Selecting the right representation is the key to successful Real Estate transactions. Here is a list of 10 questions you MUST ask to determine whether you are receiving the best value in terms of Real Estate Representation. 1. Do you have a list of references from past clients and other Real Estate Representatives? By reviewing the testimonials from past clients you will get a feel for how the salesperson handles transactions from the initial meeting to negotiations to post-sale service. Post Sale service is the most important factor, as the completion of negotiations is just the start of the work. You also want to see testimonials from other Realtors, how does the representative work with peers? What type of reputation does this person have, and will his/her peers show property and negotiate in good faith with him/her? How does the Realtor handle stressful situations, for instance when deals are falling apart before the closing date, what is the Realtors' reputation for stepping in and saving the deal? 2. You have a team, so what is YOUR role in getting my home sold? Teams are a great way for you to receive great service, and deal with a live person throughout the process. How active is the Team Leader? Will the Team Leader be accessible to you at all times, or will you be handed over to the "assistants"? Is the Team Leader a brand, or is the Team Leader hands on?3. Are you a full-time Real Estate Professional? What designations do you hold and how often do you attend continuing education courses to stay on top of market conditions? Professionalism, Education, and Experience are keys to successful Real Estate Transactions. This is not to say that someone new to the business would not be a great asset, they would bring alot of energy and excitement. However, depending on the nature of your transaction, you may feel more comfortable with an agent that has a proven track record of success. The market changes continuously, and knowledge is power. The Real Estate License is just the starting point to a great Real Estate Career. There are many courses and updates that Realtors need to attend to stay on top of the market, laws, and general strategies. The more up to date your Realtor is with current market information, the better you will fare during the negotiations.4. How many homes did you sell last year? Don't confuse length of service with experience. Just because someone has been in the business for years, doesn't mean they have been successful. Find out how many transactions they have completed over the last year or two. Suppose an agent has been around for 20 years, and sells 4 homes per year, a new agent could sell 40 houses per year and be in the business for three years. The new agent has more experience than the 20 year veteran based on the number of homes sold. 5. What is your marketing plan? The market swings back and forth like a pendulum. The market is always great, sometimes for sellers, and sometimes for buyers. If you are selling a house in a buyers market, then you need a solid marketing plan to make your home stand out. Selling in a Sellers' market? How can you maximize your return on your property? A sign in the lawn and an MLS listing is just the start, not a stand-alone marketing strategy. Is your Realtor tech-savvy? Ask for some samples of the technology they are implementing to market your home and provide you with value added benefits to provide greater exposure. Will your home be featured through social media sites, will you have videos streamed through the web to showcase your property and make it stand out? The old school marketing methods are still good for exposure, but you need to be on the cutting edge to put yourself over the top. 6. What are your home sales stats? Ask for their current statistics compared to industry averages. How long will it take and how does this timeline compare to the Real Estate Board's numbers? What is the average sale price to list price ratio for the agent vs. the board? How many Sales Representatives are in this person's office? A larger office will have more resources for the agent to pull from. They should know this information off the top of their head, or at least have the statistics readily available if they are in the business full-time.7. How often do you communicate with your clients? In today's day and age, and with the technology available, there is no excuse for them not to stay in constant contact. With email, sms, telephones, and social media, you should always be aware of the status of your home. Some agents have secure areas on their website to communicate exclusively with their clients, an option that is available to you 24/7. Does this Realtor have the tools to provide you with answers when you need them?8. What type of network do you have? Does the Realtor's network include other services you will rely on to get the job completed successfully? Do they have lenders, lawyers, inspectors, contractors, decorators, cleaning services, etc.? The stronger the network, the better off you will be. A strong network will provide you with peace of mind and make for a less stressful transaction. 9. How will you ensure that my property will receive greater attention from other Realtors? The key is to make sure your home is accessible to as many Realtors as possible. What strategies will your Realtor have in their arsenal to entice their colleagues to show your property over the competitors? Will they chargeback all or a portion of their marketing costs to other Realtors or charge Administrative fees and scare them off? Do they recommend an incentive to make your property stand out? 10. What is the benefit of choosing a full-service Realtor instead of selling it myself or through an alternative service? Although some Realtors will focus on saving you 1% or so, your focus is on maximizing your bottom line. How will your Realtor guarantee you the proper marketing and service? Will your property receive the proper attention and funding it requires to bring you a higher than average return? Ask for copies of previously used marketing materials and sample on-line collateral. You get what you pay for and your Realtor needs to deliver. Make sure you receive satisfactory answers to these 1o key questions. The answers will make a difference in how fast and for how much your home will sell. As always, this is not intended to solicit properties that are currently under contract with other brokerages. Choose wisely! Asif Khan, Realtor Re/Max All-Stars Realty Inc.
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Posted via email from Markham Real Estate Today with Asif Khan
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