Selecting a Real Estate Agent

Good real estate agents know they cannot always get the price you expect to get. They know the market dictates your price.

"Find a knowledgeable agent who knows your market and is realistic about setting your price. Don't go with someone who promises you a higher-than-market-value price just to get you to list with them! That is a good way NOT to sell your home."

A few things to look for in a Real Estate Agent

Don't list with an agent who promises he or she can get you an unreasonably high price for your home. Some agents use a high listing price as a ploy to get you to list with them. You soon discover that the market dictates the price. After a few weeks of getting very little traffic at the high price this agent will come back to you and suggest you lower the price in order to generate traffic. Unfortunately, you've lost what is usually the most critical time period in selling a home - the first weeks immediately after it's listed.

Don't list with a part-time agent. Agents who are full-time professionals have a better feel for the market, have more connections within the industry, and will generally work harder for you. Why? Because their livelihood depends entirely on their ability to successfully and repeatedly close real estate transactions.

Look for an agent who is actively soliciting business. Agents who don't advertise or who are not actively looking for business are probably talking to fewer people and doing fewer deals. Agents who are out in the market looking for new business have their fingers on the pulse of the market. They know what buyers are looking for, and how much they are willing to pay.

Check on experience and productivity. As with most professions, experience pays in real estate. Experienced agents know the market and the marketing process. They'll have the best chance of quickly and smoothly helping you to buy or sell your home.

Agents who are part of an active, aggressive local office will have access to "inside" information that could be helpful in your quest to buy or sell a property. Virtually all agents now have access to MLS listings, but new listings often take a number of days to get on the MLS system. A "connected" agent will know about new listings immediately after they come available.

Be sure your agent is part of a national network? This is less important than it used to be because there are fewer and fewer truly independent agents out there. Most agents in Canada are affiliated with a national chain, and all have access to MLS listings. Being part of a national chain is especially important if you're selling in one city and moving to another. Your selling agent can refer you to a professional, compatible agent in your destination city - and keep in close contact with that agent so both your selling and buying efforts are closely coordinated.

Find an agent who seems primarily interested in sharing expertise and market knowledge in an honest and straightforward manner. Be suspicious of agents who just tell you what you want to hear. Remember that neither you nor your agent can determine the price of your property. It will be determined by the market.

Don't deal with and agent who spends a lot of effort trying to market additional high-priced products and services? The primary service your agent can offer you is fairly simple: to set a realistic price, and to represent you in the market place. When it comes to additional services such as special listings, "talking house" products, or "virtual tours", ask yourself if these will attract prospective buyers and help you sell your property more quickly.

Many of the same questions, hesitations and strategies connected with seeking out professional assistance in any field - whether you're looking for a doctor, dentist, lawyer or accountant - come into play when you're selecting a real estate agent.

It doesn't matter whether you are buying or selling. And it doesn't matter whether you respond to an printed advertisement, see an agent's name on a sign, or are referred by a friend or relative, it is important to select the right agent. In fact it  might be worth interviewing at least a couple before you make a final decision. At the very least you should arm yourself with some clear criteria like the ones above before making your final decision.

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Rick Hendershot produces the Real Estate Radio Show, along with a number of other business-oriented websites and ezines.