Finding a realtor to sell your investment property could be a huge decision, as choosing the wrong one may cost you a lot of time and money. Just as you would screen potential tenants before selecting the right one to live in your property, you must also apply the same methods when choosing a prospective realtor. Here are four questions you need to have answered before you hire one:
#1. Have you worked with this type of investment property before?
A person might be a skilled realtor, but they might not have the specified skills for selling your property. Attempting to sell a retail property is a completely different from selling a single family home. A Realtor who has had success selling properties worth 2-3 hundred CAD, may be at a loss for finding buyers for a property worth a 1 Million CAD. It’s important to know the type of properties the realtor has expertise in.
#2. How Much Do You Demand as a Commission?
When you are employing an individual to do some work for you, you need to know how much the person will be paid for their services. Realtors usually do not charge a flat fee for selling properties, and may ask for a percentage of the sale price of the home. You will need to be very clear as to how much any potential agent is asking for.
Knowing how much you will pay your realtor as a commission will aid you in deciding if they are the best choice for you. Remember that if you are aiming to make a profit, the realtor’s commission could significantly eat into your gains.
#3. At What Price Will You Sell My Property?
When interviewing potential realtors, you’ll need to ask them how much they think your investment property is worth. It is essential to ask this question of every prospective realtor you interview, as they may have different valuations of your property.
#4. How Will You Sell the Property?
You should ask prospective realtors how they intend to market your property. Are they going to put one-time ads on a couple of sites and hope buyers will be interested, or are they going to be more practical in their methods? Will the Realtor create open houses or will they do personal displays? These are the sort off questions you will need to ask.
You should also discuss with your realtor on selling options, such as putting your property on auction websites. You have to be comfortable with the way a realtor intends to advertise your property before you agree to give them the deal.