Planning to sell your home soon? You can list it on various auctioning sites or ask around and see what your immediate leads can offer you.
Or, you can hire a real estate agent and get the best prices for the property you're selling, especially if it's in a prime location like Toronto.
Before you choose an agent to help sell your house, it's essential to ask the right questions to ensure they are the right fit for you. Today, I'll share some helpful questions to ask your estate agent when selling your house:
1. Experience and Expertise
Inquire about the real estate agent's experience in the industry. Ask them how long they've been working in real estate and if they have any specialized expertise that might benefit you. Some specialize in residential or commercial properties. Selling a high-end home with lots of amenities? Better get someone who knows how to appraise it well – and has a great network of leads who might be interested.
Additionally, inquire if they have sold properties in your area before, as familiarity with the local market can greatly help. It also means they have some leads who can link them to other sellers who may be interested in the type of property you're selling.
2. Pricing and Marketing
Appraisals matter – they determine the total profit you can gain based on the maximum and floor value of your property. A capable agent has a pricing strategy for any occasion, which includes plans on how to market your home to potential buyers. Furthermore, request examples of successful sales your agent has made in the past – while past performance doesn't indicate the future, it's a good indicator of things to come.
3. Communication and Availability
Information is power, and it's no different when selling your property with the help of a real estate agent. Ask how often they will provide updates on the sale progress and the time and days they're accessible to talk shop. If they're working with a team, ask who will be your primary point of contact to avoid confusion.
When conversing with your agent, ask about the possible leads they currently have, the difficulties they currently face in terms of finding leads, appraising the home, strategy, and beyond. Be sure to ask for their plan of action – a remark shouldn't be enough to give you satisfaction since your house is on the line.
4. Fees and Contracts
Admittedly, working with real estate agents like me won't be free – we'll charge you in two ways. We usually earn a percentage as our commission and administrative pay if we successfully sell your property. Even if we state that we'll be working with you this way, always ask your prospective agent to put it in paper and clarify all exclusivity and other clauses on the contract before you sign.
5. Client References
Unsure about your real estate agent's track record? Ask them for testimonials or contact information for previous clients to learn about their experiences working with the agent. If you can, look up their website – you'll be sure to find their achievements, previous commissions, and overall performance. Alternatively, you can ask their secretary to give you a reference about their capabilities.
6. Market Analysis and Strategy
Every real estate agent knows how to read the market. While they can give you recommendations, this is based on their strategy and has its own sets of pros and cons. Furthermore, you can request a market analysis along with the appraisal of your property to learn its maximum and floor value. Lastly, inquire about the agent's strategy for selling your house quickly and at the best price – usually, this can be impressive or a bit weak depending on their experience in your current market.
7. Legal and Regulatory Knowledge
All real estate agents can only become registered and licensed if they're fully familiar with local property laws and regulations regarding property sales. Ask them for regular updates regarding any legal requirements essential met during the sale process and the date they'll process it. Also, ask them about any legal professionals that may be involved (and need to get paid) throughout the selling process.
8. Timeline and Expectations
Experienced agents distinguish themselves from new blood with their capacity to set definite timelines that are followed and accurate estimates on pricing. If your agent can give you a set time of ending the entire sales process based on previous scenarios they've worked together with their past clients, you're definitely in good hands. Be sure to ask them about it – a good agent will likely not need you to ask at all.
Ready to sell your home? Entrust it to an experienced and reliable agent. I'm Mats the Agent, and I'm here to help you get the best prices to sell your property in Toronto. Call me today or visit my website to get started!