When it comes time to sell your Boston Northwest home, finding the right real estate agent should be at the top of any Seller's list of priorities. While many people know that interviewing several agents before picking one is a smart idea, they may not know what kinds of questions to ask when interviewing those agents to find the "right" agent for them. Simply relying on how you "connect" with the agent or basing this important decision solely on their personality will not necessarily end successfully. You need someone who can get you the results you want. Your agent needs to do a job for you, not just be your friend.
Listing presentations can look similar amongst average agents. One listing looks the same as another, which looks the same as another. This gives the seller very little information to judge an agent's expertise by. In turn, the seller tends to base their decision on the answer to two questions: 1) Which agent is going to sell my home for the most money? and 2) Which agent is going to charge me the least amount of money for their efforts?
The problem with these questions is that, just because an agent tells you they can sell your house for more money doesn't mean they can. If you price your Boston Northwest home too high, you run the risk of leaving it on the market much longer than you want. After a while, you will need to lower your price in order to get a buyer. And, in today's market, many buyers are looking for a "deal". Next, if you hire an agent simply because they charge the least amount of money, you may get an inexperienced agent who doesn't have the budget necessary to showcase your home to its fullest potential and to the widest array of potential buyers. By hiring a more experienced agent who may cost a little more, you actually save yourself money in the long run.
Everyone wants to save money where they can, especially in today's real estate market. But focusing on these two questions alone will not necessarily give you the best result. That's why asking an agent the following four questions when interviewing them will give you a better idea of how strong your agent's skills are and if they are the right one for the job.
1. What percentage of your listings expire and how does this percentage compare to an average agent in the Boston Northwest area?
When you sign a contract with an agent, part of the agreement is that the listing will sell within a certain time frame. If it doesn't sell within that time frame, it becomes "expired". If one agent sells 90% of their listings before they expire while another agent you're interviewing only manages to sell 30%, don't you think that is information you need to know?
2. What is the average Days on Market for your listings?
Let's say that the average for homes to be on the market in your area is 180 days. If an agent is selling their listings within 90-120 days and another agent is taking approximately 220 days to sell their listings, which agent do you want representing your home?
3. What is the average list price to sales price ratio on your listings?
The price a home is listed for is not always the price the home sells for. Some agents start with a higher listing price knowing that it won't sell for that much because they know that, over the next few months, they can bring the price down since you have a contract with them. However, you want to sell your home as quickly as possible, not drag the process out. If an agent you are interviewing has a big difference between the list price and sales price, this could be a big red flag. A great agent will list your home for the price they know it will sell for from Day 1 because they understand how important it is to price a home correctly from the beginning.
4. Do you sell your own listings?
While many agents believe their strengths in marketing homes to other agents and their clients is important, it is equally important to see how they sell their own property to the consumer to determine their effectiveness.
When interviewing real estate agents to sell your Boston Northwest home, you should definitely ask them how much they believe they can sell your home for and what it will cost you to do so. But consider asking them about their expired listings, average days on market, list price to sale price ratio and whether they sell their own listings as well. Judging an agent by their answers to these questions can determine the difference between an effective agent and a disgruntled seller.
Marianne Blackstone Tabner, Your Connection to Boston Northwest, Cape and Islands
