As soon as you put your home up for sale, real estate agents will start calling you or popping into your home to offer you a quotation for your property. Naturally, you’ll want to go for the highest bidder – you’ll easily choose an agent that tells you what you want to hear.
An overzealous realtor that quotes your property way more than other agents do employs a tactic called “buying a listing.” It’s a popular strategy used by real estate agents that are more concerned in listing your house rather than actually selling it. If you fall for this trap, your home would get listed with that realtor’s company but will sit in the market for a long time because it is too expensive for potential buyers.
You have to keep in mind that new listings draw in a lot of buyers. So if you sign up with a company only because they give the highest quotation for your house, you could end up not selling your home for a while because of its price. So when hiring a real estate agent or broker, make sure you look beyond their quotation.
Another monetary factor
You might say that you’re going to list with a realtor with the lowest commission instead so you can get more money out of your property. Although there are agencies that do offer the lowest commission, there is no guarantee that they can sell your home fast. Remember: you get what you pay for. You can’t really expect a listing company to go above and beyond with their service when you only pay them the least commission.
Real estate companies that charge a customary amount for commission can guarantee you that they will do everything they can in their power to draw in buyers that are actually willing to buy your home. They will use tried and tested marketing strategies that will increase your house’s visibility in the market.
Choosing a real estate agent the right way
There are a number of ways to size up a real estate professional’s competency. The following are just some of the things you must consider before signing an agreement with an agent.
- Quality of service
How do you verify a real estate agency’s work ethic and quality of service? Aside from interviewing them, you can talk to recent clients. One thing you need to be sure of is that you are dealing with someone who specializes in the kind of property that you are selling. So it’s wise to ask previous clients if the properties they sold with the help of the agent were similar to yours in terms of size, amenities, location, price, etc.
- Marketing strategy
A reputable seller’s agent should also be able to discuss their marketing plan with you, both online and offline, to ensure that more potential buyers can be reached. There are many ways to advertise a property, and you should go with an agent that does not limit your options with one approach. You can even ask for a written marketing plan, which should include open houses, online listing, direct mails, and local publications. They should also give you advice on how to properly stage your home to invite more buyers.
- Track record
Find out how long the agency or agent has been in the business. A licensing authority can give you this information if you prefer to look it up before contacting the realtor. What you need is a professional who already has years of experience up their sleeves. It would also help if you choose one who has enough knowledge of the area and the kind of property in your range.
Why should you hire an agent? What makes him/her stand out? A good agent should be able to answer your questions honestly as to why they are best suited for the job. Most sellers are looking for agents who are honest, assertive, friendly, good communicators, seasoned negotiators, and always available. Make it a point to know whether the realtor you are currently talking to has these qualities or not.
If you have a unique situation, it’s also important that you make sure the agent can handle issues along the way. Don’t believe someone if they just say, “yes.” You have to probe further to ensure that they are the best candidate for the job.
- Commissions and contracts
Fees and contracts should be discussed upfront. Again, just because an agent charges the least commission it doesn’t necessarily follow that you’ll have the best deal. They can be asking for low fees because they’re only willing to market your house up to a certain extent, which could lead to limiting your buyer pool. Any good real estate agent should be confident disclosing their commission and stating their contract terms if they are honest about the quality of service they can provide you.
Your house is your biggest investment. This is why you should make it a point that you only deal with the best, whether you’re hiring a realtor or looking for someone to build a house for you.