Tuesday, August 06, 2013

Sellers: Demand These 5 Things of Your Agent

If you are thinking of selling your home and taking advantage of the current "sellers market" status, having an agent on your side is essential.  However, make sure you are getting the most out of your experience by making these 5 demands on your agent, courtesy of the KCM blog (Thanks, KCMBlog!).  These 5 simple, but important demands will help ensure that your agent is truly able to give your sale the time and attention it deserves.

Here's what I would say if I were in your shoes.


1. Be honest with us about the price.

It is a common practice for agents to accept a listing at any price, and then negotiate the price to whatever the "correct" budget should be somewhere down the line. This is a ploy by an agent that either is telling you what you want to hear to get the listing, or is not a capable market analyst.  It is also a blatant violation of the Realtor Code of Ethics.

In truth, your agent should be educating you in the fine points of pricing a home, the current market data that will drive your market price, and then asking you how you want to compete. In short, the list price is your decision - you just want to know that your agent believes in it and isn't appeasing you.

This price-point security is especially important because agents will not be selling your home once, but twice; once to the buyer, and then again to the bank's appraiser.  As many sellers have experienced, the second sell - to the bank - can be much more difficult than the first.  Since it can be such a trial to get a bank to agree on a contract price, its important to really have your agent on board with the price point so that they can go to bat for you.  If the agent you're working with does not discuss the price in depth, this should be a major red flag.

2. Understand the time-frame that my family and I have to work with.

Moving to a new home usually requires a detailed scheduling negotiation - when can I take off work, when will the kids need to start school, etc - which is an important component to your process, as it can be a great emotional strain.  Make sure your agent understands your concerns with the time frame.  While they may not be able to set an exact date for your move, make sure that they at least have an appreciation for your concerns and will work with you to the best of their ability.

They didn't ask you about your time-frame?  Another red flag. 

3.  Remove as many challenges as you can

Having an agent that is ready and able to negotiate is imperative.  Difficulties will most likely surface and you need a pro to be able to tackle them in stride so that the burden will not fall entirely on you.  KCM also says it well:

Remember: If you have an agent who was weak negotiating with you on the parts of the listing contract that were most important to them (commission, length, etc.), don’t expect them to turn into Superman when they are negotiating for you with your buyer.

4.  Help with the relocation

If you haven't yet picked your new home, make sure that your agent is ready to help you.  Coordination of the sell and the move is crucial - you certainly don't want to be without a home during any point in the process, or have to pay two housing expenses at once, or maybe worse, have to move twice!  With the help of your agent, you should be able to sell your old home and move immediately into your new home without any stress.

5.  Get it sold!

You want to move on with your life and get your house sold, for any number of reasons, and it is important that your agent knows your motivations.  Make sure that they don't worry about your feelings more than they worry about getting the house sold.  If something comes up that needs to be done, such as a repair or moving clutter, insist that they have the courage to inform you.  Bottom line, you want your home to sell.

Good agents can give you good news, but great agents can give you ALL the news - the good, the bad, the ugly.  They maintain an open and honest line of communication with you, and work to get your house sold, no matter what.  If you are looking to sell, send me an e-mail or give me a call and we can discuss your concerns.

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