Given that most homeowners are infrequent participants in real estate transactions, here are five things you should ask your agent before signing a listing contract?
- How many properties are currently listed by the agent?
As agent inventory increases, effort will be diluted over a larger number of properties. The busiest agent may not always be your best option. - Does the agent have any personal properties which they are currently trying to sell (owner/agent properties)?
If an agent is concurrently marketing their own properties, they may allocate a disproportionate amount of effort attempting to sell their property and not the client’s property. - What percent of the agent’s listings are dual agency sales?
Dual agency sales can be a double-edged sword. It may offer a more efficient transaction if the listing agent is award of potential buyers in the market for such a property. However, dual agency sales are much more lucrative for the agent and may entice agents to advise the seller to accept a lower price in order to get “both sides of the transaction” by representing both the buyer and the seller. - How many current listings are in the price range of your property? This will help the seller understand what other properties the agent has listed for sale that will compete against their property. Remember that real estate agents are compensated on commission and obviously want to sell their complete inventory.
- Is selling real estate your full-time job?
Part-time agents are generally not as dedicated as full-time agents. Many times they have other priorities such as another job. More experienced agents are typically more knowledgeable about the marketplace and have a broader network of resources including potential buyers for your property.
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