21 May Questions to ask when hiring a real estate agent
In my experience far too many people are just too casual in their approach to hiring a real estate agent to sell their property, which for most of us is the biggest asset we have. We only sell a property once in a blue moon so it should be done right; with time taken to have everything considered and planned to be sure it’s handled correctly by a true professional.
Most people for some reason (probably through a lack of understanding) just ring a couple of agents and choose the one who gives them the highest opinion on price or offers the lowest commission and cheapest marketing. This would be OK if these agents actually achieved the price they quoted, but in almost every instant the cheapest agent is the cheapest for a reason.
These agents are more likely to create a much lower perception of value on your property and almost always take longer to sell a property. The longer a property takes to sell the less a buyer will pay for it! Buyers always form the opinion that there must be something wrong with the place if it hasn’t sold in a few weeks, or it hasn’t sold because the owners are asking too much. When selling your place you can’t afford for potential buyers to have these thoughts about your property, as it will cost you tens of thousands which is more than you will pay in agent fees.
It is paramount when preparing to employ an agent to forget calculating the projected costs prior to listing your property. What is most important when preparing to sell is what you end up with in the bank on settlement; a professional may appear to cost a few thousand more upfront, but will definitely give you tens of thousands more when the property has settled.
When selecting an agent you have to to see past the price, cheap fee option and look at the things that really impact on the sale process and the end result.
What to do to be sure you don’t get stuck with the cheap agent who could cost you thousands?
- Create a series of questions to ask the agents
- Interview them as if you were considering them for a job
Below is a list of questions you should use to flush out those who create the damage!
- What price bracket do you see my property sitting in? How have you come up with that figure?
- How does my house present? What else could I do to maximise the sale price?
- What sales strategy do you suggest to help maximise the sale price?
- What’s the best method for selling my property? Auction or private treaty? Why?
- What’s an approximate time frame?
- What’s it going to cost me?
- Why should I hire you?
- How long have you been working in real estate?
- What’s the state of the market?
- How long is it taking you to sell well priced listings at the moment?
- What marketing strategy do you suggest? Why?
- Where are the buyers coming from? Why?
- How will you attract buyers from out of the area?
- What will you do to introduce buyers to my property?
When selling be sure to list your property with the most valuable agent for you!