Any investment can be sold and there are a number of important considerations that any seller, in particular business owners, need to give to the sale of their properties. The process is similar to that described in sections 9.1 – 9.4; however, when you sell your property you will need to ensure that you appoint the right real estate agent to sell your property. Some important questions to ask are:
The answer to this question will give you an idea about the person that you are appointing but it is critical to remember that just because your agent is more experienced does not necessarily mean that they will sell your property faster or for more money than a less experienced agent. More significantly is whether they have access to competent mentors and their level of training.
You will need to ask the agent:
Everybody has references; even new agents have references from previous employers. So ask to see references and confirm that the referees given are not related to the agent and that they can be contacted with additional questions.
A good agent will not hesitate to answer this question and will be ready to fire off why they are best suited to sell your property. Every person has their own set of standards, but most consumers say they are looking for agents who are:
Generally, when appointing an agent, you will need to sign documents such as:
You should review these documents thoroughly and obtain advice before signing anything.
Let the agent explain to you who they work with and why they choose particular professionals. Your agent should be able to supply you with a written list of referrals such as solicitors. Ask for an explanation if you see the term ‘affiliated’ because it could mean that the agent is receiving compensation from one or all of the vendors engaged as a result of the referral, and you could be paying a premium for the service.
Do not ask if the fee is negotiable. All real estate fees are negotiable. You should negotiate a fair fee for the service that they are going to provide.
If you sign an agency agreement and later decide that you are unhappy with the arrangement, will the agent let you cancel the agreement? Will the agent stand behind their service to you. What is their company’s policy about cancelled agreements? Has anybody ever cancelled an agreement with them before? If so, why?
Pay close attention to how the agent answers this question because there is always something you need to know; always. You want an agent to take their time with you to make sure you feel comfortable and secure with their knowledge and experience.
Appointing an agent to sell a property is a big decision and all factors are important. You need to carefully consider all of these aspects and trust your instincts with regards to engaging the right agent to sell your property. I have advised many clients in relation to the sale of their property. It takes skill to sell property and I know that many different agents will try to say that they can sell property in any circumstances.
One example was a client who wanted to sell his residential property; he asked the questions outlined above and was able to achieve a quick sale of his property due to selecting the right agent. A lot of the selection process will be your gut feelings and in most cases you should trust your intuition based on the answers to the above questions.
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