Be sure to do a little research and ask a few interview questions before selecting a REALTOR® to represent you.
The first question you should ask of your REALTOR® is: "How long have you been selling real estate FULL TIME?" Another great question is: "How many homes have you sold since you started in the real estate business?" A final question might be: "Why should I select you instead of someone else with XYZ Realty?" If the agent cannot give you some great reasons, be sure you call another agent at XYZ Realty.
WHEN YOU ARE BUYING A HOME SELECT THE BEST AGENT:
The foundation of your team is a GREAT real estate agent. Select the very best
one you can possibly find. The characteristics of a GREAT agent are:
The GREAT agent understands that when you are selling or buying a home, it is an educational process. Many aspects of the transaction probably have changed since the last time you relocated. Every step of your transaction needs to be thoroughly explained so you always understand what is happening.
A GREAT agent allows you to make your own decisions without any pressure. You receive only timely advice regarding your options so you can make the correct and best decisions for your family.
A GREAT agent will advise you when it is time to add outside experts such as inspectors, attorneys or tax advisers to your team. Competent, outside experts always assist GREAT REALTORS®.
A good agent can save you thousands of dollars through their knowledge of property values, financing techniques and most importantly, their negotiating skills. Be sure to select wisely.
A GREAT agent is not only a full time professional, but should have many advanced professional designations such as the Accredited Buyer's Representative (ABR), Graduate of REALTOR® Institute (GRI) and the highest designation of Certified Residential Specialist (CRS) (less than 4% of REALTORS® nationally have this designation) and the Senior Real Estate Specialist (SRES). This assures you of the agent's serious commitment to the real estate profession. Don't trust your assets to any part-time agent without proper certifications any more than you would trust a part-time doctor or a medical professional working to become a doctor to operate on you.
A good agent has many years of experience in the local market. Information about property values and player knowledge is extremely localized. The price to you is the same, so be sure your real estate professional has been in the business 20 plus years. Would you rather get aboard an airliner with a pilot who has been flying professionally one or two years or one who has been flying 20 or 30 years? The price is the same - just the outcome of eventual problems can be different.
A good agent has personal time for you. Real estate brokerage is a service business. An agent's product is real estate oriented time just as a doctor's product is medically oriented time. If your agent boasts of having several assistants, you can be sure you will be passed off to one of those assistants during your transaction. Select a real estate professional who will commit to working with you from start to finish. After all, you hired that agent, not his team of assistants.
WHEN YOU ARE SELLING A HOME:
You will need to know everything about the selling process.
What are the agent's and his/her firms marketing strategy?
What kind of advertising, and Internet promotions will they commit to doing
for you? How many expensive search engines will your property be submitted to
in order to maximize your home's exposure?
Did the REALTOR® present a detailed marketing plan in writing to you that
you can keep and review in the future?
Is the REALTOR® capable and willing to communicate effectively - and on
at least a weekly basis?
There is nothing more frustrating than never hearing from your broker after the listing is signed. - Can the REALTOR® effectively present and sell the less-noticeable assets of the property?
Ask your REALTOR® to identify the most marketable features of your home that maximize your home's desirability to the market of homebuyers.
Ask how your home's features will be promoted to the buying public. Be sure to see a sample of the broker's promotion brochures on other listings to be certain the overall presentation is of the highest quality and most professional you have seen in your marketplace.
Your real estate professional also needs to be very knowledgeable about the local community. A good real estate agent knows the competition and how competing homes will affect your sale-ability.
NEVER select a REALTOR® based on who offers the lowest commission rate:
Realize that an agent who is willing to discount his/her brokerage fee really
doesn't believe in the value of the services being offered or perhaps even the
value of your home. Would you trust a doctor to perform an operation on you
if he was willing to do the procedure for 1/3 less than his normal fee? What
if your boss asked you to work for a reduced salary because the company was
trying to increase profitability? Would you agree to a 30% or 40% reduction
in your salary? If your services demand a certain payment level for the quality
of services you can offer, why would you want to select an agent who feels their
services are not worth charging for?
Expect to pay top dollar for top services. Expect discounted abilities and services for discounted fees. You can be sure that cheap is never good and good is never cheap.
Bidding For Your Listing
NEVER choose a REALTOR® that comes to you with the highest "fair market value" price for your home if the recent comparable sales do not support the price suggested. Our industry calls this "bidding for the listing". Remember that a REALTOR® cannot magically raise the real "Fair Market Value" (selling price) of your house. Be sure the recent neighborhood comparable sales justify the market value that your broker is suggesting. Although we all want top dollar for our home, the market will likely pay only "Fair Market Value" for your property.
Consider what the buyer will know. The purchaser won't likely pay too much for a home anymore than you would when you purchase your next home. Their "Buyer Broker", will research the market to determine the actual "Fair Market Value" of any your home before writing an offer. Your area values and facts simply cannot be changed; no matter which REALTOR® you select.
If your property does not produce an acceptable offer within a respectable amount of time, the cause can most likely be attributed to one of these three factors: a) Location, b) Condition, c) and/or Price. Since your location obviously cannot be changed, consider looking at the condition and price to find your marketing problem. Condition also includes tired carpet, an out-dated kitchen or baths.
You and your broker should candidly re-examine your property condition issues
from a buyer's eyes. Simply stated, fix anything that is broken, squeaks or
shows in less than perfect condition. Consider the feedback responses your agent
has obtained from both the buyers and agents who have been through your property
already. (You should be getting at least weekly progress reports from your broker.)
Ask your agent to offer an explanation of your competition's pricing compared
to your pricing strategy. If you are expecting top dollar - as all sellers typically
do, your property needs to be in the tip-top condition that all buyers expect.
