How to Select the Best Real Estate Agent to Sell Your Home in Dhaka
The real estate industry in Dhaka has been growing exponentially in the last decades. Both the demand and supply for real estate properties are increasing each day. Dhaka has become the host of the top real estate development companies. As the industry is booming, the number of individual sellers of the property is also rising each day. As the market is huge, individual homeowners are finding it difficult to sell their houses on their own. Hence, homeowners to seeking the service of real estate agents to get the best deal for their house from the market.
Your choice of agent to sell your home might easily make or break your transaction. Home sellers are forced to depend only on the number of properties an agent has sold and their internet reviews when choosing a realtor. While both of these are significant, they can also be misleading because experience and reviews do not guarantee that a real estate agent will act in your best interests when selling your house. Follow these steps to discover how to pick a real estate agent for selling.
Start an Online Research
Start your preliminary research online. The purpose here is to save time by eliminating agents that do not match the basic requirements. Examine their track record and customer feedback. This is critical since you do not want a novice or someone with little knowledge to sell your most precious item.
Enter each agent’s name followed by “realtor,” “real estate agent,” or “real estate” to find them online. Look for three things: years of experience, the number of homes sold, and the date of the listings. However, be sure that these are homes that they have advertised and sold, not those where they represented the buyer.
Sellers make the mistake of prioritizing reviews when selecting a real estate agent. Because they are readily fabricated or altered, many real estate brokers will only solicit evaluations from clientele they are confident would give five stars. And many of these sites have a shaky or non-existent verification process. However, some reviews are genuine. You should go over that agent’s comments to determine if there is any similar language used repeatedly. It is not always negative if there are one or two, but you want to know whether and how that agent replied.
Interview Multiple Real Estate Agents
Although online research is beneficial, the best method to find a real estate agent is to chat with them directly. Conversation allows you to gain a feeling of crucial qualitative features such as honesty and kindness and the chemistry between your personalities and communication styles.
When preparing for interviews, put down questions that address your main issues. Then schedule a 15-minute phone interview or in-person interview. You might begin the interview by discussing the fundamentals of your house.
Once you have established the facts, describe your goal to sell your house. Tell the agent whether you need to sell your house quickly or for the lowest possible price. Then go to your interview questions.
Prepare an Effective Questionnaire
Before selecting an agency, most sellers ask questions. The issue is that they ask incorrect questions. Most are generic and serve just as a formality. Keep in mind that you’re interviewing real estate brokers to sell your most precious possession. As such, treat it. Here are some of the most important questions to ask a realtor before employing them.
How did you arrive at your listing price recommendation?
When you meet with real estate brokers, you will receive advice on how much your house should be listed for. However, you don’t simply want a number. You want to know the “how.” Suppose an agent cannot explain the “how,” it is likely that they will be unable to justify their proposed price (or higher) when dealing with the buyer’s agent.
How many homes similar to mine have you sold in my area?
You’d want to know how many sales that agent has that are similar to yours and in your region. This refers to the property type, price range, and vicinity. How many single-family homes have they sold in comparison to condos/townhomes? And how many of those sales are close to you and within your anticipated value range?
How often have you represented both the seller and the buyer in the same transaction?
Many listing agents utilize strategies to earn two commissions instead of one to make this a priority. This may result in you receiving a substantially lower sales price. I’ll explain how to avoid this in a moment. However, this interview aims to learn two things: how many times they’ve represented both the buyer and seller in the same transaction and what proportion of these transactions they’ve represented out of their overall number of sales.
Will you decrease your commission?
With this, you’re putting the agent to the test. The individual you employ will be negotiating thousands of takas on your behalf. You should pay great attention to their initial reaction and how they reply.
Do not decide on a realtor until you’ve acquired all of the necessary information. During the interview, your purpose was to gather important information. If you follow the advice in this step, you’ll have all the information you need to choose the most acceptable real estate agent to sell your house. But now, it’s time to evaluate that data.
Do you have any references I may call?
An excellent real estate agent will always have previous clients who are prepared to speak well about them. Obtain the names, email addresses, and phone numbers of three former clients who have sold a house with a realtor. And now for a bonus tip. Before meeting with them, look into their prior sales and make a list of addresses. Then ask them for the names, emails, and phone numbers of the prior sellers. Put any listing agent that accomplishes this at the top of your list of potential candidates.
