A "Home Seller's Bill of Rights:" What To Expect Of Your Agent
A home seller's "Bill of Rights:" what to expect of your agent... far too often home sellers believe that all agents are the same with the inevitable result being that they end up settling for less than the best when putting their house up for sale. However, as a home seller, if you expect more, you will demand more, and you will get more from your agent. Here's your "Home Seller's Bill of Rights:"
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Expect a "marketing" agent, not just a real estate agent. There is a difference between marketing and selling. The sale of your home is a direct result of great marketing. Not all real estate agents "market." Many work fairly exclusively with home buyers. So you need to understand just what percentage of your agent's business comes from marketing homes. The higher the percentage, the more you can feel comfortable that your agent is a "marketing" agent and not just a "selling" agent.
- Expect an expert negotiator. When your agent markets your home and you receive an offer, they've completed only half of their job. The other half is to expertly negotiate the contract terms on your behalf, negotiate repair requestions, possiblly appraisal issues, etc. Negotiating is a learned skill requiring preparation, strategic thinking, and experience. Make sure your agent has that experience. Negotiating a seller's best interests can be quite different from representing a buyer's best interests. So again, make sure your agent has this experience.
- Expect an expert promoter--of your property, not of the agent herself or himself. There are lots of agents out there who are great personal promoters or who spend considerable money to have themselves professionally promoted in the marketplace. So you know their names and faces... but don't assume they know how to promote your property versus themselves. You can "buy" market visibility, but you can't "buy" marketing and promotion experience.
- Expect proof of your agent's performance and sales record. An outstanding agent will provide you with their personal statistics as to their days-on-market performance versus the local market as a whole. Even in a slow market, a top listing agent's days-on-market for their listings should be less than the market average... excellent marketing and promotion of your property will result in fewer days-on-market. (That's your proof!)
- Expect honesty from your agent. Lots of agents will "buy" your business by suggesting or agreeing to a listing price that is too high and/or a reduced commission. It's important to pay attention to tho agent who can substantiate their pricing recommendations and commission rate and be willing to walk away from your business. In a commission-based business where agents don't earn anyting until they list and sell, it takes a lot of guts to walk away from potential business.
- Expect a professional Market Analysis and Marketing Presentation. Your agent should come prepared with a comprehensive market value analysis to help you determine the right asking price for your home and be ready to show you how he or she derived the numbers and came to a pricing recommendation. At the same time, your agent should have a comprehensive marketing presentation so that you understand what they will be doing to market/promote your home and why throughout the entire selling process and how what they do differentiates them from everyone else. The goal should be that you know what to expect up-front before, during, and after the selling process.
- Expect a personal guarantee. A top agent will not hesitate to give his or her client a personal guarantee allowing the seller to fire them if they don't do what they promised to do. Keep in mind, this is not a guarantee that they will sell your home. No one can ever promise that. But they can guarantee a specific group and level of services against which their performance can be measured (another reason for a comprehensive marketing presentation).
- Expect an agent with great technology skills. Real estate technology seems to move at the speed of lightening these days. You need to make sure your agent is comfortable with technology and with marketing homes on the internet (where 90+% of home buyers begin their home search).
- Expect an agent who will spend some money to market your home. These days marketing a home must go beyond a yard sign, a lock box and an ad in the paper. Marketing a home professionally requires an upfront financial investment by an agent that pays them back once the home is sold. An agent who spends nothing has no "skin in the game" to get your home sold.
- Expect a knowledgable agent. Your agent should be able to explain national, regional, and local market conditions to you in easy-to-understand language. This is harder than it looks and when an agent can do that, you know you most likely have someone who pays very close attention to the market and stays on top of trends in order to keep adjusting their marketing plans to market conditions. Find out what additional training and professional designations an agent has. Remember, agents pay for their own training (both in time and dollars). The agent who is willing to invest in him or herself is the agent you want.
A "Home Seller's Bill of Rights:" not quite as lengthy as the Bill of Rights to our Constitution... but if you follow these tips on what to expect from your agent, there's no reason your home can't be sold quickly, at top dollar, and with a great relationship with your agent. Expect more, demand more, and you'll get more!
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