De-bunking the myth that "My agent didn't do a damn thing to get my house sold... she just got lucky and now I have to pay her all that money for nothing!"

Since "Luck is what happens when preparation meets opportunity," let's take a peek Behind the Scenes to find out what makes your agent (and you) so "lucky."

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As the curtain opens on this drama, your real estate agent is showing property to out-of-town buyers for the 3rd consecutive day.

Scene 1.  Phone rings...

Caller (You):  Do you handle homes in (Fill in name of your community)?

Agent:  Yes I do, how can I help you?

She speaks with you briefly and makes an appointment for later in the week.  Then the agent's attention returns to the buyers she's working with today.  They want to make an offer on one of the properties she showed them, so the next few hours are dedicated to preparing their offer, going over the details with them, and delivering their offer to the listing agent.   The buyers head home to await a counter-offer, and your agent now focuses 100% on your real estate needs!

Scene 2.  Back at the office...

1. Agent sends you a follow-up email to thank you for your call and confirm your pending appointment.
2. Agent searches and finds the public record on your property and takes note of the lot size, finished sq. footage of the house, zoning, assessment amounts, details of last property transfer, your property tax amount, and other relevant information.
3. Agent utilizes Google Maps or other Internet program for (1) a street view of the property and (2) an aerial view of the property which will indicate if the property backs to a major highway or a golf course, if it is on a corner or interior lot, if it adjoins a school or a junk yard... 
4. Agent contacts utility companies to determine the average monthly costs for your property.
5. Agent identifies nearby properties listed in the mls for sale and those under contingent contract and - based on the size, features, condition and location - chooses those most similar to your home.
   
6. Agent identifies nearby properties listed in the mls that are sold/settled and others that are pending settlement and again - based on the size, features condition and location - chooses those most similar to your home.
7. Agent checks the foreclosure list to determine if any nearby properties are pre-foreclosure, foreclosure or REO.
8. Agent checks the public record for recently sold properties in your community so she doesn't overlook any that sold without an agent.
9. Agent maps the selected properties to show their proximity to your home.
10. Agent prints out mls listings for the selected properties and sets them aside with the map to provide you copies or, in some cases, to keep in the file she is building on your property.
11. Agent researches market statistics for the zipcode where property is located and, depending on recent sales activity in the immediate neighborhood, she may also compile market statistics for your specific  neighborhood.
12. Agent calculates the average and median sale price, the average days on market, and the percentage of list price to sold price; she determines how many homes were on the market last month and how many sold so she can calculate the absorption rate; she determines how long homes were on the market before selling last month.
13. Agent does the same for at least three prior months (perhaps more) to identify any trends.
14. Agent creates colorful charts, graphs and tables to provide a clear visual representation of all this data.

Scene 3.  Next morning, in her car and armed with a camera... 

1. Agent takes photos of your property exterior from the street, including close-ups of curb-appeal problems like fungus on the roof, dead shrubs in front, visible clutter in the carport.
2. Armed with the list of six or more nearby properties (see above) and a GPS system, your agent drives past each property and takes notes... perhaps also some exterior photos of these comps.
   
3. Agent photographs the neighborhood school, playgrounds or tot lots, golf course or beach (if any), community clubhouse (if any), nearby shopping areas or other assets of the area where property is located.  NOTE:  If the day is rainy or overcast, this will require a separate trip on another day.

Scene 4.  Later that day, back at the computer...

1. Agent carefully organizes and reviews all the material collected over the past few days.
2. Agent customizes a written listing presentation for you, merging the comps, graphs, tables, maps and other information specific to your property with "standard" information prepared by the agent at an earlier time.
3. Agent estimates the likely selling price of your property, based on the accumulated information and years of previous experience and training.
4. Agent estimates your net proceeds after all closing expenses, based on the accumulated information and years of previous experience and training.
5. Agent reviews the finished written product to confirm that it is clear, concise, and easily understandable - you would never imagine how many hours are invested in researching and analyzing these materials, or the expertise required for an accurate and reliable recommendation.
   
6. Agent binds these materials with a cover sheet and gathers other previously prepared (or purchased) brochures and written materials to give you, as well.

Your agent knows that "Luck is what happens when preparation meets opportunity."  Her thorough and accurate preparations are a key element in creating this "luck" for you... and the reason you pay her all that money - but not UNLESS and UNTIL she procurs a buyer whose terms are acceptable to you.

To be continued...

Behind the Scenes - The Listing Appointment

DISCLAIMER:  Your agent may or may not do everything listed above.  I took the time to write down these steps as I prepared for a listing appointment this week in Lanham, Maryland.