Finding the Right Real Estate AgentWhen it comes using a real estate agent to help sell your home, having an agent who is motivated, courteous, knowledgeable, and most of all..honest and ethical is all you want, right? And you shouldn't get any of a lesser service. After all, you are paying them well for the right to expect excellent service. So read on to find out how to find the one just right for you and your home.
When it comes to selling your home, there are extra things that you should be looking for which are specific to the real estate industry. You should not only be looking at the character of the real estate agent/salesperson you deal with, but also, what services they are offering you. Both character of the agent, and services are a good indication of the knowlege and professionalism of the real estate office/organisation you are dealing with. 1. How do I find a good real estate agent?
How do I find a good real estate agent? Like any service you look for, there are certain things which stand out to help you form an opinion to whether you are likely to get good service. These are things like: professionalism, courtesy, respect, good communication, honesty,trustworthiness and knowledge. To find a good real estate agent with these traits, you need to contact at least a minimum of three agents in your area and organise an appointment (market appraisal). If you have been doing your homework and kept an eye on the sale of homes in your area, you should have made a list of not only the sales, but also the agent offices and the real estate agent responsible for the sale. This is a good indication of who is actively listing homes, and more importantly, who is selling them. When setting up an appointment or market appraisal, make note of the way in which the office and the real estate agent answers your call and how you are treated. This will be how a potential buyer will be treated if you decide to use their services. An agent will call around to organise a free market appraisal, and it is at that time you should not only make a character assessment, but also an assessment of their services. A Helpful Hint: Be prepared and make a list of specific questions to ask the agent before they arrive. What services should a good real estate agent provide? If you haven't sold a home using an agent before, then you may not know what it is exactly that agents do when they give your home a 'Free Market Appraisal'. An appraisal should include these points: a) An external and internal visual inspection of your home; Coupled with the questions you have written down and asked, all these things should provide you with enough information for you to choose which office and agent is most likely to give you the best service. And most importantly of course, who is most likely to work for you when selling your home and hopefully get you a successful sale. What form should an agent use to List my Property? When you have made your decision as to which real estate agent will list your property, the agent will need you to sign what is called an 'Appointment to Act' (in Qld it is called a PAMD Form 22a - Appointment of Real Estate Agent. Check with your state/territory real estate body for your state-specific form). It basically is saying that you as the client appoint the agent to sell your home within a specific period of time. It should also state the commission payable by yourself, if and when the property sells; any specific fees and charges; expenses - which should include any advertising, and any other general expenses; any specific services and conditions, i.e. conjunctions, auctions, etc. It will also state the 'type of listing' the real estate agent will use to sell your home, e.g. 'Open Listing, Sole Agency or Exclusive Agency'. Understand these types of listings, what you can and can't do, and the repercussions in the event you want to make any changes down the track. The form is mostly self-explanatory, however, ensure you have the agent explain the details and exactly what they mean. What are the Types of Listing agents use, and what type should I use to list my property? As stated earlier, this relates to the basis on which the agent will sell your home. You will find that most agents have a preference, and it is usually 'exclusive agency', as this type of listing ensures total control over the sale and hence they will receive the full commission on the sale. Avoid getting bullied. Alot of agents state categorically they only do Exclusive Listings, and try to force you into this arrangement. If you feel uneasy about this, you don't have to, or give them an answer immediately. Try the other agents first, and if you still want to list with that specific real estate agent, try to negotiate and use competing agent's offers as a way of getting them to see your point of view. Remember - they want your listing. Be firm about what you want and what they could be missing out on if they don't get your listing! For definitions and differences between an Open Listing, Sole Agency or Exclusive Agency, go to REIQ website, and select 'Methods of Selling'. How much Real Estate Agent's Commission should I be paying?? Each state of Australia has a different rate of commission, and apart from Qld and Tasmania, the rates are negotiable. To find out how much you should be paying, refer to your Real Estate State Institute , under 'Selling', for rates of commission. However, the following is a general guide for Commission rates (remember to add 10% GST to the commission): Qld NSW ACT TAS (a) Does not exceed $10,000 - 9.57% with min. of $100 SA NT WA
The real estate industry has governing bodies in each state to help regulate the industry and protect consumers from unscrupulous practices. Standard government policies and laws apply to the industry which are supported by state real estate bodies. The objective of these bodies is to form 'Standard Business Practices' and a 'Code of Conduct' for its' members (real estate agents). The purpose is not only to protect the rights and obligations of its' members to eachother, but also to protect the consumer from misconduct and fraudulent practices by its' members. For a list of those bodies, real estate and government, specific to your state or territory, go to 'Home Selling Products & Useful Resources'. Our hope is that armed with this information, you will find the right office and real estate agent to help make your home selling experience a positive one, not only from a service point of view, but a financial one as well!
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