I'm currently interviewing listing agents for a triplex I own. Plan is to put it on the market in the next 1-2 months. I'm only looking at agents that specialize in investment real estate in my area. Does anyone have advice on what to look for in an agent or what questions to ask? A few questions that pop into my head immediately::
1) The obvious questions about money / commissions.
2) What kind of contacts they have with potential investors / buyers.
3) What would be their marketing plan?
4) What experience do they have selling residential income?
Can anyone add to my initial list? I appreciate all the help!
Kudos to you for reaching out and getting some advice!
Speaking as a Broker/Investor for 18 years with TONS of experience as a listing agent, I can speak from experience on this!
Some of the questions I would probably ask...
Are you a full time, or part time agent?
What experience do you have or what type of sales training do you have?
Are you personally going to be handling my listing, or will it be handled by someone else?
How often will you report to me the results of your activities?
"Which is more important to you (Mr./Mrs. Agent), that you get the highest price for my property or that you get it sold?"
"What are some of the active steps you will take to sell my property? I assume you will have an Internet presence for my home... But tell me specifically what will you do to actively prospect for a buyer for my property?"
I think if you begin asking some of those questions, that will point you in the right direction about what you should ask.
Key points of unsolicited advice...
***You get what you pay for. If the agent cannot defend his commission from you, how strong could he POSSIBLY be, defending you, and the price you set on your home?
*** Strongly consider getting a contingency within the listing contract that allows for both parties (you and the listing agent) to review the progress of the sale of the property within a specified period of time (60-90 days). At that meeting, reserve the right to unilaterally cancel the contract without cause or cost. This will keep the agent honest.
*** Be honest with the agent. As a MAJORITY of sales on the MLS ultimately sell within 4-6% of the listing price, do not go crazy on your pricing "leaving room for negotiation." Deliberately overpricing your home will only slow it's sale, and result in a lower sales price.
*** If anything happens, communicate with your agent immediately. "Communication Reduces Confusion."
**** If you want the agent to work twice as hard, "Compliments improve Competence"
Hope that helps you!
Have a Powerful Sales Day!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.