More questions to ask an agent – Kevin Turner

In the second part of the answer to Tim’s question about avoiding getting the wrong agent to sell his property, I look at what happens if you are not happy and want to cancel the listing agreement – how to respond to low offers –  marketing – what happens if there are no inspections and no offers – agent communication and your role during the campaign.  As you will see, there are no dumb questions.
Transcript:
Kevin:  Earlier in the show, I addressed a letter that I received from Tim Ryan who wanted to know what he doesn’t know, wanted to know the questions he should be asking an agent. I want to continue with that series because there were just a couple of others that I want to talk about.
“What happens if you’re not happy and you want to cancel the contract with your listing agent?”
Well, yes, you can. Make sure that you put that in the listing agreement. If you’re not happy with your chosen agent, you should be able to terminate the contract without penalty. Just a rider here, though: if you have undertaken to pay for any marketing, you will need to honor that part of the agreement.
“How do you respond to lowball offers?”
When you’re selling a home, it’s best to think of any decision as a business decision rather than an emotional one. Lowball offers still happen, unfortunately. Dealing with them can sometimes lead to a sale if it’s handled properly. The worst decision you can make if you receive a lowball offer is not to respond.
“How do you plan on marketing my home?” – a question you should be asking an agent at the point of listing.
A comprehensive marketing plan is something that you should expect from your agent. The days of placing a sign at the front of the property and waiting for someone to walk into an office or a responding off a window, well, those days are gone.
With the evolution and the impact the Internet has had on the real estate industry, it’s critical that not only is your home marketed through the traditional avenues like the newspaper and with mailouts, but also it’s also given maximum exposure online.
Another great question you can ask you agent: “What happens if we don’t get any inspections?”
In most cases the reason that your home is not being looked at by potential buyers is due to the price. Buyers who feel a home is priced too high will choose to look at other homes before yours, likely finding one before they even reach yours.
A good question to ask an agent is “How are they going to communicate with you?”
At the bare minimum, you should expect to hear from the agent every week. Great agents will be in touch every day even if there’s nothing to report. They should be doing that to see if you have any questions or concerns.
“Should you be present at inspections?
Well, the easy answer to that is “No.” There are many reasons why sellers should not be present during any inspections. The primary reason why you should not be there at inspections or at open homes is potential buyers can feel uncomfortable to talk openly and freely with the agent about your home. They don’t want to say something that’s going to offend you. Best advice: just get lost.
The bottom line here: there are no dumb questions when it comes to selling a home. The reality is that selling a home is not something that’s frequently done, therefore questions are a great way to be prepared and be well educated on the process.
If you’d like to send me an e-mail at Kevin@RealEstateTalk.com.au, I’d be more than happy to send you all of those questions and my explanation.
 

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