08 Jun What No Real Estate Agent Wants to Be Asked in an Interview
The 1 Question Every Home Seller Should Ask Their Real Estate Agent:
You have made a decision to sell your house. You’ve been in your home for years and the thought of selling your home is daunting. There are so many things to consider and the anxiety is piling up high.
Don’t worry, there are hundreds of real estate brokerages out there that can help you. Ontario alone has over 70,000 licensed real estate agents.
However, with so many options to choose from, selecting the best Realtor to represent you can be daunting.
Doing your due-diligence at the beginning of the process is very important in selecting the right real estate brokerage to represent you.
It’s important that the Realtor is not too busy to handle your needs. Afterall, you want a successful home sale. Understanding how the agent operates and what other obligations beside your sale they have on their plate can help you make the right decision.
There may be other homes for sale in your neighbourhood that you are competing against. You may need to get your home inspected prior to sale. Finding red flags before you sell your house is important. Real estate agents can help with this—if they have time.
How Do You Know How to Select the Right Real Estate Agent?
Selecting the right real estate broker can be a daunting task. Understanding their business model is key. In order to do so, as the homeowner, you must ask questions and do your homework.
Reading a Realtors Facebook and Google reviews is important. Watch out for fake reviews and concentrate some of your time on the negative reviews. Look for key words, like selling price and the person’s experience.
Is the real estate agent an independent or solo agent? Are they the team leader responsible for a big team? Is it a husband and wife duo?
All of these come with pros and cons. It’s important, as a home seller, to do your homework and understand what is best for you.
Asking the Big Question
If you only ask one question, ask the real estate agent you’re interviewing what their business model is. This will give you an insight and a look into the future to see how your sale may go.
An independent real estate agent wears many hats. Though they try to promise one-to-one service, and many do a good job at it, they may lack other resources, such as a marketing team, digital ad management and social media expertise.
A team leader wears many hats. Hiring and firing. Payroll and accounting. Marketing and advertising.
More often than not, a team leader will struggle to devote the appropriate amount of time and attention to detail required to complete a successful sale.
A balanced business model is probably best. Such an agent will have the time to dedicate to your home sale by finding a home buyer, speaking with agents and securing the best price for your home.
They can do this because they have an organized marketing team behind the “A Team” of specialists that answers the phones, manages employees and looks after other important day-to-day tasks.
After You Ask the Question, How Will You Know You Got an Honest Answer?
You will know you got the right answer by following a few steps:
- Look on the agent’s website.
- How many listings are they carrying at any given time?
- How many agents and support staff are listed?
- What is the role and responsibility of the agent you are interviewing?
- Are they busy managing admin and support staff?
- Do they have a large number of agents they are responsible for managing?
- Can they clearly define their business model?
- Ask them to define it.
- A red flag should go up if you’re not convinced you’re going to get the attention you deserve.
Picking an Agent
There are other filters available to you that could help you make a decision when it comes to picking a Realtor. When selecting a Realtor, ask:
- What interest rate environment are we in right now?
- Are monthly mortgage payments a factor for buyers when they look at my home?
- What price range can I expect my house to sell in?
- Are flat-fee services better than percentage-based service fees?
- Are first time homebuyers a factor in my market place?
- What services do I receive for the commission rates charged?
- What is included in your real estate fee?
- Is this person amongst the top real estate agents in my local market?
- Can you explain the land transfer tax?
- Does a buyer have any tax credits they can use when selecting my house?
By asking some of these questions, selecting an agent will be easier, as you’ll gain insight as to whether this Realtor knows their stuff.
Advice in a Nutshell
- Do your homework before interviewing an agent
- Be wary of agents with big team rosters
- If they carry a lot of listings, will they have time to devote to your needs?
- If they cannot communicate their business model in a way that benefits the home seller, be careful