In 2021, a property broker or real estate agent sold 92 percent of all homes sold in the United States. It’s a figure that shows just how indispensable these professionals are in the real estate sector.
Hiring a property broker can save you a lot of hassle when selling your property. They can help you make smart real estate decisions, which is just what you need when trying to navigate the sometimes tricky waters of the real estate market.
But not all brokers are created equal. You want to find a broker that is the right fit for you and your needs. But with well over 690,000 property brokers and agents across the country, how do you identify the right broker for you?
The answer is to identify a few suitable brokers in your area and interview them. In today’s blog post, we tell you what to ask a property brokerage professional so you can tell whether they’re the best fit for you.
1. How Many Years Have You Been a Property Broker?
One of the most important questions for a property broker is how long they’ve practiced their craft. The answer to this question can give you a good idea of how experienced the broker is. A longer tenure usually means more experience and knowledge of the industry.
Ideally, you want a brokerage firm that has been in the business for a few years and knows the ins and outs of both the market and how to sell a property. More specifically, you want a broker who is experienced in dealing with the type of property you are selling.
2. Have You Sold Property in My Area?
It’s not enough for the brokerage professional to have experience in selling homes. They should also have sold homes in your area before.
Different real estate markets can vary greatly. A broker who has worked in your area before will have a better understanding of the market conditions, what buyers are looking for, and how to price your home accordingly.
They will also have a network of agents in the area that they can tap into to help market and sell your home.
If you’re not sure whether the broker has sold homes in your area before, you can always ask for a list of their recent transactions. Most brokers will be more than happy to provide you with this information.
3. What Are Your Average Days on Market?
This question helps you choose a brokerage firm for a few reasons. Firstly, it will give you an idea of how quickly the broker can sell homes. Secondly, it will also give you an indication of the broker’s pricing strategy.
If the broker has a high average number of days on the market, it could mean that they are overpricing homes in the area. On the other hand, if the broker has a low average number of days on the market, it could mean that they are underpricing homes.
Ideally, you want a broker who has a good balance of pricing homes accurately and selling them quickly.
The best way to find out is to ask for the brokers’ most recent sales data. This will give you a good idea of how they have performed in the past.
4. How Do You Plan to Market My Property?
Marketing is one of the most important aspects of selling a home. You want to make sure that your home is being marketed to the right people and in the right way.
Find out how the broker plans on marketing your home. Do they have a digital marketing strategy? What about print marketing?
It’s also important to find out how the broker plans on reaching potential buyers. Do they have a database of interested buyers? Are they active on social media?
5. What Are Your Costs?
Selling property is not cheap. There are a lot of costs involved, from the real estate agent’s commission to advertising and marketing expenses.
Make sure you know upfront what the broker’s fees are. Ask for a breakdown of all the costs, so you know what you’re getting into.
Do a bit of research on your own to find out the average cost of selling property in your area. This will give you a good idea of what to expect.
You may also want to get multiple quotes from different brokers to ensure you’re getting the best deal.
6. What Happens if I Want to Cancel the Listing Agreement?
Hopefully, you’ll be able to work with your broker until the sale of your home is completed. However, there may be some circumstances where you need to cancel the listing agreement.
Find out what the broker’s cancellation policy is. Are there any fees involved? What are the conditions for canceling the agreement?
Knowing the conditions helps ensure you’re not caught off guard later on.
7. What Can I Expect in Terms of Communication?
By this time, you should have a good idea of whether or not the broker is a good fit for you. However, it’s always important to establish regular communication with your broker.
Find out how often the broker plans on communicating with you. Do they have weekly or monthly reports? What about updates on the marketing and advertising campaigns?
Make sure you’re both on the same page regarding communication frequency.
Find a communication method that works for both of you. Are they okay with email? What about phone calls?
Hire the Right Property Broker for Your Needs
A property broker can help make selling your home a breeze, but only if you find the right one. Asking the right questions is a great way to find a broker that’s a good fit for you.
Are you interested in reliable property brokerage services in your area? Get in touch with us today and learn how we can help.
