First time seller--Some questions to ask when interviewing listing agents
Posted 01-24-2017 at 05:31 AM by MikeJaquish
Home sellers often ask on CD how to interview agents, how to select a good agent to sell their home.
Here are a few thoughts on that.
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Here are a few thoughts on that.
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Quote:
Originally Posted by MikeJaquish
1. How long have you been licensed and working full-time?
Are you full-time, or do you have a primary day job?
Are you a salesperson, provisional broker (that is an NC thing), or broker?
Generally, a full-time experienced agent is the only logical choice. You are getting into this to sell your house, not to support a newbie in their dream.
2. How many sales have you closed, representing buyers? Representing sellers?
Anything over 20 in the last couple of years indicates reasonable current experience.
20 closings in 20 years of licensing? Walk away.....
3. What were the appraised values vs. contract price for your closed sales over the last 6 months or year?
You won't know the appraisal price for selling your house unless there is an issue or someone on the other side fumbles.
But, ask about their performance on the buy side. It reflects their skills in dealing. Appraisal value is MUCH more interesting than list price vs. sales price. The appraisal:sales price comparison considers agent performance to disinterested and professional third party opinions.
4. Will you give me a sample contract, a sample listing agency agreement, a printed or PDF CMA, a Net Proceeds guesstimate sheet, and other sample docs to study before asking me to sign anything beyond a mandated agency disclosure?
Should all be an easy "Yes," and better yet, with the possible exception of a detailed CMA, should be in their hand if you are meeting face to face after any significant prior notice.
5. Do I have to allow dual agency, designated agency, or any other form of compromise on my fiduciary representation and advocacy to work with you or your firm?
"No," is a very good answer, and particularly for a first time seller. You want full advocacy.
6. Are you my point of contact and available throughout the listing and transaction? Or, are you just involved in securing the listing, and then I am turned over to a staff and a "team?"
"A team? When will I meet the people who I will be working with?"
I.e., some agents lose sight of client service.
While many teams function well, they can also be outsourced/virtual assistants, or transient workers. Lots of turnover.
How long have your team members been with you?
7. How will we all communicate?
This is a key point.
Phone, text, fax, email, US Mail, snapchat, FB Messenger, whatever.... You all need to be on the same wavelength.
Does the agent use electronic signatures? Does the agent only use electronic signatures? Do YOU want to use electronic signatures?
And there is merit to saving all communications.
8. Can you afford to be in business?
Have you ever taken a loan advance on a commission? Pressure to pay that off is an inducement to close the sale, and could compromise the client.
Are all your dues current?
All office expenses current?
And, NO client, buyer or seller should ever hear about the agent's cost of doing business. If an agent tells you this is an expensive business to be in, thank them. Then find someone with a grip on expenses, and a bit more worldly insight into business.
Now, a good agent may tell you that your marketing dollar is better spent in one area than another, for better return on the time and dollar investment, but you should NEVER hear that "This is a really expensive business."
9. I'm serious here:
Ask the agent about their favorite listing success, and to tell you about a listing failure.
(If they've never failed, they just got their license over the weekend. "Next!")
This is a "Trust your gut" question to get them off their scripted pitch, and the agent should enjoy telling you a story or two.
Also:
You should be looking at the agents' listing histories, to see write-ups, marketing, MLS input, photos and virtual tours, because that is how YOUR property will be presented.
Separate your pride from the fact that marketing is for bring sales, not for stroking your ego.
Zillow....
Let's just say, we start with the same cow....
If I make you a hamburger, it will be lovingly crafted, juicy, meaty, and fresh and hot off the grill. (Man, my mouth is watering now.)
Zillow?
"Do you want fries with that?"
Are you full-time, or do you have a primary day job?
Are you a salesperson, provisional broker (that is an NC thing), or broker?
Generally, a full-time experienced agent is the only logical choice. You are getting into this to sell your house, not to support a newbie in their dream.
2. How many sales have you closed, representing buyers? Representing sellers?
Anything over 20 in the last couple of years indicates reasonable current experience.
20 closings in 20 years of licensing? Walk away.....
3. What were the appraised values vs. contract price for your closed sales over the last 6 months or year?
You won't know the appraisal price for selling your house unless there is an issue or someone on the other side fumbles.
But, ask about their performance on the buy side. It reflects their skills in dealing. Appraisal value is MUCH more interesting than list price vs. sales price. The appraisal:sales price comparison considers agent performance to disinterested and professional third party opinions.
4. Will you give me a sample contract, a sample listing agency agreement, a printed or PDF CMA, a Net Proceeds guesstimate sheet, and other sample docs to study before asking me to sign anything beyond a mandated agency disclosure?
Should all be an easy "Yes," and better yet, with the possible exception of a detailed CMA, should be in their hand if you are meeting face to face after any significant prior notice.
5. Do I have to allow dual agency, designated agency, or any other form of compromise on my fiduciary representation and advocacy to work with you or your firm?
"No," is a very good answer, and particularly for a first time seller. You want full advocacy.
6. Are you my point of contact and available throughout the listing and transaction? Or, are you just involved in securing the listing, and then I am turned over to a staff and a "team?"
"A team? When will I meet the people who I will be working with?"
I.e., some agents lose sight of client service.
While many teams function well, they can also be outsourced/virtual assistants, or transient workers. Lots of turnover.
How long have your team members been with you?
7. How will we all communicate?
This is a key point.
Phone, text, fax, email, US Mail, snapchat, FB Messenger, whatever.... You all need to be on the same wavelength.
Does the agent use electronic signatures? Does the agent only use electronic signatures? Do YOU want to use electronic signatures?
And there is merit to saving all communications.
8. Can you afford to be in business?
Have you ever taken a loan advance on a commission? Pressure to pay that off is an inducement to close the sale, and could compromise the client.
Are all your dues current?
All office expenses current?
And, NO client, buyer or seller should ever hear about the agent's cost of doing business. If an agent tells you this is an expensive business to be in, thank them. Then find someone with a grip on expenses, and a bit more worldly insight into business.
Now, a good agent may tell you that your marketing dollar is better spent in one area than another, for better return on the time and dollar investment, but you should NEVER hear that "This is a really expensive business."
9. I'm serious here:
Ask the agent about their favorite listing success, and to tell you about a listing failure.
(If they've never failed, they just got their license over the weekend. "Next!")
This is a "Trust your gut" question to get them off their scripted pitch, and the agent should enjoy telling you a story or two.
Also:
You should be looking at the agents' listing histories, to see write-ups, marketing, MLS input, photos and virtual tours, because that is how YOUR property will be presented.
Separate your pride from the fact that marketing is for bring sales, not for stroking your ego.
Zillow....
Let's just say, we start with the same cow....
If I make you a hamburger, it will be lovingly crafted, juicy, meaty, and fresh and hot off the grill. (Man, my mouth is watering now.)
Zillow?
"Do you want fries with that?"
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