If you are looking for a list of questions you should ask your listing agent, then you are likely in one of two critical situations.
You are either just starting the process to determine a list of agents to interview for the job of selling your home, or you have already hired one without doing your homework and now know that you should have been more concerned.
Today's blog is an answer to the following reader question about questions you should ask your listing agent:
Are There Questions You Should Ask Your Listing Agent?
Joe, I read your article online, re: "Why my agent isn't showing my home." Right now I am fishing for answers and quite frankly, I"m livid. I 'gave' my listing to a 'friend' of mine, without making the listing a competitive situation. Long and the short of it is that my home has been on the market for 5 1/2 months and my agent HASN'T SHOWN IT ONCE. We've only had 7 showings. What in the world could "really" be wrong?" We understand the 3-legged stool of real estate: Location, condition, and price and we feel that we have all 3 right. But nothing's happening. Any suggestions? I don't think that I will re-list with the same firm or agent, what kind of questions would it be wise to ask, next time? -Gary
First of all Gary, thank you for sharing your question. Often times, we get into these situations and think that we're the only one struggling through a particular problem, but the reality is that there are likely tens of thousands of people just like you who would love a "cheat sheet" of questions you should ask your listing agent.
And if you are foolish enough to think that it does not matter and that any 'ol agent will do, be prepared to join the large group of homeowners who fail to sell a home this year. Or better yet, what happens when you do sell it, and you don't get all the money you had coming because your agent was not the best available?
Is the agent in the video below your next real estate agent?
Smart Questions You Should Ask Your Listing Agent
Sure, there are some great questions you should ask your listing agent, but before you do, have you considered why "getting the best real estate agent" is so important?
Remember, Gary is not in my market area, so this isn't "my pitch" to earn Gary's business.
This is me sharing with Gary and you, the reader, why having the top agent (even when it's not me :)) equates to more money in your pocket. It's because you'll be paying roughly the same price, whether it's the top in the business or just a buddy of yours who "has a real estate license." Why not get the best? It likely will mean tens of thousands of dollars to you!
So with that said, here is my answer to Gary:
At a minimum, I would expect the real estate agent to be able to not only answer the following questions, but to also demonstrate proof of their answers. Too often, homeowners get comfortable with a salesperson and never dig deep enough to qualify the ability of both the salesperson and the real estate company. With nearly 60% of the homes failing to sell right now, home sellers should heed this advice.
- Who most likely is going to buy the home? (Describe the most likely buyer demographic)
- Where will they come from? (where this demographic should be found)
- How many buyers are currently in the market for a home of this type, size, and price range?
- What is the competition for this home; how many are there?
- What is the real estate company going to do to give this homeowner a “leg up” on the competition?
- How is the real estate company going to support the agent in getting the home sold?
- What does the company do to generate and cultivate long-term lists of active home buyers?
Finally, it's not enough that you get simple answers to these questions you should ask your listing agent, you should demand proof. You likely will be spending $5,000 or more with the real estate company, the agent should have no problem giving you what you need.
If you would like help finding the best listing agent in your market area, or if you think you have special needs for your home , just drop me a note for additional questions you should ask your listing agent.
Joe Manausa, MBA is a 27 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.