Seller's guide

What to expect whether you hire an agent or go it alone.

Consider these points when deciding whether or not to work with a real estate agent to sell / buy your home.

If you work with an agent

• The agent researches the market in order to determine your home's market value and reach a sales price in consultation with you.
• The agent prepares a written marketing plan that includes a schedule for listing, showing, and advertising your property.
• The agent advises you on how best to prepare your home for sale and helps arrange for pre-sale tasks such as a home inspection.
• The agent transmits any offers to you, negotiates the purchase based on your recommendations, and moves all the paperwork through the transaction.
• You pay for the agent's services, either as a percentage commission (usually 2 percent) or a flat fee, as decided with the agent

If you work alone

• You are in charge of the transaction, including marketing your property, negotiating the purchase, and handling the paperwork. Educate yourself on relevant laws.
• You do your own market research to determine your home's value.
• You create your own marketing plan and decide how you will handle inquiries from prospective buyers or their agents.
• You decide how to prepare your home for sale, including arranging for pre-sale repairs, inspections.
• You field all buyer inquiries, show the house yourself, handle all negotiations, and facilitate the paperwork through the transaction.

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Find a superstar real-estate agent

The woods are full of agents these days, and many are beginners. Here are the eight questions you can ask to separate the average agents from the experienced heavy hitters.

Whether you're buying or selling, the difference between having an average real-estate agent or a superstar can mean thousands of rupees in your pocket. It can mean selling your home for top rupees (stellar) or losing the house of your dreams to a more organized buyer (decidedly not stellar).

Fortunately, a little legwork and the right questions go a long way.

Referrals: Good as gold

The best way to find an agent, real-estate professionals say, is by getting a recommendation from someone you trust. Not only is your friend's experience the best predictor of your satisfaction, but, since an agent's personal network is his lifeblood, he is likely to work harder knowing that a friend or client will hear about his performance.

But even with a good referral, you owe it to yourself to find one or two other promising candidates to screen. You can locate agents in newspaper ads or by cruising the area where you want to live & real estate web portals.

8 questions to ask real-estate agents

Interviewing candidates serves two purposes: You get an education about your local market while learning how the agent proposes to represent you. Ask detailed questions.

Here are the most-important areas to investigate:

May I see your resume?
Since you're searching for an above-average agent, look for evidence of advanced training and designations, professional recognition and all signals of commitment to the profession.

What's your commission?
Traditionally, a seller & buyerpays around 2% in commissions when using a real-estate agent. But commission amounts aren't cast in stone anywhere. They can be negotiated — and often are.

Negotiating works best when homes are selling quickly and easily. Today, with the real-estate market in a slump in most areas, agents have to work harder to sell properties in hard-hit areas, and the best agents may be unwilling to dicker. If you do find an agent willing to negotiate, consider it just one of the many factors to weigh before choosing a professional to sell your home.

What makes you special?
Don't settle for someone who just promises to show you homes or list, advertise and sell your place; every agent has to do those things. What you want to know is, "What sets you apart? What will you do to go the extra mile for me?"

How often will I hear from you?
Your agent's communication style and availability should mesh well with yours. Prepare for your agent interviews by asking yourself whether, for example, you'd need a twice-weekly check-in, even if there are no homes to visit. Do you expect a report after someone tours your house for sale? Do you prefer to keep in touch through phone calls or e-mail? How promptly do you want a response? While you're inquiring about the agent's availability, remember to ask who will return your calls and show houses if your agent is out of town.

What's your plan for marketing my home?
No agent can guarantee he'll sell your home. But he can tell you what steps he'll take to bring it to the attention of buyers. Press for details like, "Are you going to post this on a Web site? Put an ad in free magazines, newspaper & classifieds.

How many transactions did you complete last year?
Some agents keep score in rupees, saying, "I sold Rs. 50 million in real estate last year." But property values vary from market to market and house to house, so what you really want to ask is, "How many deals did you complete?"

What do you know about the neighborhoods where I want to live?
A super salesperson is no good to you if he isn't doing an active business in your target neighborhoods, so ask how many of the homes he sold last year were located where you want to buy and how many listings he has there now.
Really great professionals specialize in one — or maybe two — communities.

Are you a solo agent or a company?
A company brings in professionalism to the complete process of buying / selling an apartment.

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Estimate your home's value

How to decide whether or not to sell and how to price your property.

Understanding what your home is worth can help you decide whether or not to sell, how to price your property, and whether your property is holding its value.

Consider getting a comparative market analysis or appraisal done by a real estate professional. Bear in mind that these estimates are based on local sales and prices at one point in time, and may not reflect other issues affecting your home's value.

It also helps to have a basic understanding for what drives home values. When you bought your home, you bought it for its inherent value. Inherent value is what attracted you to the house in the first place: architecture, quality of construction, landscaping, even just how the house felt to you. But property value, or market value, depends on many other factors:

Direct factors

• Community:
  Efficient city services, adequate resources, and a thriving business district usually translate into healthy propertyvalues. So can a community's history and identity, and its perceived desirability by current buyers.
• Neighborhood:
  A neighborhood that is attractive, safe, and well-located usually results in stable or steadily appreciating propertyvalues.
• Schools:
  Good schools and solid property values go hand in hand.
• Amenities:
  Parks, libraries, and other amenities can enhance property values, provided that the areas are keptclean and safe.
• Transportation:
  It's public transportation. Easy access to transportation can be a plus for propertyvalues.
• Zoning and planning:
  Property values can be positively or negatively affected by zoning decisions and community development plans.

Indirect factors

• Economic changes:
  A rising economy lifts most home prices and boosts sales; a depressed economy carries home prices and sales down with it.
• Demographic changes:
  Home prices in Mumbai and other major metropolitan areas grew steadily as waves of new residents competed for a limited supply of housing. In smaller cities and towns, however, prices remained low as entry-level buyers move to job-rich metropolitan areas.
• Disasters:
  Earthquakes, hurricanes, wildfire, and other severe natural phenomena can decimate property values, at leasttemporarily.
• Perceptions:
  Perceptions, negative or positive, real or unreal, can drive property values into the ground or into the stratosphere.It's important to know where your neighborhood stands.

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