Realtors are the life blood of the Real Estate market and I work with them everyday. A good realtors knowledge about the market and homes in general makes them an invaluable resource. On the other hand, I’ve talked with many homeowners who feel cheated by realtors they’re currently using or have used in the past. The choice in realtor can mean the difference in so many important factors when selling your house I thought it was necessary to mention some important signs that will tell you if the realtor giving you his/her sales pitch in your living room is a good or bad choice!
Does your realtor have their own website? Many do but if you find one that doesn’t this is a red flag. Just because a Realtor is middle aged it does not mean they have been working in the market for long. Always ask your Realtor how long they’ve been working for. A realtor who has been working for a while will have the name brand and personal connections to get your home sold fast, they will also understand & price your home the most responsibly. If they are on a team rather than working as a singular realtor this is just as good but ask them what their team specializes in. I cannot stress this enough, realtors will take listings no matter what, but if you’re a Condo owner in Millwoods listing with a realty team that sells bungalows in the west end you’re unlikely to get the quick sale you desire.
Realtors work off a 7% commission for the first 100K and a 3% of the rest in Edmonton Alberta. This is normally split between 2 realtors; your realtor and the buyers realtor. If you’ve got a realtor coming to you saying they will sell your home for a flat rate commission of 2% or 3% this usually means a few things (all of which are not good). 1) this realtor is hoping to sell your house without another realtor involved on the buy side, this means they’ll just market it through the web which is a slow & ineffective way to sell real estate. A greedy realtor on the buyers side may even ignore the listings with a low commission. 2) The realtor is new to real estate & does not want you going with a better prepared realtor who would expect the normal fee’s. Be wary of cheap realtors!
As surprising as it may sound, you want a realtor who has another ‘job’ in the real estate industry. Some of the best realtors I know are also developers, investors or renovators. So please ask your realtor what they do besides sell houses! This is an important questions because many realtors will say “your house is a perfect for _______ and I could sell it instantly to eager investors!” but unless they’re actually connected to the market from the other perspective this statement could be completely false or a misunderstanding of the current market or important aspects of your property like zoning!
These are a few key signs to help understand whether you’re getting paired up with a quality realtor or someone who’s making a lot of promises they cannot follow through on. Lastly, never sign more than a 60 day contract many realtors will have you believe they need 90 days, but if it is not sold in 60 then it’s your realtor who’s at fault! (Edmonton average days on market is currently 48).