5 questions to ask a realtor when selling a home in Vancouver

Selling your home is a big decision. It’s something most people only do a few times in their lives, can be emotional, and is usually an incredibly important financial decision. So, no matter your reason for selling, it’s normal to feel a little overwhelmed. This is even more true if you’re a first-time seller. A good realtor is someone you can trust and help you understand the process, making you feel at ease with great advice to help you find the best buyer for your home. But how do you know which realtor is right for your needs?

How do you choose a realtor?
Think of choosing a realtor as entering a partnership. After all, you’ll be working closely with them. That means speaking to a few different realtors until you feel confident in your choice. Make sure you ask your friends for recommendations and do some preliminary searching to find out about agents that work in your area and that fit your values. You’re looking for someone you feel comfortable with. Then, when you speak with them, be sure to ask the right questions. What are the right questions? Let’s get to the top 5 questions you need to ask when looking for a realtor in Vancouver.

What is the current market like?
An experienced realtor should be able to tell you about the current market conditions in your neighbourhood. Every realtor can easily access benchmark prices from the previous month which helps them in estimating the current value of your home. Once the realtor has a ballpark figure with them, they can share how much above or below you can go when listing your home. That said, don’t just take the realtor’s word for it, ensure that you also do your own research. There are online resources that can estimate the value of your home. If there’s a difference between what your research is telling you and what the realtor is suggesting, they should have a good reason for the discrepancy.

How are real estate properties marketed for selling?
With the convenience and accessibility of online resources to find real estate, it’s probably no surprise that a good percentage of home buyers search for properties online. That means your realtor should have a strong online presence because that’s often the first touchpoint for prospective buyers. Your realtor should also be able to outline a strong marketing plan, including both online and offline strategies. The realtors marketing mix could include:

  • Professional photos
  • Virtual tour
  • Professional and engaging write up
  • An open house strategy
  • Targeted online ads
  • A strong existing email marketing list
  • Storefront ads 
  • Print ads in newspapers and magazines
The more touchpoints and places your home can be seen, the more likely the right buyer will find it.

How long does it take to sell a home?
It’s important for you to have a realistic estimate for when you can expect to sell your home. This will help you with expectations and with planning your next steps. A good realtor will be able to give you that estimate based on current market conditions, the size, price and condition along with how long it’s taken comparables to sell. In the current Vancouver market it takes, on average, four and a half to six months for a home to sell. While this is useful macro data to give a very ballpark estimate, your realtor should be able to zero in on a timeframe based on all the details that are specific and unique to your home.

What are the closing costs and what do they include?
A realtor will be able to explain all the closing costs involved in selling your home so that you can know how much you walk away with given your selling price. They should be completely transparent with all costs and will include:
  • Realtor commissions
  • Title fees 
  • Taxes
  • Legal fees
It’s critical that you have a clear understanding of these costs upfront.

Before speaking to a realtor, you may want a rough idea of what to expect. A closing cost calculator, such as this one from wowa can give you an idea of what your closing costs could be.

Is there previous work history or client testimonials to review?
A realtor with a proven track record of satisfied clients says a lot about what you can expect. The realtor you’re speaking with should be able to provide references so that you can make a confident decision. Be sure to check into the references you are given and research the realtor on your own.

Of course, a new realtor won’t necessarily have references, but should be able to provide you with other reasons for having confidence in them, such as the support of their agency or brokerage and you should feel free to speak to them. 

Selling a home in Vancouver’s competitive market requires the expertise of a realtor who is experienced and knowledgeable about the current market conditions. Asking these 5 questions is a great start to helping you find an experienced realtor to guide you through the process and ensure you find the right buyer for your home.

Find a rennie advisor
If you’re selling your home and looking for a realtor who can help you achieve your goals, check out our rennie advisors and please don’t hesitate to reach out to any of them with any questions.
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RENNIE ADVISOR