Whether you’re looking to assist an elderly loved one with selling their home or you’re selling your home for yourself, it’s important to have peace of mind and trust in the process. One of the ways to have full assurance is to know that you are working with a competent and trustworthy realtor – and that you won’t be blind-sighted by hidden charges. In the process of selling your home, it’s important to be fully informed at the beginning. This ensures that no unpleasant surprises will be encountered along the way.
So to help you get all the vital information that you need as you sell your home, we’ve put together this guide. Here are the key questions you need to ask your realtor as you put your home up on the market.
Let’s get started!
1. What are Your Credentials?
This is the first thing you need to know about your realtor. They must be licensed and belong to the Canadian Real Estate Association. This ensures that they have access to a multiple listing service (MLS) and will thus be able to list your property on a platform that makes it visible to buyers far and wide. Moreover, being a member of this association gives the realtor access to courses, workshops, and other professional development that help them maintain a current knowledge of the real estate industry.
2. How Many Sales Did You Close Last Year?
To be assured that your property is in good hands, it’s important to look into the track record of the realtor – especially their recent performance. Results speak for themselves. A track record of success tells you that this realtor employs effective strategies when selling a home.
3. What Types of Properties Have You Recently Sold and Where?
This helps you to get an idea of the realtor’s specialization. Of course, you would want to work with someone who has had ample experience selling the same type of property within the same area.
You can even ask questions to delve deeper such as what is the average number of days that similar listings are on the market. Or what is the ratio of their list prices to actual sale prices for similar properties? This gives you a clearer idea of the realtor’s performance. Moreover, being open about successes and failures in selling the same property type shows that the realtor is honest.
4. What is Your Marketing Strategy for My Home?
Effective marketing strategies can assure that the right people will see your property listing. The minimal expectation includes a lawn sign for your home, good pictures, and a posting on a Multiple Listing Service (MLS) On top of this, the realtor can employ staging strategies and launch creative campaigns that include online marketing and presence on social media.
5. How Do You (or Your Team) Work?
If your realtor is part of a team, it is important to know who you will be working with. Who is going to be your primary contact? Who is going to show the property and handle negotiations with buyers? You want to be informed about this right at the beginning.
6. What is Your Recommended Listing Price for My Home and Why?
By asking this question, you get an idea of how the realtor evaluates properties and if they can assign a logical and fair price for your home. Their evaluation of your property should be supported by recent comparable sales within the area. If there are no comparable sales within your area, your realtor can look at similar properties within similar neighbourhoods. They could also use a “replacement cost” approach wherein they would calculate the cost of rebuilding the actual home plus the land value. Whatever the case, your realtor’s pricing strategy should align with your needs.
7. How Much Do You Charge?
Commission fees are determined by your realtor and can be negotiated. There are also different types of fee structures out there including flat fee services, discount brokerages, and full-service brokerages. Make sure that you are happy with how much they charge and how much goes to the buyer’s agent. You’d want these rates to be in line with the rates that are prevalent in your area.
8. What Can We Do If I’m Unhappy With Your Service?
It pays to know what steps can be done if ever you are unhappy with the service of your realtor. A competent and honest realtor should be open in discussing this possibility.
Need Help in Selling Your Senior Parents’ Home?
Whether you choose to work with a Toronto realtor or a Senior Real Estate Specialist (SRES), selling the home of a senior loved one could only be the first of many more steps to take. We’re here to help!
As one of the leading providers of full-service senior living transitions, we at Your Next Steps Inc. can help you every step of the way – from planning retirement living, to selling your home, and everything that follows. Contact us today and let’s get started!