10 Things You Need to Know Before You Select an Agent

Not all real estate agents are the same. If you decide to seek the help of an agent when selling or buying your home, you need some good information before you make any moves.

Selecting an agent is a critical issue which can cost or save you thousands of dollars. There are very specific questions you should ask to ensure you get the best representation when selecting an agent. Many agents prefer you not ask these questions, because the knowledge you gain from their honest answers will give you a good idea about what outcome you can expect from using this agent. And let’s face it in real estate, as in life not all things are created equal.

Hiring a real estate agent is like any hiring process with you on the employer’s side of the desk. It is critical you make the correct decision as to who will handle what may be the single largest financial investment you will ever make.

Here are the Questions:

1. What makes you different? Why should I list my home with you?

It is a much different real estate market than it was a decade ago. What unique marketing plans and programs does this agent have in place to make sure that your home stands out favorably versus other competing homes? What things does this agent offer you that others do not to help you sell your home with the least amount of time and hassle and for the most amount of money?

2. What is your company’s track record and reputation in the market place?

It may seem like everywhere you look, real estate agents are boasting about being #1 or quoting you the number of homes they have sold. If you are like many homeowners, you are probably numb to much of this information. Why would you care how many homes one sold over another. The only thing you really care about is whether an agent can sell your home for the most amount of money.

Because you want your home sold fast and for top dollar, you should be ask the agents how many homes they have sold. I am sure you agree success in real estate is selling homes. If one agent is selling a lot of homes where another is only selling a handful, ask yourself why? What things are these agents doing differently?

You may be surprised to know that most agents sell fewer than 7 homes a year. This volume makes it difficult for them to do full impact marketing of your home, because they can not spend the money it takes to launch special programs to give your home a high profile.

3. What are your marketing plans for my home?

How does the agent you are speaking to market your property versus the other agent you interview? What tools are utilized (Talking House, Internet, Virtual Tours,etc.)?

4. What other homes have recently sold in my area?

Agents should bring you a complete listing of both their own, and other comparable sales in your area.

5. Does your broker control your advertising or do you?

If your agent is not in control of their own advertising, then your home will be competing for advertising space not only with this agent’s other listings, but also with the listings of every other agent in the brokerage.

6. On average how close is the selling price to the asking price?

This information is available from the Real Estate Board.

7. On average, how long does it take for listings to sell?

This information is also available from the Real Estate Board.

8. How many Buyers are you currently working with?

The more buyers your agent is working with, the better your chances are of selling your home quickly. It will also impact price because an agent with many buyers can set up an auction-like atmosphere where many buyers bid on your home at the same time. Ask them to describe the system they have for attracting buyers.

9. Do you have a client reference list I could contact?

Ask for a references or two.

10. What happens if I’m not happy with the job you are doing to get my home sold? Can I cancel my listing contract?

Some agents lock you into a lengthy listing contract. How confident is your agent in the service provided? My listing contract is ideally no less than the average marketing period.