Carrie J. Sokoloski, Realtor®, Keller Williams Western Montana Realty.
You're probably aware of the sweeping impact the pandemic had on the real estate market across the country. In our area, much of our inventory quickly sold. The lack of homes for sale has put potential sellers in the driver's seat. Agents are competing for just a handful of sellers.
Sellers have their pick of real estate professionals and a market hungry for new listings. It's more important than ever to determine which agent is the best fit for you and your listing. Sellers want a professional who's going to provide a great selling experience. With this in mind, here are a few important questions you should ask potential agents when looking for the right real estate professional to list your home.
1. Are you a full-time real estate agent? It can take time for an individual to establish themselves in real estate. For this reason, many agents start on a part-time basis. They may be working to supplement their retirement or juggling a career and working only casually in real estate. This might make them less available to you due to scheduling around other obligations. If you're working with an agent, you want to know that you, and real estate, are their number one priority. This can help prevent future frustration when dealing with negotiations and other stressful situations that may arise during the sale process. You can't expect adequate representation if your agent's attention is focused elsewhere.
2. How much do you charge and how do you get paid? The most common way for a real estate agent to get paid is by commission at closing. The listing agent splits their commission with the buyer's agent. As a seller, you need to ask if the commission is negotiable and how much of the commission the agent is going to offer to potential buyers' agents. This is important because you want your listing to be competitive with other listings. It may deter buyers' agents from showing your property if you are not offering a commission split that is on par with other commissions offered on comparable listings in your market. It's also important to note that not all agents and brokerages will negotiate on their listing commissions. Some brokerages have set policies on commissions while others treat their agents as independent businesses with the freedom to conduct business the way they choose.
3. How did you arrive at the recommended sales price? Can you explain the process in detail? What comparable sales did you use? A comparative market analysis (CMA) is a useful tool in determining a home's value. It analyzes detailed information for three or more homes that are comparable to your home and recently sold in your market. In a smaller market, like Seeley Lake, this can be challenging with less inventory and a wide variety of construction styles. This means that you must possess the necessary market knowledge and skill to appropriately read and adjust those sales that are available. It's not enough to just simply throw out a price. The agent should be able to provide sound reasoning for the process used. The process is just as important as the final price. Don't allow yourself to be charmed by big numbers. Overvaluing a property can be a turn-off to buyers and can be detrimental to the quick sale of your home.
4. How many sellers and buyers are you currently representing? You need to know just how busy your agent really is. Do they have a team helping make sure everything is getting done? Find out how much of their personal time you can expect to get. And don't forget that the other buyers and sellers they are representing may be your direct competition.
5. Will I be working with you directly or with members of your team? It's common for agents to create a team of talented employees to help them facilitate transactions. But what happens if you hire an agent based on their reputation, only to find out that you are dealing with everyone except them? If you chose an agent based on their expertise, there's nothing more frustrating than feeling like you've been handed off to a complete stranger. If you're working with a team, be sure that's clear and meet the team members so you know exactly with whom you are dealing.
6. What is your availability? This question ties in with question number 1 as well. If an agent is full-time, they will likely have more flexibility in their schedule to show properties. Some agents also try to structure their showings around weekends or other days. Make sure you discuss this up front to avoid potential disappointment over missed opportunities or delayed showing. Clarify whether or not the agent is available by phone on days they can't meet with clients.
While there are many important factors to take into consideration when hiring a real estate agent to sell your home, these questions can help add new perspective. They are a great way to help separate a good real estate agent from a great one!
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