Lisa Dunn is a licensed real estate agent in the state of Minnesota. While...read more
Senior Real Estate Answers
8 Tips for Hiring a Great Real Estate Agent
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Recently I wrote an article entitled “How to Hire a Realtor Who Specializes in Working with Seniors.” Once you’ve decided whether you want to work with a realtor who specializes in working with a senior clientele, it’s time to compile a shortlist of candidates and begin scheduling interviews. Let’s consider eight essential rules of thumb that you’ll want to keep in mind for these next crucial steps in the hiring process.
1. Ask someone who works with seniors if they know a great real estate agent.
There are two reasons for this. First, real estate agents cannot give or get kickbacks for referrals. Because of this, the only reason real estate agents get referrals from other professionals is because they’ve earned a reputation for doing a great job. Second, professionals who work with seniors are a wonderful resource because they know firsthand how the needs of a senior can differ from the needs of the general public. It’s very important for the real estate agent who gets referred to a senior client to do a great job; otherwise, both the senior professional and the referral look bad.
2. Get to know the real estate agents you’re considering for the job—and interview at least two of them!
While you may expect to find some big differences between brokerages, keep in mind that real estate agents are independent businesspeople. As such, you may find two agents from the same brokerage who do things very differently. It’s worth spending the time to get to know the professionals whom you’re asking to handle the sale of one of your largest assets. Ask whether the person you’re considering is a full-time agent, who will be your main point of communication, and ask for references from past clients. Don’t forget: work with someone you like!
3. Get to know the brokerage firm.
Although the brokerage you go with isn’t as important as the real estate agent with whom you choose to work, there are certain factors that may influence your decision. Here are a few questions to consider: How long have they been in business? What are their hours of operation? (They should be open seven days a week for your potential buyer.) Are they local and reputable? What is their market share in the neighborhood where you live?
4. Understand the marketing plan.
Creating the marketing plan is one of the most important things your listing agent will do for you. It should identify who’s the most likely buyer for your home, how your buyer usually shops and how your buyer will be targeted. Depending on the kind of home you have and where it’s located, you may want ads in the paper, print ads in real estate magazines, open houses, mailings, Internet advertising or a combination of these marketing efforts. Your listing agent should make information about your house available seven days a week, twenty-four hours a day. By the way: get the marketing plan in writing.
5. Establish how you’ll get updates on the market and on feedback from showings.
One of the biggest complaints consumers have is that they don’t hear from their real estate agents often enough. Ask your agent how you’ll be informed about how many times your home was seen on the Internet, feedback from open houses and realtor open houses, and feedback from buyers’ real estate agents.
6. Stay in the driver’s seat.
A good real estate agent knows the local real estate market and stays on top of the most recent technology to market your home effectively. A great agent knows how to show you information about the local market and the most recent trends in marketing so you’re in a position to make informed decisions about your home. If your real estate agent makes recommendations and you’d like more information, just ask. For example, “I understand your recommendation. On what information are you basing that recommendation?” Never be afraid to ask why something is or is not being done to sell your home. You are the client, and you are in charge.
7. Ask whether your agent offers any other services to simplify your move.
Real estate agents run their own small business, so you’ll find some, particularly those who specialize in working with seniors, who offer additional services. These services could include staging your home, helping you find a senior housing community, and hiring movers or an electrician, plumber or handyperson to get your home ready for market. If your real estate agent does offer these additional services, ask whether they cost extra or are included in the commission.
8. Ask about commissions—but consider all the factors before making your decision!
Many consumers who are shopping for an agent make the mistake of comparing them solely on the basis of what they charge for commission. For example, if Rick Realtor charges 8% and Sally Seller charges 3%, you may decide Sally is a much better option. But what if Rick pays the buyer’s agent 4%, and Sally pays the buyer’s agent just 1%? What if Sally is a part-time agent and her office is only open on Wednesdays and Thursdays from noon until 3:00? Is it still a “good deal”? Make sure you understand how long the listing agent wants to have you under contract, how much he or she will pay the buyer’s agent, and what will be done for you from the time the home is listed until the home clears escrow.
Posted in Senior Moving Solutions, Senior Real Estate Answers: Lisa Dunn, Weighing your Housing Options, What About My House?
I am a realtor and I found this very informative. Greg Moser
With the real estate market across the country making headlines every day, I think it is that much more important to pick the right real estate agent to help you sell your home. Just 2 or 3 years ago, all you needed to do was stick a “For Sale” sign in the yard and your home would sell within days with multiple offers.
While the market is still doing OK in some places (like San Francisco, where I am a Realtor) - other places in the country have not weathered the storm nearly as well. And the worse the market - the more important it is to have a dedicated real estate consultant representing you.
One of the suggestions you mentioned that struck a chord with me was to not choose an agent based solely on their rate of commission. Especially in markets where it’s more difficult to sell a home, it takes much more of our time and our marketing dollars to make the sale happen - and we really do earn the extra commission to make sure that you get top dollar for your home.
One other thing to keep in mind, in terms of commission, is that if the agent you are considering is willing to negotiate away his commission, how easily do you think he’ll be willing to negotiate away a few extra dollars you have coming your way or how quickly do you think he’ll try to concede to buyer’s demands for repairs? You want a strong negotiator on your side and someone that drops their commission readily won’t fight for your money either.
One final thought - make sure your agent is a member of the National Board of Realtors as well as his/her local board. Realtors (not just real estate agents) have a strict code of ethics we must adhere to. We are also kept in the loop of changes in laws and disclosure requirements and are constantly given the opportunity for continuing education through out local board. Not to mention that being a member of the local Realtor board costs us a pretty penny - and any agent that isn’t serious enough to become a member of their local board - isn’t serious about doing the best job for you!
Like your article! I am dealing Toronto real estate for some years now and I believe finding the right realtor is more important than finding the right home. Because when you find right realtor, he will fin the right property for you and all other aspects of deal will be all right. But when you find the right property with unprofessional realtor, the deal may bring you a lot of troubles. If you are young it’s easier to cope with it, but seniors often don’t want to get involved into troubles and argues so I believe right realtor is more important for them as for youngters…
Greg, thanks for stopping by. I bet you’ll find many more articles on the Gilbert Guide that will be helpful to you with senior clients!
Luba-Thank you so much for your thoughtful comments. There is a difference between real estate agents and Realtors. Realtors have agreed to the code of ethics put forth by the National Association of Realtors. Interested? See the code of ethics here.
All my best,
Lisa Dunn