KNOWLEDGE CAFÉ

Finding a listing agent to sell your home can be a daunting task. Real estate agents have a lot of flexibility in the types of services they provide. It is important to retain an agent that can look out for your interests but also ensure that your transaction goes smoothly. Although I typically work with buyers and investors, I’d like to share the following 12 insider tips on what sellers should look for when selecting a listing agent to sell their homes.

1. Be wary of any listing agents that claim to have International buyers. Confirm that they have the knowledge and resources available to them to reach international markets. Are they designated as Certified International Property Specialists (CIPS)? At minimum, ensure that their brokerage has extensive reach and has the ability to post your listing on platforms such as Listglobal and Zillow.
2. Ask the listing agent what their strategy is if they plan to conduct a bidding war. If you list your home too low, you will likely get many unqualified buyers scheduling showings and wandering through your home. Price it right and focus only on serious buyers.
3. Make sure the listing agent uses a professional photographer and showcases your home with 360 walkthroughs and a custom website. It costs a couple of hundred dollars and a reputable listing agent will typically pay the full cost.
4. If you are interested in staging, it can be pricey and most agents will pass along the cost to the seller. Keep in mind, that it’s not as important to stage your home in a seller’s market, as homes are selling quickly. Most stagers will also conduct consultations for a very low fee and give you ideas on how to stage your home yourself.
5. Be sure you don’t convey any information about your financial situation to the agents you are interviewing. For example, you don’t want them to know that you just bought a house and/or the closing date, (just in case you don’t select them), and they or their brokerage end up representing the buyers for your home.
6. Make sure the listing agent is using an electronic lockbox. This will prevent unauthorized access to your home by ensuring that buying agents can only show your house to prospective buyers at their designated time and date.
7. Ask the listing agents how they manage the showing process. Reputable brokerages will use centralized call centres and innovative online software solutions such as ShowingTime or BrokerBay that will ensure you are informed of all upcoming showings in real time.
8. When negotiating commission rates, be sure that the listing agent does not pass along their transaction fees to the buying agent. This can sometimes be reflected as a ‘marketing fee’ on the listing agreement and is perceived as petty and unprofessional in the industry.
9. Ask the listing agents how many active listings they currently have and how they manage them concurrently. Insist on using an agent that only works with one client at a time.
10. Be sure the listing agent does not run a bidding war or close your deal on a Friday. It may be difficult for a buyer to obtain funds for deposit or closing depending on their banking and/or legal arrangements.
11. Make it clear to the listing agent that you will not entertain verbal offers and ensure that any offers provided to you are in writing.
12. Ask the listing agent how they screen potential buyers viewing your home. If you are concerned about unqualified buyers entering your home, request that the listing agent screen all showings by asking for proof of funds or mortgage pre-approval in advance of showings. You can also request that the listing agent be present during all showings.

If you are thinking of buying or selling, or just have general questions about the market, feel free to contact me to schedule a free, no-obligation consultation regardless of which stage of the buying or selling process you’re at.