According to data from the National Association of REALTORS®, 5.64 million existing homes were sold in 2020. If you ask a realtor what that is attributed to, what do you think they would say?
The ABA Banking Journal says it has a lot to do with the recent global pandemic and working from home. The recent boom in remote work and the need for more space is the leader in the higher demands for homes.
It's time to make that jump to sell your home after the years you've put into it. All the love and care will be provided to a new family while you go off and search for your new adventure.
Now comes the tricky part: It is time to put your home on the market. Read on to find out what you need to ask your realtor.
New possibilities are on the horizon for you. There's also a part of you that is afraid of exactly what happens next. That's where choosing a knowledgeable and licensed realtor comes in. Wait, what?
That same fear strikes you again.
As if the stress of selling your home isn't enough, having the wrong realtor to guide you through the process can be disastrous. What exactly do you need to know about a realtor before having them guide you through making the most out of one of the biggest life investments of your life?
Below is an outline of the five biggest questions you should ask any realtor who wants to take that home selling journey with you.
When hiring a prospect in any field the years they have been in matters. The same goes for your realtor. Has their experience as a realtor been in commercial sales, or have they been primarily residential?
Whether you want someone extremely new or experienced depends on you. However, understanding the strengths of your realtor will help you make the best choice for your future sale.
Regardless of their years of experience, when the process starts you want to know you have someone who is a good negotiator and evaluator. Negotiations are the key to making sure you are getting the most out of your investment. Evaluations will help you know exactly where to start with your offer.
Efficient Evaluations Make All the Difference
A realtor that is quick with their evaluations will put you in the right range to get the most out of your home. Make sure to ask them how quickly they are able to make an evaluation so you are able to get the train rolling.
You will feel extremely savvy throughout the entire selling process if you feel confident you have the right person on your side when it comes down to your home's pricing. Stay on top of it yourself by checking out the local market in your specific area.
Negotiating Is the Key to Any Home-Selling Operation
Negotiation skills are excellent to have for any profession, but as a realtor, it is expected. Negotiations drive the buying process and can make or break a sale.
If you have the right negotiator on your side you will avoid any future conflicts and problems down the road. The process will go smoothly, and each party will be happy.
Part-time work likely means part-time hours. You want someone who is fully dedicated to providing for you in your time of need. Part of hiring the right realtor is in having someone who is willing to work around your schedule to make the sale as easy as possible.
Do they have connections to a certain area of town, or are they comfortable right where you are? You will be able to gauge their perseverance through the number of homes they have sold within the last 365 days.
Providing the Number of Homes Sold and Sale Prices Is a Showstopper
Your realtor knows these questions are bound to come up. They will be happy to show their work and talk about their greatest assets, which are their clients. The portfolio they provide will give you great insight into how they will go above and beyond.
Former Clients Will Tell the Story
Ask to be supplied with former clients' names and information. You will be able to contact them and see for yourself what worked well with this realtor. Former clients will give you more insight into exactly the type of person you will be working with and why it is a good idea for your future.
Waiting for months to have your home sold is not ideal. If you know your realtor's average listing time upfront, you will be able to better plan for your own future. That means getting to your dream destination way quicker, and who doesn't want that?
Knowing how long the homes have stayed on the market is also a great indicator of how well your future realtor knows the area in which they are selling.
List Price vs Sales Price Seals the Deal
Take a closer look before sealing any deal into the previous homes they have sold. Was the list price close to the sale price?
You don't want a realtor that sits around while your home is collecting dust. Going too high on the listing price will be a huge setback, whereas setting the listing price within a range that still allows you to get the most out of your home is ideal. There should be a fine balance between the sale price and the original listing price.
How Long Are They Willing to Spend With You?
This is a small but simple question you should ask yourself the moment you meet with them. Are they making the time that you need from the get-go? Are they available to answer all of your questions?
The realtor you meet with will be able to provide a guestimate on the amount of time your home will be on the market from the start. Location, demand, and home condition are all factors that will go into the guess that is provided by your realtor.
As the seller, you need a realtor who truly represents you. You want to go into the process equipped with your greatest asset: knowledge. If your realtor isn't your greatest asset, it isn't worth your time and money hiring them.
In this market, cash offers are attractive and make the market more competitive for you as a seller. A cash offer can help eliminate the risk and stress associated with your sale, and you want an agent who has experience with multiple selling options so that you can get the most for your home and weigh your options.
Above all, when you ask a realtor what sets them apart, they will mention how they work well under pressure. Have them explain a situation where they were under pressure but still made the most of the situation.
When the time comes to ask a realtor about their experience with the booming market, you will now know exactly what to say to make the most out of your experience.