Appointing Agent A: Common Questions to Ask Your Agent
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Once you have narrowed down your list of agents, allocate some time to meet them individually and ask them some important and necessary questions. Estate agents often say that only a few sellers take the time to ask other questions beyond: “How much will I get?” and “What is your commission?”.
Most people engage the first agent they meet for a variety of reasons, the most common of which is appearance and presentation. After all, selling your home is a big deal, so getting to meet the agent you will be working with is key.
Treat the meeting as if it were a job interview and engaging them means they will be working with you. Before you decide, make a list of questions to consider. We have compiled a list of several to assist you in finding the best fit in the world of real estate.
“Are you a registered estate agent or negotiator?”
First and foremost; no tag, no deal. Make sure that when you engage with a negotiator, they are wearing a tag. REN tags usually contain a QR code that you can take a photo of to identify the said negotiator. On the other hand, estate agents and probationary estate agents are required to carry a card.
“What’s your experience?”
It may seem obvious, but surprisingly, many sellers do not ask potential agents this question. Sellers should seek for agents who have a proven track record in completing deals from start to finish. Check to see if they are familiar with the place as well. Be certain to inquire about the agent's most current listings.
“What are your fees like?”
In Malaysia, the standard percentage charged by agents is a maximum of 3% of the agreed-upon sale price for your property. Based on the needs and preferences for selling the home, see how you can discuss a lower fee with the seller.
“How much do you know about home loans?”
Since home loan issues can make or break a contract, it is crucial to stick with an agent who understands the ins and outs of home financing. You could end up grappling with delays, or the whole transaction could fall through. For a home sale to go through seamlessly without any hassle, you need a buyer with a good loan servicing history, in order to secure a home loan.
In a perfect world, buyers should have their finances in order when making an offer for a house; so, a good and experienced agent can salvage a deal if they are financially fluent and well connected with quality and trusted lenders.
“What marketing strategies would you use to sell my house?”
A home is not going to sell itself. As a result, it is important to understand how the agent intends to sell your home to as many prospective customers as possible. Find out what the agent's selling philosophy is. Do they use websites like Property Hunter, Mudah.my, iProperty and Property Guru to search for properties? Examine their previous listings to gauge how well they increase a home's online exposure. Do they use high-resolution photos? Do the listings contain succinct information? This days, most prospective buyers browse for homes through online listings, and a listing that is not well-presented would normally turn them away. Also, be certain to inquire about whether his/her payments cover marketing expenses.
“What if I plan to sell with a different seller at a later date?”
Just like every partnership, not all will work out due to differences of opinions or incompetence of the agent. Let’s say you were dissatisfied with your current agent for whatever reason and decided to switch. How much notice should you give your current agent? Will you have to pay some sort of fees to the previous agent if the new agent manages to sell the property for a better price? The answer lies in the type of appointment and the following question.
The views and opinions expressed in this article are those of the authors and not intended to malign any company, individual or necessarily reflect the official policy or position of any agency or organization. Focal Times is a subsidiary of Maxworld Consulting Sdn Bhd, a regional organization founded by a mixture of agile and experienced corporate finance, venture capital and industrial experts. This establishment focuses on sharing current banking affairs, latest property developments and updates and more.