Selecting an Agent
It goes without saying that it is very important to select a real estate agent who is not only competent, but also professional, reputable and ethical.
Most people are aware of some of the bad industry practices from first hand experience. However, there are certainly agents who operate professionally and ethically.
In looking for an agent that will work in your best interest, word of mouth recommendations are always a good way to start. If you don’t have a recommendation you may consider talking to other vendors who have just sold with the agent you’re considering.
Knock on their door and ask them about their experience with their agent. Most people would be only too glad to give you their opinion.
Treat the appointment of the real estate agent like a job interview. They should be able to provide you with information of recent sales of houses similar to yours in your area and of other properties currently on the market (your competition).
If you are interviewing more than one agent, you may be tempted to choose the agent who quotes you the highest selling price for your home. Although agents are obligated to substantiate their quoted price, they certainly are under no obligation to achieve the quoted price when selling it. Contrary to some people’s belief’s, agents do not control the market.
Remember, if your selling price is too high, the right buyer for your home may buy something else and you’ll miss out on selling for the highest price.
Agents’ commissions are negotiable, so you can negotiate a fair commission. Most agents charge between 2% and 3.5% of the sale price. Although some agents will go a little lower and some as high as 4%. When negotiating commission be careful of what is and isn’t included. Some agents have one ‘all inclusive’ fee, while others have a fee plus an amount for advertising and other costs which are payable whether you sell or not.
Be aware of catches. A low fee may not provide the incentive required for maximum effort to be put into the sale by the sales team. They are more likely to put the majority of their effort towards selling a property for a vendor who is paying them a higher commission.
Don’t rush into signing up with an agent to sell your most valuable asset until you have done your checks and are totally comfortable that they are the right people for the job.
