marketing strategy. Overpriced listings generally sit on the market and eventually the price will have to be reduced to attract buyers. However, by that time, your listing will be "stale" and you may find it selling for less than it would have sold for had it been priced properly at the beginning of the listing.
Marketing of your home should be tailored to the specifics of your home, your local market and customs of your local real estate market. But in general, a good listing agent should:
1) take at least 20 quality photos of your property, inside and out, that highlight the best features of your home (whether taken by the agent or a professional photographer)
2) post those photos to various Internet real estate sites (plus social media sites), with a well thought out description of your home that invites buyers to come see your home, not merely list details such as 3 bdrm, 2 baths, etc.
3) set up a virtual tour of your home if it warrants it
4) set up at least one agent/broker open house, plus as least 1 or 2 public open houses if allowed (if not allowed to hold physical open houses, then switch to virtual)
5) advertise your home in the local newspaper if it's customary in your area
6) direct mailings to your neighborhood regarding your home for sale if appropriate in your area
7) feedback on showings -- Will the agent ask other agents who have shown your home about what the buyers and agent thought of your home? Honest feedback on showing condition and price?
8) answer any buyer or agent inquiries regarding your home for sale quickly, in a helpful manner. You may be surprised at the number of agents that ignore yard sign calls by potential buyers.
Generally a home is sold through a variety of marketing tactics, not just "putting it in the MLS."
The best agent is the one who will do the most effective job of marketing the property, negotiating the most favorable terms and conditions, and communicating with the seller to make the process as smooth as possible all the way to closing.
You will not know you have a great agent via interview. You will know you have a great agent via their performance, i.e., in the rear view mirror.
Recognize that your agent will not set the price, nor will you, in a hot hot market. Buyers will stumble all over themselves to set a price.
List price is only relevant if you and the agent do something stupid, like listing at your hopeful guess what buyers will eventually pay, instead of pricing to reasonable comps and letting buyers raise the price above.
A list I did a few years ago regarding interview questions:
1. How long have you been licensed and working full-time?
Are you full-time, or do you have a primary day job?
Are you a salesperson, provisional broker (that is an NC thing), or broker?
Generally, a full-time experienced agent is the only logical choice. You are getting into this to sell your house, not to support a newbie in their dream.
2. How many sales have you closed, representing buyers? Representing sellers?
Anything over 20 in the last couple of years indicates reasonable current experience.
20 closings in 20 years of licensing? Walk away.....
3. What were the appraised values vs. contract price for your closed sales over the last 6 months or year?
You won't know the appraisal price for selling your house unless there is an issue or someone on the other side fumbles.
But, ask about their performance on the buy side. It reflects their skills in dealing. Appraisal value is MUCH more interesting than list price vs. sales price. The appraisal:sales price comparison considers agent performance to disinterested and professional third party opinions.
4. Will you give me a sample contract, a sample listing agency agreement, a printed or PDF CMA, a Net Proceeds guesstimate sheet, and other sample docs to study before asking me to sign anything beyond a mandated agency disclosure?
Should all be an easy "Yes," and better yet, with the possible exception of a detailed CMA, should be in their hand if you are meeting face to face after any significant prior notice.
5. Do I have to allow dual agency, designated agency, or any other form of compromise on my fiduciary representation and advocacy to work with you or your firm?
"No," is a very good answer, and particularly for a first time seller. You want full advocacy.
6. Are you my point of contact and available throughout the listing and transaction? Or, are you just involved in securing the listing, and then I am turned over to a staff and a "team?"
"A team? When will I meet the people who I will be working with?"
I.e., some agents lose sight of client service once you are handed off.
While many teams function well, they can also be outsourced/virtual assistants, or transient workers. Lots of turnover.
How long have your team members been with you?
7. How will we all communicate?
This is a key point.
Phone, text, fax, email, US Mail, snapchat, FB Messenger, whatever.... You all need to be on the same wavelength.
Does the agent use electronic signatures? Does the agent only use electronic signatures? Do YOU want to use electronic signatures?
And there is merit to saving all communications.