Detect the Expert Qualities
Experience is quite valuable. There will be bumps in the road that you must navigate, and as a real estate agent, you must know how to help your clients through them. You should ideally work with a real estate agent with at least five years of expertise selling property. During this time, an agent will have gained a deeper grasp of the local market, faced a variety of unique scenarios, formed a strong network, and developed effective selling methods.
Real estate is relatively local. You want an agent that understands what it takes to compete for the attention of buyers in your market. The realtor should be able to confidently answer this question and point out properties they’ve sold in your neighborhood or neighboring region.
Evaluate Selling Experience
The ideal candidate will have sold homes: the same property type as yours (house vs. condo/townhouse), in your location, and around the projected worth of your home. If your house is your residence, you should work with a local realtor that sells more single-family homes than other property types. They should have an idea about the residential places. The same is true whether you own a condo or townhouse. Consider how many of these listings they have sold in your area. But, more significantly, you want a realtor who has sold in your price range before.
And if your property falls in the luxury category, you do not want someone who has a track record of selling homes at significantly lower prices. However, you should probably not delete any of the agents just yet. Try to learn if they have any experience of selling in the exclusive locations of Dhaka like Dhanmondi or Gulshan. Then, determine how well their experience complements your house and area.
Examine Their Negotiation Abilities.
When you enquired about the decreased commission, how did they respond?
Did they explain why they charge what they do?
Or did they notify you right away that they’d cut their fee?
This is when you should consider not using specific listing agents. A reduced commission may sound appealing, but selecting a real estate agent exclusively might cost you far more. Because if a real estate agent can’t protect their financial interests, how can they defend yours?
Examine How They Arrived at Their Recommended Listing Price
You should then assess each real estate agent’s suggested list price. But don’t be too fixated on the particular figure. Instead, consider how they get there in the first place. Check if the listing price they picked is supported by facts from a comparative market analysis (CMA). Almost every listing agent will give you this analysis before or during your initial appointment. Check to see if the figure they’re providing is supported by logic.
Suppose they do not tell you how they got at their proposed price. It typically signifies one of two things: the real estate agent is unskilled, or they are purposefully exaggerating the “value” to win your business. Because you removed the inexperienced agents at the outset of your search, it’s most likely the latter. Consider this a red signal and think carefully about hiring that real estate agent to advertise your home.
Compare marketing strategies
When it comes to selling your house, marketing is everything. It attracts more bidders to your listing, which might result in a better offer in less time. However, not all real estate brokers will provide you with the same level of service. This is why you should compare each real estate agent’s strategy. First, consider how they want to present your house. At the very least, each agent should include the following while marketing your property:
- Posting and listing your home on all major sites
- Professional photoshoot
- Property description prepared by a professional
- Broker tours and open homes
However, if this is the extent of their “marketing strategy,” you should reconsider hiring them because this is regarded as the bare minimum. Look for additional features that will set your home apart from others on the market. Some examples may be:
- Drone shots and video
- Floor plan design
Before listing, make plans to increase your worth. These excellent marketing strategies may help your house stand out to potential buyers. You genuinely want to choose a listing agent that has the most acceptable overall strategy. One that will attract the suitable customer in the quickest time possible.
What is the Agent’s Strategy?
A residence can be sold by any real estate agent, particularly in a seller’s market. However, there is a reason why certain real estate brokers have a proven track record of selling houses faster and for a higher price. Their plan includes negotiation, to be sure, but strategy comes before. You want (and need) to know how one agent’s plan compares to the others. The ideal strategy includes the following three components:
- Find the appropriate buyer
- List of selling factors that potential buyers find appealing
- Marketing channels that are utilized to increase reach
Compare marketing strategies and give preference to real estate agents you believe have the most effective overall strategy.
Avoid Real Estate Agents with Red Flags
Real estate brokers have a fiduciary obligation to their customers, which many hold to the highest level. However, like with other occupations, there are some to be wary of. These are the listing agents prepared to jeopardize their integrity in exchange for a raise.
Unfortunately, sellers have a tough time recognizing who they are. However, there are three steps you can take to prevent hiring one of these seller agents.
Eliminate Agents Quoting Unrealistic Prices
Some agents are pretty effective at convincing you that they can sell your property for a very high price. It’s a popular strategy employed by “top” real estate brokers and local “neighborhood agents.” They use their skills to convince you that they can miraculously acquire a buyer to give you an unreasonable price in the hopes that you will not pick another listing agent.
