It's tough to sell home right now - there are great deals for buyers. If you hire a real estate agent to help you, ask the right questions.
We're relocating from Florida to Mississippi - a daunting task at any time, but with today's slumped real estate market, it's mind boggling. If you must sell a home in todays' slumped market, ask the right questions to find the right agent.
We found, after interviewing four major chains, that the personality and willingness of the agent to work are key. And not all agents have the same drive, integrity, or desire to perform. We asked each sales person -- 1) Do you prefer selling homes or gathering listings for other agents to sell on a commission split? 2) When did you last sell a home? 3) How many homes are in your own inventory right now? 4) What is the average time to sell? 4)How long have you been in the business? 5) How long have you been in this area? 6) How do you feel about the challenges of today's market?
The first one we met was poised, well put-together and had a marketing education. She brought comparisons - listings similar to our home. Some actual sales, some still on the market. This agent told us she likes to be aggressive - listing her customer's homes on the internet and in print, while also contacting buyers she has worked with in the past. She emphasized the number of homes we were competing with, made it clear she would not negotiate her fees (she doesn't have to, she said, "if I can't sell your house, there are plenty of others"). She said she takes 6% if she has to share the commission with another agent, and 5% if she sells our home by herself. Her company also charges hidden fees at closing, that were mentioned very briefly. Nearly $200 in addition to the more than $10K commission. The fees are for "storing" your documents till closing. We passed on this company. She answered my questions -- but her answers didn't mesh completely with our goals and approach. The agent was fairly well-informed, but rigid in her approach.
Agent #2 was unsure of herself . She took no notes, walked briefly through our home, declined to look at the yard and made it clear that buyers only need to know how many bedrooms, baths, and how big the garage is. Everything else is just an aside. Hmmm. She couldn't answer many questions - didn't want to say when was the last time she sold a home. Wouldn't say how many homes she had in inventory. Couldn't make any suggestions about how we might improve our chances of selling. The comparisons she brought were taken from an area far from ours where homes have very different prices. She wanted us to list at about %30K below even today's soft prices. Her reason? She only takes listings priced to sell immediately. She isn't interested, she said, in breaking her neck working to sell a particular home when there are thousands on the books already . About today's market, she wrung her hands, looked worried and said, "Well, you can't expect much in the way of results. It's very, very bad out there." If she says that in an interview, what is she telling prospects as she shows homes?
The agent we chose came to the door on time, didn't have a bucketful of perfume on and looked business casual. Very warm and friendly, knowledgeable and prepared to talk with us. She showed us comps, and a map of their locations. They were right in our general neighborhood. She showed how and why she chose them to compare to our home. She showed a range of about $40K up and down that our home could fit in to. She answered every question we had, thoroughly. She was not put off by the questions. She negotiated a stronger commission reduction, should she sell on her own. She showed us her past record for this year. She carefully evaluated our home, and made a couple of very good suggestions. She told us her background, without being asked and talked about why she sells homes for a living. Her view on today's market is this: "It's a buyer's market, but people will always buy homes. If there is a lot of competition, you must, as in any marketplace, polish your product and your approach."
She was unintimidated, unworried, and had plans and goals to market our home. She agreed there are no guarantees, but customer service is her first concern and her goal is to sell her listings to the best of her ability.
I'm glad I asked a lot of questions. I'm looking forward to good results.
http://aginggrandparents.suite101.com/blog.cfm/tips_on_buying_selling_your_home
