Help! (feedback, documents, negotiations, agent)

[austinsmom]

I asked this question before but I don't think I was clear with what I want to know so I'll try again. This is the first time we've sold a house so I'm clueless.

I am meeting my agent to put my house on the market this week. What should I expect to at this meeting? What questions do I need to make sure I ask? What is standard on the contract? How long are they typically? I want to be prepared. I've gleaned quite a bit of info from different threads but was hoping to get it all in one place. Thanks in advnance for any help!

[Roma]

Here are somethings I can think of right off the bat:

I would ask "how are you going to market my home"? What are all the different ways and in what avenues are you going to market it? Magazines, newspapers, internet etc. Be specific. What magazines, newspapers and websites?

How long is your contract going to be with this agent, some are 3 months, 6 months and so on. Read it well.

What is the commission and the split going to be? And how is it going to be split with the buyers agent?

Will you call me and update me weekly or how often?

Are you in Texas or NC? I know where I live in Texas we have mineral rights. Get that written up, if you do have them with your home. Are you keeping the mineral rights if you have them? Stuff like that.

Ask a lot of questions because this is your first time selling.

Good luck and I hope your home sells quickly!!!

[Sandy Nelson]

Austinmom,
Find out from your agent what the current, average amount of time for a house to sell in your area is. If it's 55 days, then your contract doesn't need to be for more than 3 months, unless you have a unique property. If the average days on market number is over 100 days, your agent will most likely want a 5-6 month listing contract. Roma gave you some good information, especially on asking what kind of updates you'll receive and how frequently.
You might also want to ask the agent if he/she has (is paying for) an automated feedback system. This program makes it really easy to elicit and receive feedback from agents who have shown your home. It can get really frustrating to have received a showing and to be left wondering if the people liked the house, what they thought of it and if an offer will be coming in. Also ask your agent where your listing will be featured. Many buyers are online, and look at sites such as Trulia, Zillow, realtor.com, Craigslist etc...
Best of luck.

Sandy

[kturbe]

Hi, I previous included this in a post, that may help! These are in addition to questions pertaining to the contract.

• 1. Client Agent Relationship: Please describe your approach to the client/agent relationship?
  
• 2. Setting the Price: What is your approach in pricing? If any Realtor is substantially higher or lower they should be able to justify the price.
  
• 3. Market Trends: What is handicapping the market currently?
  
• 4. Negotiations: What are your negotiations techniques and how do they benefit sellers?
  
• 5. Home Preparation: How would you suggest I maximize my homes sale potential?
  
• 6. Team: Who else is on your team and what areas of the process do they work with?
  
• 7. Qualified Buyers: How do you qualify buyers to ensure they meet the sales needs?
  
• 8. Tech Savvy: Ask agents there ability to utilize the internet? Over 75% of buyers use the internet when searching for a new home. How are documents prepared, etc?
  
• 9. Cost: What are the possible hidden costs that can occur throughout the process?
  
• 10. Offers: How can I tell a good offer from a bad one?
  
• 11. Timing: How can I be sure it is the right time to sell?
  
• 12. References: Can you provide references to review your service? Confirm they are Realtors®.
  
• 13. Goals: How will you help us find our new home and how does it benefit us to use you to sell and buy?
  
• 14. Communication: How will you report back to us activity on the home/process?
  
• 15. Unique ability: What makes you stand apart from 1000+ agents in the area?

Best of luck!

[gentlearts]

Don't forget to talk to 3 different experienced agents. As they go through their spiel, you will see common points and the similarities and differences.
Main points to ask: How much do you charge?
How much should I ask for my house? On what comps are you basing your opinion?
How do you feel about open houses?
What sort of advertising can I expect from your company? Insist on at least 6 pictures in MLS listings.
Will you communicate with me on a regular basis? How often? Can I expect you to return my phone calls, and answer my questions promptly?
May I specify the amount of notice I require before a showing?
How many houses did you sell/list last year?
What is the average selling time in my area?