12 Interview Questions to Ask a Selling Agent
Choosing the right real estate agent to list your condo to sell is vital to its success. As a seller, success translates to a quick sale for top dollar. This also means a selling smooth process with the least headache. While it is an agent’s job to strategize a quick and seamless transaction for the best price, it is your job to choose the right condo agent to do that.
Here are twelve important questions you need to ask while interviewing the listing condo realtor;
How long have you been a condo real estate agent?
A realtor’s efficacy will depend a lot on his or her length of experience in the real estate industry. Although experience alone is not a conclusive indicator of proficiency, long-time agents have the edge over the newer agents because of their extensive exposure to the industry, wide-ranging experience, lots of training and insider knowledge.
2. Are you working full-time or part-time?
Does he or she dabbles in real estate on weekends and hold a corporate job during weekdays? While part-time realtors can be as effective, they might not have the same amount of time dedicated to working on selling your condo. If selling fast is important to you, go with full-time agents.
3. Are you working with a team?
There is a reason why top agents pool together their resources and expertise and create a team. Putting together a real estate team leverages each of the agents’ network, knowledge and other resources. When you hire an agent working with a team, you are effectively hiring the entire team. And when your agent is sick or scheduled for a vacation, another team member can easily step in.
4. Do you specialise in certain neighbourhoods?
Real estate work is highly specialised, from the types of property to their locations. A condo realtor in Toronto will have a very different set of real estate expertise to that of a commercial real estate agent in the same city. The same way as a condo expert in Vancouver would be lost in selling a condo in Mississauga. Find a realtor that specialises in your neighbourhood.
5. What is your average DOM?
The realtor’s average days on market is a good indicator of how effective a selling agent he or she is. Compare the realtor’s number with that of the industry. The lower number of days it normally takes the agent to sell a house or a condo shows his or her adeptness in the process of selling homes. It shows that he or she can expertly package the home and effectively market the property to the right people, the buyers.
6. What is your average list price to sale price ratio?
This question will determine the agent’s negotiating skills and how adept he or she is in setting the price. Setting the selling price will include several factors and needs the proficient calculation of an experienced agent. If the set price is way off than the actual selling price, he or she might have miscalculated. A 5-10% difference is the norm as sellers often include allowances for negotiations, but if the selling price is way too low than the set price, the agent’s negotiating skills need improvements.
7. What is your marketing plan for my property?
Top agents will come in for an interview ready. They will, at the minimum do a research on the property and should be able to come up with some ideas on how to sell it. Hire the agent who can present to you a plan on how he or she will package, promote and sell.
8. How many clients are you currently working with?
Real estate agents offer one-on-one bespoke services. Clients have different needs and services required. The agent will divide his time and attention over the existing clients. Too many clients mean less time devoted to working on selling your condo. An individual agent should be able to manage 3-5 clients adroitly, a team can handle about five clients for each member.
9. How many transactions did you close last year?
This will show how prolific the agent is. The agent’s level of business indicates the number of people who have entrusted their real estate properties sale and acquisition to him. Also, ask the percentage of repeat clients. A high rate of repeat customers is a sign of exemplary service; thus, clients are returning to him or her for their real estate needs.
10. Can you provide references?
It is legal and sensible to ask realtors for references. Top agents will go forward and will confidently advertise previous customers’ experience. Think twice before hiring an agent who cannot or will not share references. You can also check their professional reputation online or through the industry network.
11. What type of communication can I expect from you?
A good agent knows the importance of constant communication with you. He or she should be accessible to you through email and phone. If they do not provide their personal number, they should provide you with their office line. Expect for at least a daily update on the progress of the sale once the listing is up and a detailed weekly email report.
12. Can you connect me with other professionals I would need for the sale of my property?
Aside from a condo realtor, you will most probably need other real estate vendors to sell your condo. Other real estate professionals you will need might include mortgage brokers, stagers, real estate photographers, renovators, movers and lawyers.