More often then not when a potential client gets ready to sell their home the two questions they are most concerned with: How much is the property worth? What will the agent’s commission be? It is easy to understand why these questions get so much attention, they are both centered around the all important dollar. However, when you meet with a potential listing agent there are several other questions you should be asking, we have put together a list of 5 questions you should ask a potential listing agent. While they may not seem as directly related to the bottom line, the reality is these questions will help you determine if the listing agent you are considering has the tools, resources, and knowledge to deliver on selling your home.
1. How well do you know my location?
Any agent should be well versed on the neighborhood of a potential listing before they walk through the door, even if they have never worked in that particular neighborhood! The potential listing agent should be able to share information with you such as: how many homes are currently on the market in your area, the average days on the market for comparable homes, and what are homes actually selling for in this area.
2. Do you work with buyers in this price range?
This gives you an idea as to how many potential buyers the agent has in their core database. If the answer is no it doesn’t necessarily have to be a deal breaker so long as the listing agent has a plan on how to reach potential buyers not already in their database. This is especially important for buyers in a niche market: luxury, farm & ranch, etc.
3. How do you plan to market the listing?
What is the listing agent planning on doing besides placing a sign in the yard to advertise your home. An strong agent will have a detailed and easy to understand marketing plan comprised of both digital and traditional marketing tactics to advertise the sell of your home.
4. Do you represent both sides of the transaction?
It is possible in Texas for agents to procure the buyer for a home they are also selling. You need to understand what the agent and their broker’s stance is on intermediary (an agent representing both sides of the transaction). An agent representing both sides of a transaction will have an affect on the type of relationship the agent can have with each client. IT IS IMPORTANT that you understand what this means for you in terms of representation! When you are interviewing a listing agent have them explain their stance on intermediary, and then explain it again!
5. How do you determine listing price?
This may be the most important one of all. Notice the question is not what would you price this property, but rather how did you arrive at this sales price. Remember you are hiring a professional, if pricing a home was a simple as slapping a number on a sign none of us would have a job. There are several moving parts to consider in pricing a home: the housing market, the time frame you need to sell, upgrades and improvements, the neighborhood, etc. Be sure to listen to HOW the agent is arriving at the price for your home. Their process should take all of these things into consideration. Highest is not best! The best price for your home is the one backed by research and numbers specific to your area.