- Assessing Your Agent’s Performance in the Real Estate Market
- Benefits of Sticking with the Same Real Estate Agent
- Reasons to Consider a New Agent
- Hire a Realtor Who Will Bring in Potential Buyers
Relisting a House With the Same or Different Agent: Which is Better?
Moving is a natural part of life. While most conventional mortgages last 30 years, very few people stay in the same home for that length of time. On average, people stay in their homes for eight years, with nearly half of Americans (47%) moving within six to eight years of buying a house.
If you have outgrown your home or are ready for a fresh start in a new city, you have two choices. You can call the real estate agent who helped you buy this house or you can hire a new Realtor to start the sales process.
Some people stay loyal to the agents they work with while others want to find another Realtor who is a better fit. Learn whether relisting a house with the same or a different agent is better for you.
Assessing Your Agent’s Performance in the Real Estate Market
The first step is to evaluate the performance of your existing real estate agent. You want to review what it was like working with them during the purchase process and decide whether you want a similar experience for your sale.
Keep in mind that people change. Your Realtor might have grown in the past few years or shifted their target market. They might work with different homeowners now or operate in a different part of town.
As you evaluate whether you want to work with the same person, make sure that hiring them is still viable.
Reviewing Past Results
Before you hire any real estate agent, you need to have a clear idea of their results. Get to know the properties they sell each year and their experiences with clients. Does your Realtor typically work with your type of house or did they make an exception to help you through the buying process?
For example, if an agent usually helps condo owners or people buying vacation homes, they have a specific skill set for navigating that market. That particular agent might not have the right skills to help first-time homebuyers or people who are interested in land.
This is another reason to make sure your listing agent hasn’t pivoted their business model in the past few years. While you might have been your agent’s target demographic when you first bought the home, they might have shifted in the past few years. Make sure they are a good fit for you.
Communication and Effort
Most people talk to their listing agents daily during the sale process. They need to learn about interested buyers, schedule showings, and set aside time for inspections and appraisals. You need to trust that your Realtor will communicate clearly and effectively.
Here are a few questions to ask to evaluate whether you hired the right agent last time:
- Does your Realtor communicate through your ideal formats? If you prefer text messaging, do they text you or do they continue to call and send emails?
- Did your agent share information promptly last time?
- Do you feel like your agent communicated clearly and explained difficult concepts without being vague or condescending?
- Was your agent easy to reach when you needed them?
- Do you feel like your business was valued? Did you feel like other clients came first for your agent?
You can expect a similar experience if you re-list with your current agent. It’s unlikely that any communication quirks or issues you had before will be resolved unless you address them immediately.
Depending on how long you have lived in your home, your Realtor could have changed significantly over the years. They might have a bad reputation in the market because of unethical business practices or issues with other agents.
Reputation is a major asset to real estate professionals. A good listing agent can reach out to buyer’s agents confidently and have open conversations about properties and sale options. If a Realtor is perceived as difficult or untrustworthy, other agents might avoid them and their listings.
Read online reviews and learn if your agent has changed over the past few years. Their reputation might have grown, which makes them a good candidate to re-list your house. However, if there are any red flags, you might want to look at alternative options.
Benefits of Sticking with the Same Real Estate Agent
If you had a positive experience with your former agent, you should consider hiring them again to sell your house. You can trust that they are knowledgeable about the local real estate market and know how to develop a marketing strategy for your home.
Here are a few benefits to consider calling your former Realtor to re-list your house.
Familiarity with the Property
Bringing in the same real estate professional could be a good sales strategy because your Realtor is already familiar with your home. They have already been inside the property and know any relevant specifications. While you might need to refresh your agent on specific details like the square footage and year the home was built, they already know the location and key marketable features.
Remember to catch your Realtor up on any improvements you made as the home seller. Review any new appliances, upgrades, or modifications you made. These upgrades will affect the asking price and can help your Realtor set a fair rate that attracts potential buyers.
Continued Marketing Strategies
Another benefit of hiring the same real estate professional is that they are already familiar with the marketing strategies used to sell the house in the first place. They know who to market the home to and how to get it noticed.
For example, if you are selling a starter home in an up-and-coming neighborhood, your Realtor can use this information in the selling process.
