Tips On How To Hire A Real Estate Agent

Tips On How To Hire A Real Estate Agent

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Put A Sign On The Lawn And They Will Come…

Although we may differ in opinion on what makes the best real estate agent, we can probably all agree on what key things to look for when you hire a real estate agent.

If we consider the recent history of real estate agent performance, let’s recap on how the market has essentially shaped how some of the agents perform in the market today.

As sellers enjoyed the simplicity and high demand of a seller’s market, the art of selling a home was lost on merely planting a sign on the front lawn, a quick ad on the MLS with a minimal write-up and BOOM! Sold!

The result:  frustrated buyers who will pay almost anything to win the bid, overjoyed sellers seeing record profits on homes that may not have deserved to sell, and an influx of real estate agents flooding the market to make a quick buck.  So many people got into selling real estate to make some easy money you could swing a cat and hit a real estate agent.  Being a professional real estate agent morphed into a job almost anyone could do.  You made easy money and it required very little skill.  All you had to do was put a sign on the lawn, anyone can do that.  Right?!

So What Skill Sets SHOULD You Expect From Your Real Estate Agent?

When you hire a real estate agent, there are a minimum set of skills sets you should come to expect.

  1. Your salesperson should be knowledgeable about your market.

    1. They should be able to provide you with reasonably honest comparable homes that sold in your area in order to honestly guide you when choosing a price for your home.  What do I mean?
    2. Too often to seal the deal, an agent will inflate a homeowner’s perception of their home’s value by providing the homeowner with skewed data.
      1. This can mislead a homeowner into thinking their home is worth more than it is to win the listing to realize later they will inevitably have to drop their price and sell for even less then had they listed their home for a reasonable price in the first place.
      2. How can this happen?  An agent brings you comparable homes that sold on the other side of a major street in a different school district that would in this case sell for considerably more than the homes in your area, these are not the best comparable properties.   These may be the only recent sales but, ethically your agent should be adjusting the price of these comparables to reflect the neighbourhood you live in.
  2. Your salesperson should have a marketing strategy that goes beyond snapping a few quick shots of your house, an even quicker MLS write up and a sign on the lawn.

    1. MLS can be the best marketing strategy for your home or it can be the worst if you hire a lazy agent that does a lazy listing.  Have you ever seen a listing on the MLS that had such terrible pictures you quickly moved on to the next house?  Of course you have, and for that reason you should steer clear of that agent when listing your property.
  3. Your salesperson should be able to negotiate

See below.


One Trick You Should Try When You Hire A Real Estate Agent

Firstly, you should expect to negotiate on your behalf therefore it is important to educate yourself on negotiating and you can start by learning the different styles of negotiators and what style of negotiator you are.

You may be wondering “why should I learn what style of negotiator I am?  Its my agent’s job to negotiate.”.  You’re right!  Have you noticed the number of agents who will readily cut their commission to get the job?  Are these agents “negotiating” or selling out?  If this agent sells out and reduces his or her own commission when asked without trying to negotiate, wouldn’t you agree that same agent is probably going to sell you out when it comes time to negotiate your deal?

If you want the best price for your house, you would benefit when you hire a real estate agent to hire a good agent not a cheap agent as there is a good chance they will make back the cost of their commission and then some.

The best way to assess whether or not you are hiring the best agent can be tested right at the beginning, when it comes time to talk commission.  Try to negotiate the commission with the agent.  If they fold like a cheap tent, you know they will likely do the same when it comes time to negotiate the best price for your house.

What Style Of Negotiator Are You?

Negotiating Is A Skill We Must All Utilize At Some Time In Our Lives

Before you dive in test your agent it might be best to hone you’re own negotiating skills and remain objective.  Remember the purpose is not to win the best price but to test when you hire a real estate agent if that person can negotiate for themselves.  Before you attempt to negotiate with your agent, let’s first understand what style of negotiator you are.  Once you understand your own style of negotiating, you can then assess the style of negotiator you are dealing and whether that person is going to be best person to represent you at the bargaining table.

There are seven types of negotiators.

  • The Tortoise
  • The Hare
  • The Conqueror
  • Emotional
  • People Pleaser
  • Honest and Earnest
  • Logical/Linear

Click on the link to discover what style of negotiator you are and some tips on how to make your style work for you:

What Style Of Negotiator Am I?

Please note, this is not to suggest all real estate agents were created equal and there are many skillful and talented agents for which we would be happy to refer you to a few of our favourites.

At the Trading Post Property Solutions Ltd we pride ourselves on being knowledgeable in real estate.  If you are looking to sell a home, we buy houses cash.

The Trading Post Property Solutions Inc

We Buy Homes In Any Condition In Any Situation

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