8. Can you afford to be in business?
Have you ever taken a loan advance on a commission? Pressure to pay that off is an inducement to close the sale, and could compromise the client.
Are all your dues current?
All office expenses current?
And, NO client, buyer or seller should ever hear about the agent's cost of doing business. If an agent tells you this is an expensive business to be in, thank them. Then find someone with a grip on expenses, and a bit more worldly insight into business.
Now, a good agent may tell you that your marketing dollar is better spent in one area than another, for better return on the time and dollar investment, but you should NEVER hear that "This is a really expensive business." factually, for $30 grand, it is a very very cheap business.
And, you should never hear, "Well, that $30,000 gets split 4 ways, and I don't get it." Find someone with a grasp of business sense.
9. I'm serious here:
Ask the agent about their favorite listing success, and to tell you about a listing failure.
(If they've never failed, they just got their license over the weekend. "Next!")
This is a "Trust your gut" question to get them off their scripted pitch, and the agent should enjoy telling you a story or two.
Also:
You should be looking at the agents' listing histories, to see write-ups, marketing, MLS input, photos and virtual tours, because that is how YOUR property will be presented.
Separate your pride from the fact that marketing is for bring sales, not for stroking your ego.
Zillow....
Let's just say, we start with the same cow....
If I make you a hamburger, it will be lovingly crafted, juicy, meaty, and fresh and hot off the grill. (Man, my mouth is watering now.)
Zillow?
"Do you want fries with that?"
These are great. Thanks.
Quote:
Originally Posted by 1insider
In your interviews ask if you will be charged a transaction or other fee on top of the commission. If yes, on to next interview.
I would never hire a RE agent who wants me to pay above and beyond the agreed upon commission.
In a hot seller market you don't need a lot of advertising, they hit the MLS and sell in days. Find the most experienced agent you can that perhaps can reduce the commission some due to it being a easy sell.
Six percent is for a traditional market 6 months+ to sell, lots of advertising and open houses even often included staging the home. There is not need for all that stuff right now. To pay 6% for them to add into the MLS and it sells a couple days later, we'll it seems like a lot of money for a quick sale and 30 day escrow.
Key is to make sure they are full time, worst thing they work anther full time job and cannot talk to you until after 5PM each day.
I would never hire a RE agent who wants me to pay above and beyond the agreed upon commission.
You'd be surprised how many people passively agree to be robbed by their agent in this manner. They are told the transaction fee is mandatory or "it's to pay the transaction staff" so they think everyone is paying it. I worked for a brokerage who called a $395 junk fee a "regulatory compliance fee" to smooth over objections. No, I never charged any of my clients because I am not a thief.
My sons agent recommended a painter. Not sure if she gets anything for this, but he doesn’t care as long as the job cost is reasonable and the guy does a good job. When we moved to a new state, our agent recommended many tradesmen to us that she had used before. This kind of service can only be good for an agent’s reputation and word of mouth reputation.
I don’t know who my son is using, but she seems to have dropped the ball a bit. The house next door, identical to my sons, just had an open house. I think she should have made a point to go to it.
About the commission thing.....once, when we sold a house in a week, I asked my agent if I got a discount because she only worked for a week. Her response was that she was thinking of charging me double, because she was so awesome.
I don’t know who my son is using, but she seems to have dropped the ball a bit. The house next door, identical to my sons, just had an open house. I think she should have made a point to go to it.
Agents (here, anyway) have traditionally attended a "brokers' open house" on a set day (e.g. Thursday) where they tour all the upcoming new listings, munch on goodies and drinks, and socialize. Therefore, an agent would not typically return later to the open house for buyers, unless they were escorting clients.
Traditionally, that is.
I have no idea what they are doing in this crazy market.
Agents (here, anyway) have traditionally attended a "brokers' open house" on a set day (e.g. Thursday) where they tour all the upcoming new listings, munch on goodies and drinks, and socialize. Therefore, an agent would not typically return later to the open house for buyers, unless they were escorting clients.
Traditionally, that is.
I have no idea what they are doing in this crazy market.
She didn’t go, regardless. My son asked me to list the features of the house next door to pass on to his agent.
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