Selling PEI real estate requires that a person must be licensed by the province under the Real Estate Act. To become licensed the candidate takes a pre-licensing course offered by the local real estate board and upon successful completion can then apply for their license. While it is good background knowledge to understand that a licensing system and standards associated with it are in place, since all persons in the industry must be licensed, it doesn?t really separate one realtor from another in terms of how they will perform for you.
Buying or selling a property is the biggest undertaking most people will make in their lives and you should have an agent who has sufficient faith in themselves and the PEI real estate industry that they are willing to depend exclusively on selling real estate for their living. If they aren?t convinced that they can make a living selling real state why should you believe that they can sell yours?
When you list a home you are making an exclusive contract with that agent (actually more accurately with the company the agent works for) for a specific time.
Some agents work diligently during that time and are willing to spend their money promoting your property. Others put a sign in the yard and hope that someone buys your home. Obviously you want the former type of real estate agent working for you!
To ensure that you do get an agent who will diligently promote your PEI home, don?t be afraid to ask how long they have been in the industry, if they have moved brokerages during that time, and the specifics of their marketing plan for your home, namely, when, where and how often they will advertise your home, how many open houses they will do, what websites your home will be posted on etc. Do not be content with the claim that they ?know buyers just waiting to purchase your home?. You want to know what they are going to do, and you want it in writing.
Ask specific questions about the internet. Many people don?t really understand the internet and are afraid to ask questions. Your home must be shown on the web, starting with realtor.ca, the MLS website. However that isn?t sufficient. Most of the real estate franchises have corporate websites and your home must appear on those. Generally up to this point most agents can provide. However the brokerage itself, your local office, should have its own website and the agent should additionally have his/her own real estate website. Furthermore, either the brokerage or the agent site should rank well on a Google search. For example if you type in ?PEI real estate?, the agent or company that you are dealing with should be on the first page of results.
If you can?t find their websites this way, how can a potential buyer? I believe that this is one of the best ways of finding a real estate agent who is working at his/her business and therefore will work for you. I t costs time and money to create a website that is successful and appears on search engines on the first page of results. The person or company who has achieved that is committed.
In addition to the criteria above you can also ask friends and relatives who have sold their PEI homes recently for information on the agents that they used. Some people suggest using open houses as a way to meet realtors and while certainly if a realtor does open houses it is a good sign, it really doesn?t show much about how they operate. You will be able to develop a feeling for whether you like them or not though.
When you have chosen up to 3 candidates you should ask them to visit you at home and to provide an outline of how they plan to market your home as well as a comparative market analysis. A CMA involves looking for similar properties in your area which have recently sold and using the sale price of these to determine a fair market value for your property. You should actually see the cut sheets that the agent has used to come to the price he or she thinks your home should be listed at. Some agents will agree to list at any price you want, but be careful, they will be back soon asking for price reductions, or they will simply abandon all effort to sell your home. You should have the agents prepare an estimate of the net proceeds, the amount that you will clear at that price after fees and expenses.
Once you have chosen and listed, be co-operative with your listing realtor, make the home available for showings and open houses, and keep the home clean and in good repair during this time. Understand that you will not in most markets achieve your asking price and bargain in good faith. If however you feel that your home is not receiving that attention that you expect, call your agent and tell them your concerns. If improvements are not made, speak to the broker at the office your agent works in. Do not hesitate to make them aware of your dissatisfaction.
Use this information as a guide to help you find the right real estate agent. Choose the agent who has presented the most dynamic plan. Set your asking price realistically and you will be successful in the sale of your property.
**(The comments contained in this article are for information purposes only and do not constitute legal advice.)
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