If you have been thinking about selling your home, you should know that the process requires a lot of planning. One thing you may be considering is whether or not you should have a real estate agent or a broker handle the sale of your home. In general, brokers have more experience and education compared to real estate agents. Additionally, brokers often have a larger network to ensure that your home gets more exposure in the marketplace.
However, you do need to thoroughly vet each broker that you work with, as some are a better fit for your needs compared to others. While real estate agents will interview with brokers often, you should also talk with brokers that you would want to work with. Much of this involves asking them the right questions. Read on to learn about some of the most important ones:
“How Much Experience Do Your Real Estate Agents Have?”
It is essential to learn about the agents employed by the broker since your property will be assigned to one of them. As the seller, you might want a skilled real estate agent with more training handling your property instead of a newly licensed agent. Some brokers tend to hire agents with varying degrees of experience while others only hire agents who may have just gotten their licence.
Asking this question as early as possible in the interview can give you a lot of insight about the broker right away. If you do not like the answer that the broker gives, you can either leave or proceed with the rest of the interview with caution.
“Do You Offer Lockboxes?”
Your home security is essential and you need to ensure that your house keys that are stored at the agency will be secure. Since several people will be visiting your home for styling, open houses, and private showings, it may be more convenient and secure to have a lockbox installed in the property. However, it can be costly if you have to cover the costs of a lockbox yourself.
For your peace of mind, ask the broker about lockboxes and choose a brokerage that already offers these for their agents to use. This is often a good indication that safety and protection is a priority for them.
“Can I Get a Tour of the Brokerage to Meet Your Agents?”
This ties into knowing who you will be working with. While the way the firm looks does not directly affect you, it does affect the agents working there. If the broker is open to letting you see the premises and speak with their agents, it can indicate that they treat their agents well and trust them. Additionally, there are things the broker will not tell you that the agents might if you decide to meet with them.
If the conversation is anything other than productive and pleasant, it might be good to opt for a different broker. Real estate agents who have less-than-ideal working conditions are less likely to get you the results that you want.
“What Kinds of Expenses Will I Be Responsible For?”
Selling your home can be a costly process, so ask the broker about possible expenses that you have to shoulder ahead of time. With a clearer idea of what you need to pay for as a home seller, you can plan a more realistic budget. Asking this question will also help you avoid any surprise hidden fees in the future.
“Who Can I Contact Regarding My Property?”
As a rule of thumb, real estate brokers are usually more qualified to answer technical questions about your property. Since the broker has multiple responsibilities and is also the employer of their real estate agents, handling enquiries can be complicated given how their tasks can overlap.
Hence, it is essential to ask your broker who to speak to if you have any questions or concerns about the home you’re selling. It could be that some property-related questions are best addressed by the agent while others may be more appropriate to direct to the broker. This will also come in handy in case buyers have questions that you don’t know the answers to. These can include but are not limited to enquiries about available mortgage plans or home loans Sydney aspiring homeowners can apply for.
“Will You Promote My Listing?”
Promotions can vary between brokers. While some brokers help advertise the listings of their agents, others may not. If you need your home to be sold right away, it is better to choose a broker who will help promote your property to draw more prospective buyers to it. Some agents will offer an advertising campaign package at an additional cost. The more efforts go toward advertising, the faster your home can be bought and taken off the market.
“Are You Involved with the Surrounding Communities?”
Regardless of their location, a brokerage needs to be familiar with any nearby neighbourhoods. After all, this is their local market and their target audience, so their agents should be properly trained to sell the local community as a benefit to potential buyers. Otherwise, your property may sit in the market for a long time if you choose a broker that is disconnected from their surroundings.
“How Many Listings Does Each Current Agent Have?”
Though some brokers like to advertise that they are handling hundreds of listings, these could be unevenly distributed among their agents. If a particular broker only has two or three agents taking care of most of the listings, it may not be a good idea to work with them.
This is why you need to emphasise the number of listings per agent during the interview instead of focusing on the listings for the entire firm. When the workload is evenly distributed between agents, it is an indication that the broker is a better fit for you as a seller.
Interviewing a real estate broker is a great way to learn more about their business practices and what they can do for you as a seller. Listen to their answers carefully and write down important details if necessary. You can reference these notes when the time comes to deliberate which brokerage can best meet your needs.
Contact Gerard Partners today if you want to get in touch with a broker.