Before You List
Before you sell your home you will have many personal and financial decisions to make. One of the first decisions you make will ultimately impact the entire process.
What Real Estate Broker do you want to represent you?
Here are 15 questions to ask a Realtor before you list your lakeshore property.
1. How would you describe your approach to selling real estate?
What you are looking for first and foremost in your agent are integrity and character. The agent you choose and the brokerage they work for will tell prospective buyers something about you. You want your listing agent to project an image that you are proud of and is respected in the community.
2. Does your brokerage specialize in marketing lakeshore?
Specialization is where the future of residential real estate sales is. Brokerages that try to be all things to everyone are finding out that the consumer is no longer interested in brands. Lakeshore buyers and sellers have an expectation of quality and expertise that can only be achieved through specialization.
3. How long have you specialized in selling lakeshore?
When it comes to selling lakeshore experience is critical. Lakeshore transactions are inherently complicated. Having a listing agent that can recognize potential issues and understands the processes for resolving them will save you time and money.
4. Do you have a personal assistant on your staff?
Having a personal assistant to handle the day to day office chores will free up your agent to devote more time to the essential lead generating services required to sell your home.
5. Do you have a licensed buyer’s agent on your staff?
A listing agent that is aggressively generating leads and negotiating on your behalf can quickly be overwhelmed by buyers with an urgency to see other properties. Having a knowledgeable Buyer’s Agent that specializes in lakeshore transactions on staff assures that your listing agent will not get distracted while negotiating your transaction.
6. What trade shows do you attend?
Attending trade shows such as the Lake Home and Cabin Show in Minneapolis is a great way to expose your home to a concentrated pool of motivated lakeshore buyers.
7. Do you create postcards, fliers or brochures for direct mailing campaigns for your listings?
Direct mailings, especially neighborhood mailings, are extremely effective. People that live on a lake are proud of it and will encourage family and friends to purchase property near them. Ask how often marketing materials are sent. Ask to see samples of their marketing materials. Make sure they are of a professional quality that you would be proud to see your home on.
8. How do you determine the list price?
Pricing your property is the most critical step in getting it sold. Determining market value is a process that requires experience especially in the lakeshore market where neighboring properties with similar structures can have dramatically different values due to unique shoreline characteristics. Ask them to provide you with a Comparable Market Analysis (CMA) that includes market data from recent sales and all pertinent market information used to establish value.
9. What are your brokerage commission fees?
Commission fees cannot be fixed by law. All commission fees are negotiable. Customary commission fees in the local market are 6 to 7 percent of the sale price. The Lakeshore Real Estate Group commission fee is 6% of the sale price.
10. Does your brokerage charge any additional commissions?
Some brokerages charge additional fees such as brokerage administrative commissions. Kurilla Real Estate is a Full-Service Real Estate Brokerage. We do not charge additional fees for administrative services. We believe these services are part of our job and we take great pride in doing them well.
11. How much of the commission will you advertise as a Buyer’s Broker compensation?
In the local market, it is customary for the listing brokerage to advertise at least 40% of the total commission as a Buyer’s Broker Compensation.
12. How long is my listing contract?
All listing contracts must have a beginning and an expiration date.
13. Can my listing contract be canceled prior to the expiration date?
All brokerages have office policy for canceling contracts. In these situations honest communication is essential. In the event that both parties agree to cancel the listing contract, it must be done in writing and signed by both the seller and broker.
14. What improvement, repairs or upgrades do I need to make before I list my home?
You want your home and grounds looking their very best the day you hit the market. Your agent needs to have the experience to recognize what work needs to be done before you list your property. An experienced agent will be working with a team of service professionals they can call on to assure the work gets done quickly and in a professional manner.
15. Do you have any questions for me?
Every seller’s situation is different. Your listing agent should be asking you a series of pointed questions so he/she can establish an action plan that is specific to your situation.