It is important to hire the right real estate agent when selling a home for the first time. Inexperienced home sellers have only one thing on their mind: How much will they get for the property? However, there are many important questions beyond this obvious one. Don’t be swayed by appearance or your gut feeling. Here are seven questions you should ask an agent before hiring him or her:
· You should know how much commission you will pay. Some agents charge a hefty commission that will cut into your profits big time. It can be up to 6 percent of the sales price. So if your home is sold for $300,000, you will pay your agent $18,000. Here at Federated Realty, we charge $1,000, no matter what price your home is sold for.
· You should ask your agent about their job experience. Sellers should look for agents with enough sales under their belts to comfortably handle deals from listing to closing.
· You should ask your agent what method he or she will use to determine the listing price. Your agent should be able to conduct comparative market analysis (CMA) to come up with a fair asking price.
· You should ask how your agent will market your home. Marketing plays a big role if you want to sell your home quickly and for top dollar. Most buyers find their home through online listings. Make sure the agent you hire uses quality photos for the online listings.
· Make sure there won’t be any conflict of interest. Most agents work on either the sell side or the buy side, but some agents do both. It can create a conflict-of-interest situation.
· Your agent should have a good knowledge of how home financing works. Most buyers take out a mortgage to finance their home deal. A good seller’s agent can salvage a deal if they’re financially fluent and well-connected with quality lenders. That’s why you should always ask a potential agent whether he or she is well-versed in the subject of home financing.