Hey, owners of real estate! Who will tell you the truth about how to sell your most prized
asset—your home? The #1 lie being told “out there” may come in one of these versions: “ Find
the cheapest listing commission, and you will save thousands.” Or,” I will give you half of my
commission, and you will truly save a lot of money.” Or, “Hire the agent that thinks your home
will sell for the most.” …Who do you believe????
ANSWER — none of them. I have heard many agents, and family, friends, and guys on the
golf course express the above misinformed opinions. It will always be best for the seller to
interview a few agents– to pick their brain on how the agent will estimate the value of the
property.
A few good questions to ask:
- How long will it take to sell?
- What price do you suggest, to sell in the time frame you want the home to sell?
- What is your marketing plan?
- How long will the listing contract run?
- Do you think I need to do any repairs in order to sell?
- How many homes do you expect to sell from sign calls on my property?
- What is considered full service?
- Do you provide virtual tours?
- How many web sites do you advertise on?
- How many open houses will you hold per month?
- How soon will I get called back if I leave a message?
- How long have you been selling homes as a Realtor?
- Can I cancel the listing contract without any penalty?
- Have you sold any homes in my subdivision? etc, etc.
Get the idea? You need to know what agents will say to you and what it really means, or what
it could really mean to you.
We realtors/agents know what all these things mean and how agents try to get as many listings
as we can. The old saying since before I became a Realtor was, “You must list to last!!”
Nowadays it is: “You must do whatever will pay you some money.” I DO NOT AGREE!!! I
believe we agents have got to be much better at explaining what we do and how much we
really expect to get paid for it. For example: “I will only charge you X amount to sell your
home.” On a $300,000 home, you could save $ thousands, right??? Not even close. If you list
for $300,000 when it is worth only $275,000, how soon will it sell??? If it takes more than 30-
45 days, the buyers will think there is something wrong with the house and move on to other
properties. In the meantime, the listing agent will still get phone calls or e-mails asking to see
it, and if the listing agent is good with people, they will sell them your home (maybe) or sell
them some other property. How many times can the listing agent sell potential buyers other
properties??—over and over! Why would an agent do this???—to make many commissions,
not just one on your home! (In reality, your home becomes the agent’s best asset. He/she
doesn’t care that your home is overpriced—as long as it doesn’t sell, it keeps bringing the agent
buyers for other properties.) If your home is overpriced, will it sell?? or even appraise?? NO!
This is why you really need to know what it is worth. A high price will never sell. I used to tell
owners, “Do not ever list with the agent that thinks it is worth more than any other agent.”
Until I was the highest agent. Oops??? Not really; this area was Englewood, home to many
older properties built mostly 50-60 years ago. I grew up in Englewood and knew a lot of people
who live in Englewood. Still do. The agents recommending a lower sales price thought
Englewood was a tough sale due the older building styles, different electrical codes, and
materials, etc. I was right on the high price, and the agents that did not know Englewood
compared this Englewood home to their newer area that they preferred. It is Knowledge–
what we established agents call “Experience”.
Well, that covers a few beginning ideas that new sellers should consider before hooking your
wagon to an agent. The vast majority of agents are very good at what they do and are very
honest. But any seller should educate themselves on the process, so they can have a better
understanding of it and have more control over their sale.
Happy selling…..
Call Joe @ 303-598-3930
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