An internet search for - 'how to choose a realtor, ' returns results numbering in the millions. A random read of 10 or so even those written by non REALTORS® will produce the same oft repeated advice and chances are it revolves around why one should or shouldn't sell privately or hire based a REALTOR® offering a lower commssion rate/fee.
That advice differs in many ways from what you will read here possibly because I entered this field determined that my clients would have the same excellent service that I, as a consumer, require of anyone who acts on my behalf. When all is said and done we all want to come away with the impression that our business mattered and we couldn't ask for better service.
It boils down to 7 essential qualities. When honesty, integrity, trustworthiness, loyalty, knowledge and skill are all present and dutifully applied by the servicer, the client feels satisfied that the job was done very well. When it comes to choosing a REALTOR® you need to satisfy yourself that all of these are present before you sign on the dotted line. You can apply the below to those offering full and fee for service models but they are not applicable to someone providing a listing on the MLS system only.
1] Begin a search to select a few REALTORS® you will interview later. Referrals given by someone you know and by visiting open houses are a quick route to finding some but seeing a name mentioned somewhere may have left an impression on you. Newcomers to the industry shouldn't be overlooked if they have someone training them. At open houses you are there as a visitor and you need state nothing else about your purpose. Watch for how the REALTOR® conducts the showing with you. They should be promoting the property not stating the obvious such as: 'here is the kitchen' or asking you if you have a property to sell. Note, they should ask if you have a REALTOR®, and any question related to your interest in buying that property including when you need to move, do you have to move, your budget etc. These mean they are doing the job for their client any other questions are to solicit your business.
Their printed material should be professionally presented, inviting to read and much more informative than the listing sheet. Take one home and read it. If it doesn't have at least one piece of information that you didn't notice for yourself while touring the property it is not providing effective marketing. A real buyer would take one just to be polite, glance at it, immediately roll it up and forget about it.
2] Ask to see signed written referrals and/or speak with past clients from all you plan on interviewing. It is a plus if after the sale of the property, the seller required another property and used the same REALTOR®. You are looking for mention of any or all of the 7 essentials that led the seller to be happy with their results so statements that just say the home was sold in short order for X amount over asking price provide none of the 7 essentials.
3] Scrutinize for sale advertisements and signs. Whether they are from a REALTOR® with a lot of advertising presence or a little, they should be focusing on the property being sold with content that promotes its features. The brokerage name, their name and contact information is legally required. When 'I, Me, We, Us' is included, it is for the purpose of soliciting clients even if it is incorporated in offers intended to attract buyers for the listing and if this is the case, you may wish to read my posts in the Representation, Dual Agency and Fiduciary Duty sections.
4] Web sites will give insight as to how much confidence the REALTOR® has in their own abilities and their commitment to a client's best interests. Read what is stated about the services they offer. Any guarantees for reduced fees or buying your home if it's not sold in X days etc., are required to be fully disclosed on the web site. Buying and selling guides and such information if mentioned should also be readily available to read online without having to provide identifying information, whether that is your name, telephone number or email address. Requests for sold information and comparative market analyses does require identification of some sort in order to protect against fraudulent requests and the privacy of all parties to the sale. Requiring identifying information for any other reason may violate privacy laws and lead to unwanted emails. At the least, you're looking for a pointform description that promotes the REALTORS® services and skills. If it's about why you shouldn't hire this and that type of REALTOR®, you haven't been given any reason why you should hire this particular one and need to probe further.
5] Schedule the interviews and control them throughout. You should set the date of each interview, and if someone requests a particular placing, give them a different one and don't let it be known where in the order they fall. A REALTOR® who requests a specific placement may be depending on delivering a well rehearsed sales speech - the only one they count on but they will be forced to think on their toes if they don't know the order. Tell them not to bring a listing agreement (which they will anyway) as you will not be signing one until you've made a decision. If they present one, tell them you will read it later since whomever you choose must go through it with you before you sign.
6] Give them a tour and answer honestly all questions about the condition of the property also tell them your expected moving date. It is okay to say what value you place on the property but probably not how much money you would accept. This is assurance to you that the REALTOR's price suggestion and negotiations cannot be influenced by such a disclosure. If you need to sell for a certain amount you should state that since needing is quite different to wanting and because the need will have to be addressed in relevance to market value.
7] During the Interview you should ask about the services and strategy they would employ to sell your home. You are looking for substance and confidence so keep them specifically focused on what they will do, how they will do it and address fees last. You specifically want to know: with whom you will be dealing - they or a team mate and if a team mate how accessible they as team leader will be; who will be guiding you through the negotiations; how will your property be marketed; how often open houses will be held; where and when ads are placed; how often will they keep you abreast of activity; will they contact REALTORS® directly for feedback on the property via email queries which go largely unanswered or not at all; and, will all of these be documented in writing prior to listing.
8] Next you will ask them why you should choose them. If all manner of charts, graphs and equations are produced comparing their statistics with averages or anyone else re-focus the interview to their qualifications and strategy. Selling your property requires a good understanding of math so if these are used to state they sell more houses, faster or for more money than the "average" REALTOR, know that this representation questions their math skills since their stats are included in the average quoted. Similarly, you are looking for confidence in themself to perform the job so if their answers are about why you shouldn't use someone else recognize that this is all you've been told and they have not marketed themself to you.
9] Finally, it is important to know whether or not they would also represent the buyer for your property if that opportunity arises and, if so, how are your best interests going to be negotiated over the buyer's. This relates to Dual Agency.
By the end of the process you will have formed an opinion as to how well they meet the 7 essentials and more specifically, you will gain a full understanding as to whether or not their loyalty to the client was clearly evident.
A Greater Toronto area real estate blog addressing topics buyers, sellers and investors of real estate would want to know, issues they may encounter in the process and how to guard against them. Penny Elizabeth Dutkowski, Broker. Setting the Bar for Higher Performance Standards, Quality of Service and Client Satisfaction. HomeLife/Bayview Realty Inc., Brokerage (905)889-2200 The content herein is for informational purposes only and not intended to solicit the clients of any brokerage.
Thursday, March 3, 2011
Choosing a REALTOR to sell your home- Not the Usual Advice
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1 comments:
I completely agree with the idea of personal Realtor rather than searching advice online. You find almost the same advice online. Having personal Realtor increases chances of improvement in ideas and deeper knowledge of the home. Tips given for choosing Realtor surely help you. So do consider them.
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