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How to Choose a Real Estate Agent

Criteria for Selecting the Best Real Estate Agent

Two of the biggest mistakes property owners make when choosing a realestate agent are selecting an agent solely based on:

1. Highest List Price for Your Property
2. Lowest Commission

At first glance, a Owner might say, "What? Are you nuts?" Because owners want the highest possible price and to pay the least amount of commission. But those two criterion have very little to do with hiring a competent agent and, in many instances, are completely irrelevant. Let's look at why.

The Highest Suggested List Price

Agents can't tell you how much your property will rent for. That's a fallacy. A real estate agent can show you comparable rentals, pending rentals and active rentals. But YOU choose the rent and a seeker will tell you if the price is right.

To get the listing, some agents distort the truth.

Since agents can't guarantee your rental price, the agent who suggests the highest price is probably untruthful. Ask the agent to show you numbers supporting that suggested list price. They probably won't have them or the properties will be located in a different neighborhood or area.

Look for a realestate agent who gives you a range.

There is always a price range. It might be apart 5,000 on the low-end versus the high, or the spread might be greater. Many factors determine the range, among which are location, temperature of the market and improvements.

Pricing is an art.

The best time for an offer is within the first 15-30 days on market. If the property is priced right, you'll get an offer. If it's priced too high, you might not get any showings at all; seekers will refuse your property and you'll eventually end up reducing the price, leaving seekers wondering what's wrong with your property.

Should You Choose an Agent Based on Commission?

Real estate agents are not equal; each is unique. Remember about 20% of the agents do 80% of the business. Each has their own marketing techniques and advertising budget. By choosing an agent with a large advertising budget and company budget to match it, you will gain greater exposure to the largest number of seekers, which is ideal. Reaching greater numbers of seekers equals better chances of a good offer.

Why would an agent willingly work for less than competitors?

There is always a reason why a broker or real estate agent would discount a commission fee. Sometimes it's the only way the agent feels it's possible to compete in a highly competitive business, because the agent can't stand apart from the competition on service, knowledge or negotiation skills.

If the sole benefit an agent brings to a table is a cheap fee, ask yourself why. Is the agent desperate for business or unqualified? Do you want to work with a desperate agent?

Sometimes full-service agents will negotiate a lower commission under special circumstances such as:

1. You're renting in and renting out a property at the same time, giving both transactions to one agent.
2. You're willing to do all the legwork, advertising, marketing, and pay for expenses related to the lease.
3. You promise to refer more business to the agent, which would result in multiple transactions.
4. You're renting more than one home.
5. You don't have enough equity to pay a full commission.
6. The agent will lose the listing unless he/she matches a competitor's fee.
7. The agent wants the exposure to traffic over charging a full commission.

If you are interviewing agents who offer similar services and can't decide between them, ask to see a track record of each agent's original list price and final rental numbers. Odds are the lowest-fee agent will show more price reductions and longer Days on market. The difference between an agent who charges 1 week rent and 2 weeks rent is 1 week. Ask yourself how you come out ahead if your price ends up being reduced 2 weeks because you chose a lower-fee agent who could not afford to actively market your home.

Tip: If your home is located in a hard-to-rent neighborhood or area, hire an agent who lives in the area / rent in/out properties in that area. Don't hire an out-of-area agent who can't adequately tackle the challenge without first-hand knowledge of the area.

Importance of Agent Marketing

Beyond the expensive car or fancy clothing, a good listing agent lives and dies by marketing. Because marketing rents properties. Ask to review a complete copy of the agent's marketing plan. Precisely, what is the agent going to do to rent your home? Here is the bare-bones minimum you should expect:

1. Professional signage, including agent's cell phone number.
2. Follow-up reports on seekers showings / feedback to the seller.
3. Broker previews.
4. Incentives for broker / office previews.
5. Weekly advertising in major newspapers.
6. Advertising in local newspapers.
7. Virtual tour.
8. Distribution to major Web sites exposure with 10 to 15 professional photographs.
9. Direct mail to surrounding neighbors, out-of-area seekers / brokers.
10. Feedback to owners on seeker sign calls and seeker showings.
11. E-mail feeds of new listings that compete.
12. Updates on neighborhood facts, trends and recent rentals.

Remember, no single tactic rents properties. It's a combination of all those methods that rents properties.

Characteristics of a Good realesate Agent

Here are some of the characteristics owners say they want in agent:

1. Experience. Let new agents learn the business on somebody else's dime.
2. Education. Ask about degrees and certifications.
3. Honesty. Trust your intuition. Your agent should speak from the heart.
4. Networking. This is a people business. Some properties rents because agents have contacted other agents.
5. Negotiation skills. You want an aggressive negotiator, not somebody out to make a quick rental at your expense.
6. Good communicator. Owners say communication and availability are key.

Finally, ask for a personal guarantee. If the agent won't guarantee performance and release you from a listing upon request, don't hire that agent.

	AGENT HIRING GUIDE 10 Reasons to Hire an Agent How to Choose a Listing Agent Tips to Finding a Real Estate Agent Questions to Ask Before You Hire a Agent Answers to Your Agent Interview Questions Experienced Real Estate Agents Help Your Agent Help You