Not all real estate companies are the same. If you decide to seek the help of a
realtor when selling or buying your home, you need some good information before
you make any moves.
Picking the right realtor is one of those critical issues that can cost or save
you thousands of dollars. There are very specific questions you should be
asking to ensure that you get the best representation for your needs. Many
realtors would prefer you don't ask these questions because the knowledge
you will gain from their honest answers will give you a very good idea of what
outcome you can expect from using this realtor. And let's face it - in real
estate, as in life - not all things are created equal.
Hiring a realtor is like any hiring process - with you on the bosses
side of the desk. It's critical you make the right decision about who
will handle what is probably the single largest financial investment you will
ever make. You should ask your realtor the following questions.......
1. Do you make it easy for buyers to get information about my home?
You may be surprised to know that the two marketing tools realtors use to
sell homes (open houses and big company ads) are actually not very effective at
all. In fact, according to The National Association of Realtors, less than 3% of people purchase their home as a result of calling on a company ad, and less than 1% of homes are sold at an open house. How do most homes in Oakville sell? Plain and simple - The Multiple Listing Service. When a realtor puts a home on the MLS, EVERY realtor from EVERY company has access to show and sell that home.
Furthermore, the prospects calling for information on your home probably value
their time as much as you do. The last thing they want to be subjected to is
either a game of telephone tag with a realtor or an unwanted sales pitch. Make
sure the ad your realtor places for your home is attached to a 24 hour pre-recorded
hotline with a specific ID # for your home which gives buyers access
to detailed information about your property day or night, 7 days a week. I
have found that 3 times as many buyers call for information on your home under
this system. And remember, the more buyers you have competing for your home the better, because it sets up an auction-like atmosphere that puts you in the
driver's seat. Also, make sure your realtor uses virtual tour technology that is easily distributed on social networking sites such as facebook, twitter, linkedin etc...
2. What is your commission and why are you worth it?
Don't ever agree to any commission unless you are shown exactly how this realtor earns it. FACT - Real Estate Commissions are NOT set by law!
3. Do you have at least 1 Assistant to help you?
Most realtors work all by themselves without any support making it difficult for
them to provide you with a consistently superior level of service. The job of
real estate has many and varied parts to it. Just as you wouldn't expect a
doctor or lawyer to answer phones or type letters, so your realtor
shouldn't be spending their time on simple, but time consuming, tasks that could
be delegated. If the realtor doesn't have assistants to cover each aspect of your transaction, you should ask yourself how much time they really have to get
your home sold. Note: An assistant is much different than the company receptionist. The company receptionist works for ALL realtors in the office, but an assistant only works for one realtor.
4. How, specifically, do you attract buyers?
The realtor should be able to explain, step-by-step, how they attract buyers and
show you evidence. If they can't, hire another realtor! Do not hire any realtor
who tells you their reputation will somehow attract buyers! Make them prove
it!
5. What has been sold in my area?
Realtors should bring you a list of comparable sales in your area.
6. What specific Advertising will you be doing to get our home sold?
If they expect to get your home sold by using only a big company ad, open houses or a
mediocre website then you are in big trouble. Make them be specific and put
what advertising they promise in writing!
7. On average, when your listings sell, how close is the selling price to the
asking price?
Their performance on this measurement will help you predict how high of a price
you will get for the sale of your home.
8. How many buyers are you currently working with? Do you have a list? How do you track your buyers?
Obviously, the more buyers your realtor is working with, the better your chances
are of selling your home quickly. It will also impact price because a realtor
with many buyers can set up an auction-like atmosphere where many buyers bid on your home at the same time. Ask to see the list and describe the system they use for working with these buyers. (They should have the list of buyers with them at ALL times) If they have a lot of buyers, they will certainly need a computerized system to keep track of them. If they can't or won't show you a list of their buyers, hire another realtor!
Note - There is a BIG difference between a list of actual buyers and a print-out of a database. An actual buyer list should contain the buyer's financial qualifications as well as what type of property they are interested in. Anything other than this type of list just doesn't cut the mustard!
9. What makes you different? Why should I list my home with you?
It's a much tougher real estate market then it was 5 years ago. What unique
plans and programs does this realtor have in place to make sure your home
stands out favourably among other competing homes? What things does this realtor offer you that others don't to help sell your home with the least amount of hassle and for the most amount of money? What type of technology do you use to help sell my home? Can you give me a demonstration of that technology? Note - Some of the most effective tools in real estate today are 24 hour hotlines, Social Networking Websites, Interactive websites, Talking House Radio Transmitters, Fax-on-demand, etc. Remember, have them demonstrate while they are at your home.
10. Can I cancel my Listing at any time?
Don't ever sign anything unless this realtor can guarantee, in writing, that they
will cancel your listing at any time if you decide not to sell your home or if you are not satisfied with the service being provided.
Bonus Question : Ask them how their services compare to other companies and be specific. Ask them about specific companies.
If they say ANYTHING negative about another company or try to make another company look bad, hire another realtor! Get the facts for yourself! Also, if they brag about how many homes they sell, how good they are or that they are #1, RUN THE OTHER WAY! It seems EVERY real estate company is claiming to be #1.
At Century 21 Miller Real Estate Ltd. we encourage you to compare any other company's services to ours based on FACTS not FICTION!
