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Research,Prepare, Interview...Hire a ProfessionalJan 03 '02 Write an essay on this topic.
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The Bottom Line Research, Formulate Questions, Interview, Hire a Professional
As a previous real estate broker and multi-million dollar producer, my experience may prove beneficial to you in choosing a listing agent for your home. First of all, please understand that the listing agent is not necessary the one that will actually sell your home. His or her job is to obtain maximum exposure of your home with the least inconvenience to you possible. In fact, perhaps your listing agent should be designated the marketing agent. Before choosing the right agent for your home, the agent's job must be defined. Your chosen real estate agent should chose a target market for your property and develop a marketing plan accordingly. The marketing plan should consist of advertising, direct marketing, prospecting, word-of-mouth, brochures, direct marketing to other real estate agents, and any appropriate tasks to achieve the results that you desire. Ultimately, your agent must assist you in negotiations and provide feedback to you. This is your home, you should be kept in the communication loop. Additionally, the listing agent should have expertise in your real estate market. Talk to people (whom you trust) that have recently sold their home in your area. Ask them questions about their real estate agent. Some of the questions may be: Did you receive timely feedback about property showings? Did your agent keep you informed? Did your agent educate you about the selling process? Did your agent return your calls? Did the agent procure a sale for the home in the agreed upon time. Did the agent make false promises? Did your agent give you a written marketing plan? Did the agent perform a competitive market analysis on the home? After compiling results from the people who you talked with, keep the top three names. Next, pick up a homes magazine or go online to www.realtor.com and gather as much information about the agents as possible. Formulate interview questions that you will ask the agents when interviewing them.(Additionally, take notes about red flags that may be indicators on whom NOT to chose.) Some questions that you will want to ask: How long have you been selling real estate? (This question is not the single most important factor-in fact, new agents may prove more aggressive in procuring a buyer for your home.) How long have you lived in this area? (This question is important because you want an agent that knows the area.)Next, ask the agent some questions so that you can determine if the agent knows the real estate market in your area. For instance, ask what the average time on market is for homes in your area. If he or she does not know the answer, consider that strike one! Continue by asking similar questions about his or her company. Ask how many listings the company averages per month. Ask what percentage of their listings sell during the initial listing period. Don't forget to ask your potential agent to verbally explain how he or she will market your property. Finally, ask the agent to preview his or her portfolio. Interview three potential listing agents. The following are red flags: The agent walks into your house commenting about your beautiful home, and saying something like, "I will be able to sell this home very quickly."; The agent does more talking than listening.; The agent continually boosts of his or her accomplishments.; The agent reveals a listing price immediately. Choose an agent who is friendly, yet professional. The agent that you are interviewing should present you with a portfolio or at least a personal brochure. Look for an agent who takes notes as he or she walks through the home. The agent should be asking you numerous questions about your home and property. The real estate agent that you choose should provide you with a written competitive market analysis. The market analysis compares your home to similar homes in your area that have sold within six months to a year. This market analysis should suggest a listing price range. The range should span approximately $5000; the listing price should be suggested by the agent, but determined by you. If the agent really knows the market, he or she will be able to provide you with an approximate selling price determined by the market and an estimate of the time it will take to sell your home. When arriving at a final decision, do not pick the agent that quickly offers to extend a reduced commission to you. Although we all like to save as much money as possible, bear in mind this...If the agent is quick to reduce his or her pay, just how strong will he or she be in negotiating for you? The only promise that the agent should make is that he or she will work diligently to procure a sale in the shortest amount of time possible, at the highest price possible, with the least inconvenience to you. Notice the key phrase is that HE OR SHE WILL WORK DILIGENTLY.  |
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