Placeholder canvas
April 25, 2024
Real Estate

Top Points You Should Consider When Hiring a Real Estate Broker

Real Estate

A majority of sellers, buyers, and homeowners in the South Coast of the USA; choose a friend or relative as their real estate broker. In some cases, this may not be the best course of action as they would learn down the road.

There may be another South coast real estate broker who is more knowledgeable about your region or has a proven track record of selling homes quickly. 

Here’s how to ensure that the percentage of your home’s sale price that you spend on a real estate broker is money well spent:

To begin, you’ll want to find a South coast real estate broker who is familiar with your neighborhood, including schools, roads, shopping, swim and tennis clubs, and other local amenities. 

Real Estate Brokers Will Compete for Your Listing If You Make Them Compete among themselves.

Note down the names on for-sale signs in the neighborhood and in newspaper ads. Figure out the three or four real estate brokers who seem to be doing the most business after you’ve established a list of them. Pay a visit to one of their open houses to witness how they deal with potential purchasers.

After that, contact those that have piqued your interest and invite them to provide a listing presentation.  Request that brokers compare the original asking and selling prices of homes that they’ve recently sold. 

How long did those houses take to sell?  A good broker’s estimate is based on a survey of previously concluded sales of properties that are similar to yours.

Real estate brokers also consider the prices of comparable homes on the market. The most reputable real estate brokers are aware of which neighborhoods are vying for the same buyers.

Inquire about how many deals each broker has completed in the last 12 months. Their response should be one every month. And it would be ideal if the majority of those homes were within your price range.

If you wish to hire the ideal real estate broker, you should ask questions like;

  • What methods will brokers use for marketing your home? You can visit their websites to learn more about them.
  • Do they provide up-to-date market data?
  • What kind of local information do they provide or link that a prospective buyer would find useful?
  • Aside from the broker’s website, where will your listing appear online? 
  • Request copies of actual ads and brochures that were used to sell homes similar to yours.
  • How many ads will be placed in which publications for your home?

Your property should be put on the real estate brokers’ tour as soon as you’ve listed it because that’s when other brokers and buyers will be most interested in seeing it.

Even though most open houses don’t result in buyers, it’s a good idea to host one every now and then. However, don’t automatically dismiss a broker who stresses other marketing tactics above open houses.

Will The Real Estate Broker Assist You in Staging Your House Before You List It?

Good brokers will inspect your home and point out where and what needs to be cleaned, decluttered, repaired, or updated. Then they, or someone they hire, will “stage” your home to appeal to as many potential purchasers as possible.

Double-Check For Referrals

Request the names of recent clients, then contact them to inquire about how well the broker communicated with them, how close the listing price was to the final sale price, and whether they would use that broker again.

Draw Out a Suitable Contract

Giving the broker “exclusive right to sell” your home is the most common and typically best listing arrangement. This implies that if another real estate broker brings in a buyer, your broker will divide the commission with them. 

Commit to the shortest feasible listing period and, if desired, renew it at that time. If the broker wants you to sign up for a longer period of time, make the following concessions: Based on data from the local multiple listing service, adjust your listing to the average time it takes to sell a home similar to yours.

Make An Escape for Yourself.

That doesn’t imply you’ll be trapped with a broker who turns out to be a pain in the neck. Include a clause in the listing contract that permits you to terminate the contract if you are unhappy with the broker’s performance.

Brokerages will usually try to reassign you to another broker first, and if that fails, they will release you from the contract.

The points mentioned above should help you understand what you need to be looking for in a real estate broker and what questions you should ask them before deciding to hire their services.