They’ll present you with a high current and expert analysis that sounds quite convincing. But they know in the back of their minds that your property will languish on the market and that you will have to lower the price. For the seller, this generally means a lot of stress and a lower sale price than it would have been if it had been priced correctly from the start. Because, once all is said and done, you will still have to pay them.
This is how you can prevent it. Select a real estate agent whose quoted price is much greater than the rest. The excessive money number may appear appealing, but don’t give in. I made this mistake while selling our house before I went into real estate, and it was a disaster. Listing your house above market price will set off a chain reaction that you do not like to think about.
Avoid Agents with A High Dual Agency Rate
Typically, the agent you select will exclusively represent you and your interests during the transaction. However, there are situations when a real estate agent will serve both you and the buyer. This is referred to as “dual agency,” and it implies that your agent will not be able to defend you in the same manner. This happens far more frequently than you may believe. Analyzing each agent’s transaction history is part of our verification process to locate the most trusted listing agents.
You do not want to hire a real estate agent with this statistic on their resume. Because your agent will be in a position of conflict, they must obtain the most incredible possible sales price for you while also obtaining the lowest possible price for the buyer. As a result, they are unable to bargain on your behalf. This will result in a more extensive commission check for your agent (two commissions instead of one), but it will undoubtedly result in a lower sale price. The lower the value, the better. You may entirely avoid this by informing your agent that you do not wish for them to represent the buyer.
Do Not Lock Yourself in a Contract
You will sign a contract with the real estate agent you choose. Every house seller does. This arrangement is typically for six months (negotiable) and does not contain a cancellation option. One of the most important things to remember when selling your house is that you have the option to cancel. Not because you’ll dismiss that realtor and hire someone else, but because having the choice will keep your realtor on their toes. You want them to understand that you may change agents at any time. It increases the likelihood that your agent will prioritize your sale. So, before you sign an agreement with the agency of your choice, be sure you can cancel.
Get in Touch with Their References
It is difficult for sellers to determine the service provided by a listing agent before engaging them. You may find out by calling each real estate agent’s previous clients and comparing the answers. When you talk to them, pay attention to how they say it and what they say. Voice intonation may sometimes reveal far more than the words themselves. Here’s what you’ll want to take away from those discussions.
Did the agent operate in their favor?
This might reveal how reliable the seller believes the real estate agent is. You should pay attention to any pause that does not result in a “yes.” A rapid “yes” followed by a lengthy explanation is a good indicator.
How cooperative were they?
This is a terrific method to learn about each agent’s services that can help you sell your home faster. Inquire about anything specific you want assistance with.
How did they communicate and respond to you?
Communication with a real estate agent is undervalued while selling a house. Many vendors do not realize this until it is too late. This is a fantastic chance for you to avoid it.
Did the agent pick up the phone?
How long did it take them to respond?
How fast did they react to email and text messages?
The last thing you want is to select a realtor who does not value your concern.
Choose Your Agent
It is now time to choose your listing agent. You have interviewed and compared several listing agents. You have eliminated those you shouldn’t hire and contacted their references. If you think there is more than one suitable candidate, you can go with your instincts.
Remember, you will be working closely with this person, so incorporate comfort into your selection. Pick up the phone as soon as you’ve decided on a listing agent and inform them that you’ve hired them to sell your house. They’ll go through the agreement with you and walk you through the following stages. This is where your house selling journey will begin.
Whether you want to buy a property in Dhaka or want to sell, you will need the service of a real estate agent. When selling a home, selecting the appropriate real estate agent is critical. Your selection will influence how quickly you sell and how much money you receive. This is our bread and butter if you want assistance. If you followed everything we spoke about, you’d be selling your home with someone who will put your needs before a commission check.
What percentage do most real estate agents charge?
Ans: The commission percentage changes with the size and placement of the property. However, the industry-standard commission ranges from 4% to 6% of the sale price of a home.
Can I use a real estate agent to rent my property?
Ans: Of course. A real estate agent will help you to find the tenants for your property.
What academic degrees do the real estate agents carry?
Ans: There are no dedicated degrees for real estate agents. However, there are certain certificates that the agents need to obtain through training to work as real estate agents.
Will the real estate agent help with the necessary paperwork?
Ans: Yes. Good real estate agents provide necessary paperwork assistance to their clients.
Is spending a large amount on a real estate agent worth it?
Ans: In most cases, yes, it is worth spending money on a real estate agent as it will help you to get the best deal for your property.