Questions ask a Realtor (selling my house).
03-03-2003, 04:11 PM
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(Oops, can't edit the thread title...I'm not illiterate...I just type that way! Anyway, the Thread should be titled Questions TO ask a Realtor (selling my house).
I'm in the process of interviewing local Realtors in hopes of finding a sellers rep. that I can work with and that will get the job done with minimal hasstle and expense. I know there is lots of experience on this board, so why not ask for opinions on finding the right Realtor?
Here are the questions I have so far, does anyone have anything to add? Also, what are some effective strategies for negotiating a lower rate (realtor commissions).
1. How long have you been selling real estate?
2. How many homes do you sell a year?
3. What is your average time on the market versus the Multiple Listing Service?
4. Where do you rank in your office? Where do you rank in your area? For how many years?
5. Where do you rank in your company... locally, internationally?
6. How strong is your name recognition in the market area?
7. What percentage of accepted contracts close? What percentage fall apart?
8. What is your marketing plan?
Where and how often will you advertise our home?
Do you advertise on television?
Do you advertise on the Internet?
9. What lead generation systems do you have to develop an inventory of buyers for your listings?
10. How many full-time assistants do you have? Do you have a listing coordinator, a closing coordinator, a office coordinator?
11. Do you have enough leads to require buyer's agents?
12. Do you provide us with written activity reports of the showings and realtors and prospective buyer comments?
13. Will you give us your professional opinion on how to prepare our home for showings?
14. Do you use the same pricing strategies that an appraiser will use when we get a contract on our home?
15. Do you have a list of references that we may call?
Thanks for any other advice or insight you might have!
Cheers -
I'm in the process of interviewing local Realtors in hopes of finding a sellers rep. that I can work with and that will get the job done with minimal hasstle and expense. I know there is lots of experience on this board, so why not ask for opinions on finding the right Realtor?
Here are the questions I have so far, does anyone have anything to add? Also, what are some effective strategies for negotiating a lower rate (realtor commissions).
1. How long have you been selling real estate?
2. How many homes do you sell a year?
3. What is your average time on the market versus the Multiple Listing Service?
4. Where do you rank in your office? Where do you rank in your area? For how many years?
5. Where do you rank in your company... locally, internationally?
6. How strong is your name recognition in the market area?
7. What percentage of accepted contracts close? What percentage fall apart?
8. What is your marketing plan?
Where and how often will you advertise our home?
Do you advertise on television?
Do you advertise on the Internet?
9. What lead generation systems do you have to develop an inventory of buyers for your listings?
10. How many full-time assistants do you have? Do you have a listing coordinator, a closing coordinator, a office coordinator?
11. Do you have enough leads to require buyer's agents?
12. Do you provide us with written activity reports of the showings and realtors and prospective buyer comments?
13. Will you give us your professional opinion on how to prepare our home for showings?
14. Do you use the same pricing strategies that an appraiser will use when we get a contract on our home?
15. Do you have a list of references that we may call?
Thanks for any other advice or insight you might have!
Cheers -
03-03-2003, 05:07 PM
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Start with the references! The answers to all the other questions will become apparent.
Top producers (measured in sales and listing DOLLARS, not numbers of houses sold) are famous for focusing on the big commissions and don't service sellers whose home will yield small to medium sized commissions. I've found that agents in the $3-5million / year who LISTEN and are sincere are the best.
Good luck!
Top producers (measured in sales and listing DOLLARS, not numbers of houses sold) are famous for focusing on the big commissions and don't service sellers whose home will yield small to medium sized commissions. I've found that agents in the $3-5million / year who LISTEN and are sincere are the best.
Good luck!
03-03-2003, 08:56 PM
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Most important.... How much are you going to charge me to sell my house?
I just bought my house about 9 months ago. There is no way in hell I will ever use a realtor again(I say that now...
). I will go "for sale by owner". The lady that sold me this house paid the realtors about $10,000 after I found the house myself, looked at it, decided it was the house I wanted, let my realtor talk me into offering more than I wanted to offer and acted like I didn't exist about 2 weeks before closing.
Put an ad in the paper, have a few open houses and if a realtor wants to sell it to one of their clients, give them 2%. Unless you are in a big hurry to sell the house, you should do just fine.
I just bought my house about 9 months ago. There is no way in hell I will ever use a realtor again(I say that now...
). I will go "for sale by owner". The lady that sold me this house paid the realtors about $10,000 after I found the house myself, looked at it, decided it was the house I wanted, let my realtor talk me into offering more than I wanted to offer and acted like I didn't exist about 2 weeks before closing. Put an ad in the paper, have a few open houses and if a realtor wants to sell it to one of their clients, give them 2%. Unless you are in a big hurry to sell the house, you should do just fine.
03-04-2003, 09:01 AM
#4
I agree with MyBad. References should play a major part in your decision. Also look in your neighborhood. Are there other 'for sales'? if yes, go to the open houses, this will allow you to see the realtor in 'their' own environment.
I disagree with GChambers, unless you really know your local market, not going with a realtor can hurt you. We recently sold our home. Our realtor (on the sales side) listed my house for 20% higher than I would have listed it and negotiated a final price on our behalf that was significantly more than we expected. I really didn't understand the 'comps' in our area and she really did. After paying the commissions, we were still multiple-thousands ahead.
Michael
I disagree with GChambers, unless you really know your local market, not going with a realtor can hurt you. We recently sold our home. Our realtor (on the sales side) listed my house for 20% higher than I would have listed it and negotiated a final price on our behalf that was significantly more than we expected. I really didn't understand the 'comps' in our area and she really did. After paying the commissions, we were still multiple-thousands ahead.
