ShareNOTE: Consumer guides do not constitute any change in NAR policy. Real estate professionals must ensure they market properties consistent with relevant MLS rules and educate sellers on the choices available.
If you’re ready to sell your home, you should feel empowered to find and work with the agent who is the best fit for your needs. Here are ten questions you should consider when selecting an agent:
1. Are you a REALTOR®?
When you work with an agent who is a REALTOR®, you are working with a professional guided by ethical duties under the REALTOR® Code of Ethics, including the pledge to protect and promote the interests of their clients.
2. What types of services can you provide me?
Your agent can help you with marketing your property, interfacing with buyer’s agents, handling showings and open houses, negotiating the purchase agreement on your behalf, assisting throughout the closing process, and more.
3. Are you familiar with the market where I am selling my home?
Your agent must be licensed where you are selling your home. But they should also have the market knowledge to facilitate a successful transaction. While prior experience with the market where your property is located is not a requirement, local knowledge could help your agent develop a strategy that resonates with local buyers.
4. What will be included in our listing contract?
At the outset of your relationship, you and your agent will sign a listing agreement that says the agent can represent you and market your property to potential buyers and their agents and establishes the sale price for your home. It will also lay out the type of professional representation your agent will provide and what they will be paid for those services. Remember that agent compensation is fully negotiable and not set by law.
5. How did you arrive at your suggested list price for my home?
Setting a strong initial asking price based on your agent’s knowledge of the market is important for capturing buyer interest and securing the best possible offer. Your agent should conduct market research to determine an appropriate price that both attracts prospective buyers and ensures you receive a fair market value for your home.
6. How will you market my home?
Agents may use a variety of marketing methods to reach potential buyers, and they should walk you through the pros and cons of each option. For example, one tool agents use to market properties is a Multiple Listing Service (MLS), an online platform that compiles home listings from brokerages in a given market, to reach the largest possible pool of buyers and potentially attract the best offer.
7. How do I attract potential buyers?
There are many strategies that may help attract potential buyers. For example, offers of compensation—when you or your agent compensate another agent for bringing a buyer to successfully close the transaction—and seller concessions—when you cover certain costs associated with purchasing a home for the buyer—may lead to a better or faster offer by reducing out-of-pocket and upfront expenses for prospective buyers.
8. What do I need to do to get my house ready?
To prepare your home for listing, your agent may suggest investing in necessary repairs or other upgrades that may help enhance buyer interest for the property.
9. How will you vet potential buyers?
An important part of selling your home is ensuring that prospective buyers are financially prepared to follow through with their offer. Discuss with your agent how they plan to evaluate prospective buyers, which may include requiring a pre-approval letter to be submitted alongside the offer.
10. Do you have references I can speak with?
Many agents will be happy to connect you with satisfied clients they have worked with in the past who can speak to their experience.
Practices may vary based on state and local law. Consult your real estate professional and / or consult an attorney for details about state law where you are purchasing a home. Please visit facts.realtor for more information and resources.
