Is My Real Estate Agent Doing Enough to Sell My House?
In a strong real estate market, even unseasoned real estate agents could sell a home for a good price. Many sellers hire their relative or a friend, and if the property was decently priced and photographed well, it sold itself.
In a more challenging market, whether due to oversupply, lack of consumer confidence or a host of other reasons from tax code changes to interest rate fluctuations, it is important to hire an experienced, creative and enterprising real estate agent to sell what may be your largest asset.
Once you decide to sell your home, choosing the right agent can be a tough decision. Not only do you want to hire someone you like and respect, but the agent needs to convince you that he or she is the right person for the job. Sometimes, we are taken with attractive marketing materials, plagued with guilt to hire an inexperienced friend or relative, swayed by a flashy suit or seduced by an unrealistic asking price.
So how do you know if your agent will do or is doing enough to sell your house? Here are 7 key areas you want to be sure you discuss when you HIRE the RIGHT Real Estate Agent
— Digital presence and making your home stand out.
— Market Knowledge
— Property flaws and workarounds.
— Social Media Presence
— Are they a FULL Time Agent or do they make a living doing some other job
— Google their name, do they have an online presence
— Ability to close the deal.
Digital Presence and Making Your Home Stand Out
In an age when people shop for everything online, digital presence is a big one. Did your agent hire a professional to take properly staged and well-lit photos of your home? Or did he or she take photos with a phone, catch a reflection of a shoulder in the mirror, or leaving the toilet seat up?
In today’s market, the online listing is the first stop for every buyer, and many buyers will pass over a great home if the photos don’t present it properly.
Not all homes lend themselves well to a video presentation, but many do. If your agent creates a video, is it just a montage of the photos? The video should add another dimension to attract buyers, ideally with high production value and some personality. If there are limitations with access to the home or if potential buyers do not live nearby, video tours of the home and area shots are valuable tools.
Although a slick video won’t sell the home, it will help with publicity and the buyers who do come will be more serious about your home. If your home hasn’t sold, make sure that your agent has not only exploited all digital marketing opportunities, but smartly positioned your home among its competitors.
An agent needs to have an online presence so that their listings come up in searches which might include keywords like ‘oceanfront’ , "penthouse" ‘waterfront’ ‘estate home’ "wrap-around balcony" "three car garage" "beach front". Buyers are not just looking at the aggregators to find listings these days, they are looking for property-specific features.
Market Knowledge That Goes Beyond Data
Data is important, and most agents have access to a ton of it, as do buyers and sellers. Data and knowledge aren’t the same things. As important and relevant as data is, don’t let it become an obsessive pitfall, as it can be for many numbers-oriented clients, as well as for green agents. The numbers might not take into consideration the drawbacks of a specific block or the design flaws of a property, but an experienced agent should know how to overcome these challenges.
Is your Agent getting on the phone to conduct business daily? Are they notifying other top selling agents about your property? Are they conducting "Reverse Prospecting"? Are they a Passive agent or an Active agent?
A phone call can go a long way. An inexperienced agent won’t have this network of industry colleagues with whom they have been making deals for years. A seasoned agent will also connect a client with the right attorney, escrow agent or lender to create a seamless team package, which is that much more important when banks tighten their standards.”
Furthermore, an experienced pro brings years of knowledge , they should be able to sell in a tough market, not just in the salad days when a home sells itself.
Property Flaws and Workarounds
It’s important to have a frank conversation with your agent about your property’s flaws. Your agent must anticipate the criticism that potential buyers will have and be able to address these issues.
The age of a renovation can surely be a challenge in a home’s ability to sell quickly, and in the last decade or so, staging has become an omnipresent marketing tool to update and often disguise a home.
An experienced agent has resources and can think outside the box to work with all budgets that will cause your home to SELL!
Unfortunately, certain drawbacks in any property cannot be surmounted except for a price concession, and while your agent needs to be honest with you about this, you also need to be realistic. Some agents will promise an inflated price to win the listing, only to then make price reductions after the home has been on the market. Overpricing can be a great disservice to the property. Trailing the market downward with small reductions is never a good idea — it’s like death by a thousand papercuts!
Ability to Close the Deal
An agent’s ability to get eyeballs on the listing is great, but what about navigating a bidding war without making others mad? The business has become increasingly complicated in every submarket, and a new agent can’t pull from years in the trenches to navigate the often complicated aspects of shepherding a deal. Do they have enough experience to be a strong negotiator to get you the highest and best offer? You want your agent to be a Great Poker Player!
Even unattractive homes can be made to look great. But all of this front-end stuff isn’t the meat and potatoes of negotiating a contract and bringing opposing parties to the closing table. Self-promotion and marketing are important, but your agent’s skills will be put to the test during a contentious negotiation or a complicated financing environment. Does your agent have the ability to "Challenge" an appraisal when it might kill a deal? Can they think "outside" the box when it comes to keeping a deal together?
There are so many factors when it comes to selling a home, it's not as simple as most people think and it can turn into a complicated process. You "need" to hire the right agent for the job of selling your home. It's a big decision and worth a lot of money in your pocket when it's time to get YOU PAID, so make the right decision. Is your "friend" or "relative" the right choice or is it best to hire the "experienced professional" who is going to go to work for you 24/7?
If I can answer any questions about your Real Estate needs give me a call. My job is to get you PAID when selling your home.
I don't get paid unless YOU GET PAID!