Michael
03-04-2003, 09:17 AM
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<rant>
Ex-real estate professional here... so here's a few things that are reality:
#3. Improperly priced homes lead to longer days on the market. Not the Realtor aggressively marketing your property (internet, etc.) The Internet and paper only generate new buyers for the Realtor, once the buyer realizes they don't want your house! Ever see a Realtor say "Let's go look in the paper for a new home to buy?" Once your listing hits the MLS the action starts. If there is a person looking for a home like yours -- in the right price range and neighborhood -- you'll know right away! Be realistic in pricing -- no one loves your home like you do, and they don't care about the nice curtains that they're going to get rid of!
#6. That is called farming. Name recognition in the neighborhood IMHO is BS. It's a way to get you to feel like the Realtor is an expert in your neighborhood and a way for them to get listings. How many magnetic calendars are on YOUR fridge?
#7,10 Good one! Any successful Realtor has an assistant. That also means they're probably using a good management system. "Top Producer" is the premiere software. This system will generate the updates you're interested in, and it will generate reminders to keep on the escrow. BUT, if you get a rookie that you believe in, feel free to say, I like you and will use you if you partner with a more established person on this deal (like the MANAGER). This way you get the Realtor you like, and the deal is likely to close well. I would make sure you find a really good escrow officer!
Last things -- you are a seller. You have your motivations for selling. Realtors want to know HOW motivated you are. If you aren't very motivated, your price will probably be ridiculously over-priced. You probably are also less willing to concede $200 to replace some broken thing the buyer wants replaced. Ask yourself if you are willing to "go to the mat" over that item -- is it a deal killer?
Ask yourself how much are you willing to sell for, and how long are you willing to wait. Also, ask your Realtor if you are being REALISTIC in your price. If your Realtor comes in and says your way over priced, and then a second says I can sell it, no problem (at the ridiculous price) then you may want to consider that some Realtors will tell you ANYTHING to get the listing. Then they lower the boom on you! You may want to get a 3rd or 4th listing appointment.
Most important -- many Realtors are really professional and will do a good job at selling your house. They have to deal with a truckload of personalities and issues -- homes are personal after all.
Good luck.
<rant>
Ex-real estate professional here... so here's a few things that are reality:
#3. Improperly priced homes lead to longer days on the market. Not the Realtor aggressively marketing your property (internet, etc.) The Internet and paper only generate new buyers for the Realtor, once the buyer realizes they don't want your house! Ever see a Realtor say "Let's go look in the paper for a new home to buy?" Once your listing hits the MLS the action starts. If there is a person looking for a home like yours -- in the right price range and neighborhood -- you'll know right away! Be realistic in pricing -- no one loves your home like you do, and they don't care about the nice curtains that they're going to get rid of!
#6. That is called farming. Name recognition in the neighborhood IMHO is BS. It's a way to get you to feel like the Realtor is an expert in your neighborhood and a way for them to get listings. How many magnetic calendars are on YOUR fridge?
#7,10 Good one! Any successful Realtor has an assistant. That also means they're probably using a good management system. "Top Producer" is the premiere software. This system will generate the updates you're interested in, and it will generate reminders to keep on the escrow. BUT, if you get a rookie that you believe in, feel free to say, I like you and will use you if you partner with a more established person on this deal (like the MANAGER). This way you get the Realtor you like, and the deal is likely to close well. I would make sure you find a really good escrow officer!
Last things -- you are a seller. You have your motivations for selling. Realtors want to know HOW motivated you are. If you aren't very motivated, your price will probably be ridiculously over-priced. You probably are also less willing to concede $200 to replace some broken thing the buyer wants replaced. Ask yourself if you are willing to "go to the mat" over that item -- is it a deal killer?
Ask yourself how much are you willing to sell for, and how long are you willing to wait. Also, ask your Realtor if you are being REALISTIC in your price. If your Realtor comes in and says your way over priced, and then a second says I can sell it, no problem (at the ridiculous price) then you may want to consider that some Realtors will tell you ANYTHING to get the listing. Then they lower the boom on you! You may want to get a 3rd or 4th listing appointment.
Most important -- many Realtors are really professional and will do a good job at selling your house. They have to deal with a truckload of personalities and issues -- homes are personal after all.
Good luck.
<rant>
03-04-2003, 04:09 PM
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How long have we known each other?
Seriously, it's best to work with someone you know well. Sometimes an agent has good performance by persuading their customers to accept a lesser deal than they should. A good agent will work hard to get you the deal you want. My agent (a friend of the family) got us about $50k more than we thought possible when we sold our place, and got us $7k less on the place we bought. AND he only took a 5% commission on the sale.
Seriously, it's best to work with someone you know well. Sometimes an agent has good performance by persuading their customers to accept a lesser deal than they should. A good agent will work hard to get you the deal you want. My agent (a friend of the family) got us about $50k more than we thought possible when we sold our place, and got us $7k less on the place we bought. AND he only took a 5% commission on the sale.
03-09-2003, 12:14 PM
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The sales and the technical parts of the transaction are different. It takes fire to sell, but persistence to close. Almost all deals have some bugs. Find a Realtor that can fill you in on the fine points. And like all things in life, you get what you pay for. Low commission listors must have low self esteem. The industry standard for your area evolved over time and usually is what is required to stay in business. I always charged higher rates than the competition, and the customers were glad to pay it. If someone tells you all their deals close, keep looking. An agressive agent will have about a 25% fall out rate. Any less, and they are not aggressive enough. If you want to see how it is on the other side, read "Winning Through Intimidation". Great Book.
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