Selling Your Home? Here's What You Should Ask Your Realtor

This column was written by Cathy Vingelli, a realtor for Hal Knopf Realty.

More likely than not, sellers will interview a few agents to see who they are comfortable working with. Aside from setting the right price and the dreaded commission discussion, here are some questions to ask your potential agent. After all, the seller will be signing a contract with their new agent.

Thinking of selling? Here's some questions for realtors:

1. What is your agency’s market share in town? Any agent whose firm has great MLS statistics will gladly show them to you.

2. How long have you been in the business? A seasoned agent is great to work with. They have generally been through the mill — seen it, done it. But a new agent with a great support system can bring you a lot of energy, and they have a lot of time to devote to you. Six of one, half a dozen of the other.

3. How many listings do you currently have? Going with the most popular, busiest agent in town may not be in your best interests. An agent with a full plate may not have the time to devote to your individual needs. On the other hand, an extremely busy agent generally has a large number of customers. Best to work with someone you feel comfortable with.

4. Are you a Realtor? Surprisingly, not all real estate agents are Realtors. Members of the National Association of Realtors are held to a strict code of ethics, and are the only agents that can be members of the Multiple Listing Service.

5. Who is your broker? Is he/she accessible? Real estate agencies are moving toward the “mega” agency. These are large agencies in which many of the agents have never even met their broker. They are interviewed and hired by broker associates.

It’s much easier for buyers. As long as a buyer has not signed a contract with a buyer’s agent, the buyer can “try out” different agents until they find a comfortable fit. It is in the best interest of the buyer to actually forge a relationship with an agent, rather than just go to all the open houses seen online. A relationship with an agent saves buyers time and energy by understanding the buyers’ needs and wants. The agent should be familiar with most of the homes on the market and be able to show targeted homes.

And the agent’s role does not end with showing and negotiating. There are inspections, contracts, mortgage commitments, COs, possible renegotiations, and lawyers to deal with. The work doesn’t end until the title changes hands.

The NYS Disclosure Form for Buyers and Sellers

New York State regulates what we call “agency relationships,” and whether you are selling or buying, all of these relationships should be explained to you. The state mandates that this form be signed and put in the Realtor’s files.

In a nutshell, the agent you choose to work with will present you with the “New York State Disclosure form for Buyers and Sellers.” Then your agent will ask you to sign the disclosure, noting that it is not a contract, just a paper disclosing who the agent works for. When you are a seller, your agent represents you as a “seller’s agent;” your agent represents your best interests. Your agent “has, without limitation, the following fiduciary duties to the seller: reasonable care, undivided loyalty, confidentiality, full disclosure.”

As the seller, any agent from your listing agency represents you as a “seller’s agent.” When an agent is from another agency, they are a “broker’s agent.” This agent does not have a direct relationship with the seller, although he/she represents the seller’s best interests.

An agent’s relationship with a buyer can be a seller’s agent — when the agent is showing homes that are listed with their agency; broker’s agent — when the agent is showing homes that are not listed with their agency or a buyer’s agent. This particular relationship is a contractual one. The agent represents the best interests of the buyer…not the seller.

This is a brief overview. Whether you are a buyer or a seller, your agent will give you the actual disclosure to read when you meet and ask you to sign it.

Please feel free to email me any real estate questions.

Cathy Vingelli, Licensed Real Estate Salesperson

Hal Knopf Realty

Cathyvinre6@verizon.net