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Know the market trends in your area.
Research shows that two-thirds of home sellers hire the first agent they talk to – the first one! While I’d like to think it’s because all REALTORS are amazing, I know that’s not really the case. If you’re thinking of selling your house, here are the 15 questions you should be asking:
It’s important to work with an experienced REALTOR actively engaged in the market: what’s happening right now, and how might that affect your sale? Hire a listing agent familiar with the mindset of the Buyers who are currently searching for a home, pricing strategies that are working right now and current best practices in marketing and staging. Agents who only sell a few homes per year don’t have the depth of experience or current knowledge to best represent you – and if they mostly work with Buyers, they might not understand the selling process.
In 2023, 60% of REALTORS at TRREB sold 0 homes. Below, the breakdown for the agents and teams who sold at least one:
Below, we look at the stats for REALTORS who LISTED a home in 2023. Note that 69% of agents did not successfully represent Sellers in 2023. Of the agents who listed in 2023:
Nobody wants to be an agent’s first listing. And beware the agents who talk about ‘being in the real estate market’ for 10 years – they might just mean they’ve owned a home for 10 years.
Beware the part-time agents who won’t have time for you and aren’t on top of what’s happening in the market. If you want to get the highest price for your home and sell it quickly, you’ll need someone – ideally a team of experts – who make selling your home their top priority.
Lots of “top agents” will hand you off to their assistants – make sure that the person you meet is the person who’ll actually be doing the work to sell your house and the person who you’ll communicate with…not just the guy on the billboard.
Other than posting your home on the MLS, what specifically will they do to drive Buyers to your house or condo? While the MLS brings in many potential Buyers, a comprehensive online and offline marketing strategy focused on selling your home is critical. Ask to see samples (and most importantly, the results) of past marketing campaigns for their listings.
Almost all buyers begin their search for a home online and you want to make sure your home will be found. Where will they post your home online? How much traffic does their website get?
Run from the agent who claims to take great photos with their iPhone (even if it is the iPhone 11). Top agents hire top photographers, invest in HDR photography and understand that the first online impression is the most important one.
You’re looking for real numbers here, that can easily be backed up with proof. Ignore boasts of internal awards – what you really want to know is how their efforts have positively impacted their Seller clients.
Don’t make the mistake of hiring the agent who gives you the highest number – that’s an old-school strategy that a lot of agents use to get hired. The market determines how much your house is worth, not the agent, and pricing too high in the beginning will hurt you.
If an agent doesn’t know what makes him or her different from the other 60,000+ agents in the GTA, move on. This should be the easiest question for them to answer.
Experienced agents know what matters and aren’t afraid to tell you what you need to do to help get top dollar for your home.
A good agent knows the importance of timing and will be able to offer strategic advice while balancing your personal needs.
Let’s be honest, a lot of Toronto agents don’t know how to negotiate – ask them for real-life examples of their negotiation strategies.
Painters, home inspectors, stagers, contractors, electricians, plumbers, etc. A good agent has a network of talented people on call to help their Sellers, and if you’re working with a top team, they probably have in-house stagers and handymen.
Make sure that the agent you hire to sell your home communicates with you how you want to be communicated with and at a frequency you’re comfortable with.
And don’t be afraid to ask for references.
We’ve developed the following Listing Agent Scorecard to help you compare and contrast the real estate agents you’ll meet. While every Seller has different priorities and needs, we’ve included our opinion of weighting of each criteria and how they affect a Seller’s experience and sales price.
PRO TIP: An agent with better-than-average statistics will not only know their stats but be able to easily back them up.
PRO TIP: Read online reviews and ask for references. An agent who has built a solid reputation won’t want to risk losing that by providing mediocre service.
PRO TIP: A well-marketed home sells for more money….and who doesn’t want more money?
PRO TIP: Remember that your time is worth money.
PRO TIP: Consider the commission with respect to how much time and money you’ll need to invest. If someone is offering a lower commission, what services and marketing are they NOT including? Don’t make the newbie mistake of focusing on minimizing costs…remember the big picture: maximizing the sale price.
Remember, this sale is about YOUR home. Make sure to ask:
PRO TIP: Top REALTORS devise custom plans for every home they sell – they understand the target market and know how to market to them.
The DOAEI Real Estate team combines years of experience and a passion for real estate that is customer service oriented.