4 MISTAKES TO AVOID
WHEN HIRING AN AGENT
TO HELP YOU
SELL
“ Homes don’t fail to sell because of the market, bad timing, or uncontrollable circumstances. Homes fail to sell when an agent lacks knowledge of the current market and/or professional negotiation skills. Poor marketing, over-pricing, or not fully understanding a homeowner’s specific timeline and objectives can also contribute to an unsuccessful sale. Properly interviewing several agents will assure a Seller that they are getting the most qualified professional for the job. “
Homeownership is one of the largest financial accomplishments many of us will make in our lifetime. When it comes time to sell your home, you should be empowered with the professional representation it takes to feel completely confident in the decisions you make and the results they achieve. The role of a Buyer’s Agent is very different from the role that an experienced Listing Agent plays in helping you accomplish your goals. Because Real Estate is a complex & ever-changing industry, hiring an agent who knows how to Market, Price & Negotiate according to that constant change uncovers the absolute highest & best offer according to YOUR timeline and financial goals. Avoid the following mistakes when it comes to hiring the representation that will help you sell one of your most valuable assets.
Mistake #1:
Listing your home with the real estate agent who promises you the highest sale price even if the price seems unrealistic AKA…Bait & Switch.
Some agents have been known to bait sellers, promising they can sell a home at a higher price just to get you under contract. The problem is that a higher-than-market-value list price can result in fewer buyers coming to view your home. Today’s Buyers are savvy and know they can get a comparable, properly priced home for less money. Buyers wonder why the price reductions, or why it’s sitting on the market, and ultimately avoid your listing altogether. This scenario places you in having to endure a series of price reductions, resulting in your home eventually selling for below its true market value.
Mistake #2:
Choosing the agent who promises to save you money by discounting their commission rate
You Get What You Pay For. A lower commission does not guarantee you will net more money on your home sale. In fact, nothing could be further from the truth. Be willing to ask these agents, what services are they not performing on your behalf in order to afford cutting their commission? A professional listing agent will spend hundreds if not thousands of dollars upfront on marketing your property in order to net you the most exposure and profit possible. Maximum exposure to the marketplace is a critical factor in achieving the highest price possible. Agents who cut services in exchange for taking a lower commission often cost their clients much more in carrying costs than the extra 1-3% they save in commission costs. Depending on the sale price of your home, that cost can be thousands of dollars.
Mistake #3:
Hiring a Buyer’s Agent and not a Listing Agent
A Buyer’s Agent’s skill for helping you purchase a home is very different from the time-acquired skills that an experienced Listing Agent provides for the successful marketing and sale of a home. Whether you’re considering hiring a part time, licensed friend or family member, or simply the Agent with the “nice smile”, doing your due diligence prior to hiring will set you up for ultimate success.
Consider what your Agent might not know when it comes to professionally listing a home:
- - Not understanding how to fully prepare a home for buyer showings.
- - Not providing vital professional marketing to generate maximum demand and entice robust showings. (Beware of agents taking your home’s listing pictures with their phones, among other apathetic marketing approaches.)
- - Not connecting you with reliable contractor references when work is needed.
- - Not properly pricing the home around the market, property condition, and your personal goals & timeline.
- - Lack of strong negotiation expertise, especially in a shifting market.
Mistake #4:
Choosing a lone agent vs. a Team
Teamwork makes the dream work. And there is risk in hiring the lone agent. Consider the pilot of a plane. Their job is not to check your luggage, show you to your seat, or bring you a beverage. Their job is to make sure you land safely and securely at your destination. They are the gatekeepers. There are several dozens of tasks to execute when operating a smooth real estate transaction. Lone agents run the unfortunate risk of becoming overwhelmed with the multitude of tasks it takes to sell a home, especially when handling more than one transaction. They risk dropping the ball or neglecting important details because they are simply stretched too thin, resulting in any number of issues with your transition from costing you money, to costing you the home. A team approach allows each professional to excel in their role, enabling your Listing Agent to focus entirely on communicating with you and ensuring all tasks are executed flawlessly.
HERE ARE JUST A FEW OF THE TASKS A PROFESSIONAL LISTING AGENT WILL EXECUTE ON YOUR BEHALF:
- - Presenting a comprehensive market analysis of your home.
- - Providing a thorough report and counsel on home preparation.
- - Providing contractors if and where needed.
- - Offering professional staging if and where needed.
- - Building an all-inclusive print and online marketing campaign including MLS input, professional photography, paper mailers, personalized web design, 3D virtual tours, open houses, agent networking, social media advertising, & more.
- - Coordinating buyer's agent showings and following up for feedback.
- - Reviewing and negotiating offers and counteroffers.
- - Managing buyer repair requests and ensuring contractor completion.
- - Assuring all paperwork is submitted accurately and all legal documentation is accounted for.
- - Confirming closing is scheduled in a timely manner.
