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Moore ... Things to be careful of when contracting a
Real Estate Broker
Not all Real Estate Agents are the same, as with most things in life most are
okay, some are very good, but also some can be very bad. So how do you choose a
good agent? To help you solve this problem, here are ten important questions to
ask before you hire an Agent.
"It's critical that you make the right decision about
who will handle what is probably the single largest financial investment you
will ever make"
These ten important things were bought to you by
Martha Gentry's Home Selling Team.
1. What makes you different?
Why should I list my home with you?
It's a much tougher real estate market
than it was a decade ago. What unique maketing plans and programs does this
agent have in plan to make sure that your home stands out favorably versus other
competing homes? What things does this agent offer you that others don't to help
you sell your home in the least amount of time with the least amount of 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 for this or that, or quoting you the
number of homes they've sold. If you're like many homeowners, you've probably
become immune to much of this information. After you ask, "Why should I
care about how many homes one agent sold over another. The only thing I carea
bout is whether they can sell my home quickly for the most amount of money."
Well, because you want your home sold fast and
for top dollar, you SHOULD be asking the agents you interview how many homes
they have sold. I'm sure you will agree that success in real estate is selling
homes. If one agent is selling a lot of homes where another is selling a
handful, ask yourself why this might be? What things are these two agents doing
differently.
You may be surprised to know that many agents
sell fewer than 10 homes a year. This volume makes it difficult for them to do
full time impact marketing on your home because they can't raise the money it
takes to afford the advertising and special programs to give your home a high
profile. Also, at this low level, they probably can't afford to hire an
assistant, which means they're running around trying to do all the components of
the job themselves which means service may suffer.
3. What are your marketing
plans for my home?
How much money does this agent spend in advertising the homes he/she lists
versus the other agents you are interviewing? In what media (newspaper,
magazine, TV, etc.) does this agent advertise? What does he/she know about the
effectiveness of one medium over the other?
4. What has your company sold
in my area?
Agents should bring you or 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, when your
listings sell, how close is the selling price to the asking price?
This information is available from the
Real Estate Board. Is this agent's performance higher or lower than the board
average? Their performance on this measurement will help you predict how high a
price you will get for the sale of your home.
7. On average, how long does
it take for your listings to sell?
This information is also available from the Real Estate Board. Does this agent
tend to sell faster or slower than the board average? Their performance on this
measurement will helpo you predict how long your home will be on the market
before it sells.
8. How many Buyers are you
currently working with?
Obviously, 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. So you have reference list of clients I
could contact?
Ask to see this list, and then proceed to spot check some of the names.
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?
Be wary of agents that lock you into a lengthy listing contract which they can
get out of (by ceasing to effectively market your home) but you can't. There are
usually penalties and broker protection periods which safeguard the agents
interests, but not yours. How confident is your agent in the service he/she will
provide you? Will he/she allow you to cancel your contract without penalty if
you're not satisfied with the service provided?
Evaluate each agent's responses to these 10
questions carefully and objectively. Who will do the best job for you? These
questions will help you decide.
These ten important things were bought to you by Martha
Gentry's Home Selling Team.
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