Top 10 Questions When You’re Selling Your Home

1. What asking price do you recommend?

Some agents will “buy” a listing by suggesting an inflated asking price. We all want to hear great news, and often a seller will select the listing agent with the highest recommended sales price.

Bad decision. An overpriced house will not only sit, it will create price decline expectations as the asking price lowers.

What comparables did you use in pricing my house?

There is no better way to value a house than to compare it to other recent sales. Do not be swayed by the “it only takes one buyer” crap. You could also win the lottery, but 99 percent of sales are within the price range of comparable transactions.

How long is the listing contract?

The shorter the better, of course. But agents have a legitimate reason to ask for 6 months since good marketing can take time. Anything longer than six months is, in my view, a mistake. Too many agents over-promise and underperform. Keep the listing contract on the shortest leash possible.

What happens if I am not happy with your service?

Even with a six-month listing contract, I strongly recommend you try to craft an “escape clause” into the deal. It can be pro-agent, but try to insert something.

For example, “In the event Agent does not perform minimum services, Owner can cancel the herein Contract with 30-days notice.”

No one knows what “minimum services” means but just in case your agent is horrible, it would be nice to have a shot at bluffing your way out of the contract (i.e. threaten litigation).

What happens if you do not sell the house within the term of the listing contract and I want to list with a different agent?

Most listing contracts have a “tail” – a clause that entitles the agent to a commission so long as the eventual buyer viewed your house during the term of the listing contract. You want this tail voided if you list with a new company. Otherwise, the new company may be reluctant to commit a full marketing campaign to your house.

Specifically, what are your marketing plans?

The more your house is marketed, the more likely a buyer will bite. Marketing works. You want to know precisely what the agent intends to do and with what frequency.

What is the procedure for showing my house?

Most agents will want a lockbox on your house, as this allows your house to be easily shown by every agent within the multiple listing community. This can also facilitate showings. In certain situations, though, there may be reasons not to do this (e.g. expensive personal items in the house).

Also ask about signage. Some people prefer not to display a “For Sale” sign for security or privacy reasons.

What is the commission?

Don’t let an agent tell you there is a “standard” commission. This is against the law as all commissions are subject to negotiation. The total commission (including the percentage going to the buyer’s agent) is usually in the 4-to-6 percent range, depending where you live. Speak with several agents in your area to get a sense of the range.

When do you (the listing agent) earn a commission?

Many listing contracts provide that the agent earns a commission when he produces “a ready, willing and able buyer.”

NO, NO, NO.

You should be obligated to pay commission if and only if the house sells. Most agents will back off the “ready, willing, able” language.

What split are you offering the buyer’s agent?

Some listing agents will shoot for a larger cut of the commission than 50-50. In other words, on a 5-percent commission, he may offer the buyer’s agent 2 percent instead of 2.5 percent.

This is a crummy thing to do because it disincentives the buyer’s agents to show your house to prospects. You should target 50-50.

What do you think? The ball’s in your court now, so let’s start a dialogue together. Please leave your comments (agree, disagree, something to add) below. Thanks.

Ask these questions when hiring your Green Bay Real Estate Agent

After reading this great article from The Skinny On you will have a great understanding of really amazing questions that are not Pro Agent by any means. So why would I want to post something that isn’t pro-agent? Well I really believe in all of these questions and how important they are when selecting a Green Bay Real Estate Agent.

Green Bay Real Estate Agent offers Cancellation Guarantee

You can list with confidence when you understand that I provide you with a Cancellation Guarantee on your Green Bay Real Estate Listing Contract. If at anytime you are not satisfied with my customer service, and my ability to market your property effectively you can cancel your contract.

Hire a Green Bay Real Estate Agent with proven results in Down Economy

The Green Bay Real Estate market is extremely difficult and you need to ensure that you are hiring the right Green Bay Real Estate agent for the job. If you want a Green Bay Real Estate agent who’s not afraid of setting realistic expectations, or who’s not afraid of a having a difficult conversation you need to pick up the phone and give me a call.

GreenBayGreg 920-215-1637