Selling a home involves many critical and personal decisions. One of the most important decisions is the first decision you need to make after deciding to put your home on the market:
Which real estate agent should you work with?
Unfortunately, many people make this decision based on the idea that all real estate agents are basically the same. They sign with the first agent to come along, only to realize too late that they should have shopped around.
This special report by The Reel Team is designed to help you avoid that mistake by equipping you with what to look for in selecting your agent.
Start by asking your friends and family for the names of agents they know. Look around your neighborhood for the signs, ads and marketing materials of active agents in the neighborhood. Once you've compiled a list of several names, use this guide to help you determine which agent is best for you.
Here Are The Questions You Should Ask Each Agent:
Question 1- Could you send me some information about yourself?
· You can often get a good idea of which agents are most professional and most committed by looking at their personal marketing materials—brochures, direct mail, listing presentation book, etc.
· Call each name on your list and ask them to send out any information they can before you actually meet with them for a listing presentation. When you get the personal brochure or other materials, look them over and determine your initial impression of this person.
· Are the materials they presented professional? If not, you might ask yourself: If they don't have the wherewithal to properly market themselves, how will they market my home?
Question 2 - How do you approach your work?
· What you should be looking for, first and foremost, is an honest and knowledgeable individual, who works full-time, represents a solid and reputable real estate agency, and will treat your best interests as paramount. Length of time in the business, track record of success, previous experience, expertise in and knowledge of the local real estate market are all factors to consider.
· While the right agent to market your home may not be number one in every aspect, you want to make sure that the person you hire is a well-rounded individual whom you can trust and respect as a professional.
Question 3 - How many homes have you listed in the past six months?
Look for an agent who is active in your area and has experience dealing with homes and situations like yours. This Look for an agent who is active in your area and has experience dealing with homes and situations like yours. This is especially critical if your home or transaction has special features or terms that may make it more challenging than the typical home sale.
Question 4 - How many homes have you sold in the last six months?
· Beware of agents who simply gather listings and let them sit and wait for someone else to sell them.
· Your agent should have a good track record getting homes sold, which is, after all, your ultimate goal.
Question 5 - What is the average length of time your listings are on the market?
· You may automatically assume the shorter time on the market, the better.
· But take note: If an average length of time on the market is significantly faster than the average for homes in the area, is it because this agent is more effective or because he or she likes to low-ball the asking price in order to get homes sold more quickly?
· Also, take a look at what the original asking prices are for homes the agent lists versus what the homes finally sell for. This “swing” number will tell you how effective the agent is at helping clients determine the right asking price and doing what it takes to help them get it.
Question 6 How long have you been in the business?
· Depending on the agent’s background and track record, there is no hard and fast rule for what to look for here.
· An agent may have been a licensed real estate professional for 15 years, but only selling part-time and never really an active seller or maybe only handling one or two transactions per year.
· Whereas another agent may have only just become licensed one or two years ago, but has a background in real estate finance, worked in real estate law for a number of years or has been a private real estate investor and has bought and sold more than 20 homes himself in the last 10 years.
· Either way, you need to find someone who has an in-depth knowledge of the legal ins and outs of the business as well as the characteristics of the local market, and has demonstrated competence and professionalism in getting homes sold.
Question 7 - What professional organizations do you belong to?
· The minimum here should be a fully licensed professional who is a member of the local real estate board and multiple listing service as well as the state and National Association of Realtors.®
· Local community groups and business associations may also be pluses in terms of networking and insight into the community.
· However, make sure your agent is focused on what is important selling your home.
Question 8 - Do you have a personal assistant or other support staff working for you?
· Some agents employ an assistant or staff. This doesn’t necessarily mean better service, but it can be an indicator that the agent treats selling real estate as a business.
· By employing someone to handle the small details, he or she can devote more time to serving your needs.
· However, be sure you know up front how much involvement you can expect directly from your agent, and how much is usually handled by someone else. It may be fine that most of your interaction after the listing is with an assistant or other staff member as long as you don’t feel passed off onto someone else and you are kept informed of exactly what the agent is doing to get your home sold.
Question 9 - Do you have any questions for me?
· In the interview, look for an agent who asks pointed, specific questions, not someone who’s just filling in blanks on a form.
· That’s the sign of someone who is already thinking about your situation and is creating a plan of action specifically for you rather than just using a cookie-cutter approach for every client.
· Make sure you feel comfortable being around this person you will be relying on his or her expertise.
Question 10 - What marketing approach will you use for my home?
· Despite having the same basic marketing tools at their disposal Multiple Listing Service, office tours, fliers and brochures, for sale signs, MLS lock boxes, public open houses, advertising, direct mail and personal networking every real estate professional has a different marketing strategy.
· Learn each agent’s marketing philosophy, and determine what will work for you.
· Make sure the agent you choose doesn’t rely on the same marketing tool for every sale. What worked for yesterday’s seller may not get the results you want. The key is to find an agent who will use all the tools available to your best advantage.
I will have Part 2 on Wednesday
Monday, March 24, 2008
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