Selecting an agent to represent you is a very important part of selling your property. To ensure that you appoint the most suitable agent to sell your property it is important to do your research and meet with a few agencies before making a final decision.
Often vendors select an agent on the basis of commission rates, however this is not the only consideration that should be made when selecting an agent. Here are some of the most important questions you should ask potential agents to make an informed decision about who will best represent the sale of your property in the local market.
Questions to ask when interviewing an agent:
1. Are you a licensed real estate agent?
It is important to make sure that any potential agency that you will appoint is licensed by the relevant state authority to practice real estate.
2. Are you a member of your relevant state based real estate institute?
In most states across Australia agents who are members of the relevant real estate institute in their state have to abide by a strict code of conduct and rules of practice. Institute members also need to complete a series of training courses each year to remain a member making them the most highly educated in the industry.
3. How long have you been in this industry?
Determine how much experience they have in the real estate industry and also how much experience they have in your local area of the market.
4. Can I get the contact details for your last few clients?
To determine where an agency’s strengths and weaknesses are, as well as understand the level of service that you may experience it can be a worthwhile exercise to speak to past clients of the agency.
5. What is your success rate?
How successful have they been recently with selling properties listed with their agency? Did they meet the asking price or was the properly withdrawn/sold for less than expected?
6. How many listings do you have at the moment?
Are they representing many other vendors, hence being reputable and successful? Bigger however is not always better, it is also important to establish if you will be a priority and get the service and attention required to achieve the best sales price for your property.
7. What is your process of finding potential buyers?
Do they already have an established database of potential buyers looking for a property similar to yours? If not, what is their plan to find new potential buyers?
8. How do you plan to advertise my property?
What marketing strategy will they adopt to promote your property? What can they provide for you that the competition cannot? How often will they advertise?
9. How often will you provide feedback from potential buyers?
When will they contact you to let you know buyer interest and feedback?
10. How can I contact you?
How will they be accessible to you during the sales process?
11. What are the terms and conditions that I will be bound to?
Prepare yourself and know exactly what is expected of you and the terms and conditions of the agreements before you sign. In particular, make sure you understand what conditions are in place if you want to end the agreement with your agent.
12. How many sales people does your team consist of?
Will this agent have adequate support and backup in order to manage this sale? If your allocated sales representative is unavailable, will they have someone who is also qualified that will be able to step in?
13. What are your fees?
How much do they charge for their services?
14. If the house does not sell, will I incur any charges?
It is important to establish if fees are payable upon the successful sale of you property or if you will incur fees regardless of the outcome.