Selling a home isn’t something you do every day. Often, many years go by in between buying/selling real estate so each time you need to re-learn the process. This list should make it a little easier to help choose the right agent to list your home.
1. How long have you been in the business?
There is no “right” answer to this question. While agents that have years in the business have more experience, newer agents are often more up to date on the latest practices/technology. Newer agents also typically have less listings and more time to devote to selling your property. Keep in mind that one of the most important things your agent will do for you is negotiate. Negotiation experience is a very important factor in hiring.
2. How much real estate have you sold in the past year or two?
An agent may post on Facebook about how busy they are, spending long hours in the office or receiving offers every day- and that is great for them, but not an indication of how much real estate they are really selling. Numbers don’t lie. Ask the agent to provide their sales stats from the last 2 years for listings they have sold. It is important to work with an agent who is experienced at selling listings, not mainly buyers, when looking looking for someone to list your home. Buyer’s agents have a different skill set than listing agents.
3. What is your list/sale price ratio?
This is a great indication of negotiating and pricing skills. This number is the comparison of the price the house was listed at to the price the home sold at. Ask also for the area average. In my area, the average list/sale price is 94%- so an average agent would list a $100,000 home and sell it at $94,000. Anyone averaging more that 94% list/sale is netting their seller more money. You do want to net the most amount of money, don’t you?
4. Do you invest in your listings? How?
So many agents do the “3 P’s” of real estate and that’s it. Put the house on MLS, Plant a sign in the yard, Pray it sells. You are paying someone thousands (often, tens of thousands) of dollars to market and sell your home- so they should have some skin in the game, too. Agents who invest in their listings have ownership in selling that property. This is an important question to ask and take an agent to task on.
5. What is your average days on market?
Again, this is a question for agents who list houses, not buyer’s agents. The average days on market vs. the agent’s average days on market is a great indicator of the agent’s marketing and pricing ability. Where I live, the average days on market is 120 so anyone putting homes under contract in less than 120 days is beating the market and it is likely due to great marketing and proper pricing.
As always, The Fecteau Group is here to answer all of your real estate questions, whether you are buying or selling property. For an in-home consultation on buying or selling, simply fill out the form below.