You might make a few adjustments to your marketing plan based on current real estate trends, but these can be ironed out in the listing agreement.
Repeat Customer Discounts
There could also be financial benefits to working with the same agent. If you re-list your house, your Realtor might offer a commission discount because you are a repeat and loyal customer. They already earned a commission from you once before and have an opportunity to earn it again.
Plus, if your experience was so good the first time that you want to rehire your Realtor, you might generate more business for them in the future through referrals.
Even a one percent discount on commission fees can help you take home more money in the home sale. You can use these funds to cover your moving costs or have a larger down payment on your next home.
Talk to any Realtor you interview about their commission fees. You might be surprised at how rates are changing, especially in competitive markets with several agents. There is a good chance you can hire a full-service Realtor for a discounted price.
Reasons to Consider a New Agent
You should not stay with the same real estate professional if you aren’t happy with their performance. There are plenty of real estate agents in your area who are eager to earn your business. Even if you were happy with your previous Realtor, interview multiple agents to see if they would approach your house differently or set a price point that differs from your initial estimate. By talking to multiple agents, you can feel confident that you are making the right decision.
Fresh Perspective and Approach
Every real estate professional goes through different training systems and mentorship programs. They have different levels of experience and ideas about the current market. These fresh perspectives make the field incredibly diverse and allow buyers and home sellers to hire people they trust.
While you might have had a good experience with one Realtor, you might have a great experience with your next one.
When you interview different Realtors, invite them into your home. Develop a list of questions to ask each one so you can directly compare their answers. After the interviews, you can determine which agent stood out above the rest. Here are a few useful questions to ask.
- What do you think is a reasonable initial listing price for the property?
- Based on market trends, how long do you think it will take for the home to sell?
- What improvements do you recommend making to the house so buyers gravitate to it?
- How can I improve the curb appeal?
- Will you invest in professional photography to help sell my home?
- What are some comparable homes you have sold recently?
Through these questions, you can get specific insights on improvements to your home. Some agents might recommend upgrading your kitchen for the greatest returns while others might suggest saving time and money by selling as-is. Don’t be afraid to pose follow-up questions or ask agents why they say certain things. You want to make sure they are informed and confident in their recommendations.
Real Estate Agents Have Different Marketing Networks
There are a lot of common listing strategies in the field of real estate. Most agents have access to the same real estate sites and overall market. However, some professionals you meet with could have fresh ideas for how to promote your home. Their goal is to cut down the average days on market (average DOM) or the time it takes you to get under contract.
Talking to multiple Realtors is essential if you are worried about current market trends. Rising interest rates can change customer demand, along with seasonal trends related to the holidays and the school calendar. Now might not be a good time for new listings in your area, but you still need to sell your house.
By talking to various agents, you can learn how they get homes sold in difficult markets. The Realtors can also go over any backup marketing plans they have in place if there aren’t any buyers after the initial listing period.
Even if you live in a hot market with a lot of buyers, it’s important to go over the worst-case scenarios related to your home sale. These contingency plans can tell you a lot about a Realtor and show you their problem-solving skills.
Plus, no one wants to get stuck with a stale listing. It’s better to have a marketing plan ready to go so you can move forward with attracting new buyers.
You Can Grow Your Experience Working With Realtors
If the average person moves every eight years (give or take a few years), then you will work with dozens of Realtors throughout your life. You will meet buyer’s agents, listing agents, and every real estate professional in between.
The more people you work with, the more informed you will be about what makes a great Realtor. You will start to identify traits and behaviors that set the best agents apart from the rest.
You don’t need to be an expert in buying and selling homes. However, you can make better choices about the people you hire by learning more about this industry.
Hire a Realtor Who Will Bring in Potential Buyers
Your goal as the home seller is to get the most money possible for your home. You need to sell your property in a timely manner and without excessive contingencies and buyer requirements.
This means you need to hire an agent who knows that market and can bring in buyers who are a good fit for your home. While your existing agent might do the job, make sure you feel confident in their abilities before you sign a listing agreement.
To discover other agents in your area, turn to FastExpert. You can read Realtor profiles and ask questions to determine the top prospects to interview. You have total control over who you talk to. Try FastExpert today to decide whether relisting a house with the same or different agent is better.