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I plan to put my house in California on the market soon, so I will be looking for a real estate agent to sell the property. I have been in contact with a couple of real estate agents who are active in my neighbourhood so they are candidates for the job. I plan to invite them for an interview. This will be the first time I sell a house and I don't know what questions I should ask the agents. Can people give me some suggestions? Thank you in advance.
1st and foremost:
Is this your full-time profession?
Do you have another job?
You may find a part-timer who can work seamlessly for you, but I would certainly want a full-time real estate agent, making a living in real estate, with minimal distractions outside real estate.
I would ask for some addresses of their current listings and then google those addresses. You want to see how prolific the marketing is, as well as the quality of it. Hire someone that does good marketing, not someone that has a slick listing presentation.
Ask them to bring marketing samples to your interview. Look at flyers, magazine ads, newspaper ads, etc. If someone tells you they will advertise you in the newspaper and they give you a 3 line description it's a waste.
In this day and age, the person better have their listings on ther internet, with great pictures. Get their other listings, check them out on the internet and pick which one has the better internet listings.
I sold a TH and bought a SF last year, and I never once looked at the newspaper or those terrible real estate books...I went online to a realtor's website, chose my criteria and boom! all my choices were right there. Even FSBO's know they have to be on the internet now. A good flier for when people come to the house is a must also...
Here is a link to the realtor I used for selling my house; it recently sold. Look at how she writes the description and the pictures posted. She did also place newspaper ads when she had open houses, but not every week. Please note that this woman is a full time realtor in her late 60's and is up to date. Don't settle for less! http://jeantaylor.lnfre.com/Property...93&CompanyId=2
Here are a bunch of questions you'll want to ask the listing candidates:
1. Are you a full time Realtor®?
Someone making real estate their sole career tends to be more up to date with the changing real estate practices, tends to be more committed to the profession and will be more entrenched in the real estate community than someone working a part time job. It's the difference between making real estate a side business, or a career.
2. How long have you been licensed?
You'll want to know if you're dealing with a "Rookie". Everyone has to start out somehow, and it's okay to work with a new Realtor®. A "Rookie" might have more time and enthusiasm, but you'll want to be assured that the transaction is closely monitored by the office broker.
3. How many listings do you currently have?
You want to be sure the agent you choose will be able to give you the time and attention you deserve. If the agent has more than a dozen listings, then ask if he/she has an assistant, or transaction coordinator to help with the work load.
4. What special designations and awards do you hold?
The real estate industry uses designations and awards to give real estate agents the opportunity to set themselves apart by gaining specialized education. By going beyond the license requirements, agents who hold designations invest in their expertise and are able to offer superior services.
5. How frequently will I receive news, updates and feedback?
It can be an abandoned feeling to have your home listed and then not hear from your agent for the next three weeks. Ask your agent how often you can expect to hear from him/her and tell her/him what your preferred method of communication is. Request to receive marketing updates and showing feedback.
6. Can you tell me about the current market conditions?
Your Realtor® should be able to tell you the median home price in the area, the average amount of time a home is on the market and how much inventory competes with your home.
7. How long is the listing agreement?
If the average time a listing is on the market is 90 days, you'd have to wonder why your agent wants you to sign a 6 month listing agreement. The listing time frame is as negotiable as the listing commission. Many sellers will sign a listing agreement without knowing for how long they've just committed themselves to a brokerage.
8. Does the listing come with an "out clause" or satisfaction guarantee?
Ask the agent to explain what you can expect to happen if you're no longer happy with their service. Some brokerages will assign another agent at your request and others will charge a listing cancellation fee. Others will firmly hold you to the terms of the agreement, so know what avenues are available.
9. What additional services do you offer?
Some agents will offer staging services, home warranties, or automated feedback systems to their inventory of listing services. Find out what's available.
10. What's your marketing strategy?
Anyone can put a listing on the MLS and add a few photos. Demand an extensive marketing campaign. That's where you should see your commission dollars at play. You should expect solid signage, quality photography, print ads, online ads, flyers, postcards ... the works.
10. How much do you think my home is worth?
A real estate agent is not an appraiser, but he/she can offer you a price opinion based on their market knowledge and research. Have the agent show you market data for comparable properties that have recently sold. Some agents hope to get the listing by inflating their list price opinion. Remember, neither the agent, nor the seller sets the sales price. The market will determine for how much your home sells. If the home is listed above value, the market will reject it and it will sit on the MLS without buyers taking a second look. Market pricing and a solid marketing strategy is key to a successful sale.
11. What is your commission?
Picking your Realtor based on the lowest commission is crazy. The sale of your home is likely to be one of the largest financial transactions you'll make. Listing with the lowest commission won't make a difference if your house doesn't sell. In this current buyer's market an aggressive, and extensive marketing effort doesn't come cheap.
12. Do you practice dual agency?
An agent who represents both parties (seller and buyer) is considered a dual agent. If it is important to have your agent's exclusive representation, then find out how the agent will handle the situation if one of his buyer clients wants to purchase your property.
Thank you for those who have replied my original post. The information you have provided is very useful. I was searching information on the internet and came across an article about how to hire a real estate agent. It says that I should review the following documents before I sign a contract with an agent.
Thank you for those who have replied my original post. The information you have provided is very useful. I was searching information on the internet and came across an article about how to hire a real estate agent. It says that I should review the following documents before I sign a contract with an agent.
I know what a Listing Agreement is. What are Agency Disclosure Agreement and Seller Disclosure Agreement? What should check in these documents?
Thank you.
You will want one of our California members to step up and answer these directly.
I could guess at your questions, but real estate practice varies widely from one state to another.
Those of us from other states use our own local forms.
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