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Listing Agents - Deal Makers or Deal Breakers?

By Ginny Gorman

Real Estate Agent with RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate

July 28, 2013 08:08 PM

Listing Agents - Deal Makers or Deal Breakers?

There is always something to be learned from past home sale transactions that do not happen! The questions that go through fortune cookie in a bowl in real estate your mind as the buyer's agent or as the listing agent when negotiations hit a stone wall...yes, they do just fall apart sometimes. Did you do all you could do for your client to make the home sale happen that would be in the best interest of the seller (as the listing agent)?

Analytical as I am wanting to know how the numbers check out with comparable solds, condition, location and ultimate price is part of my process. It is important to set the expectations to the sellers periodically as a house remains on the RI coastal real estate market awhile. What am I doing to usher the home sale process along?

- Letting the sellers know there is a timeline that must be met when in contract. If you miss it or decide to let Uncle Ernie hold onto the purchase contract an extra week because his lawyer (not a real estate lawyer) must review it before he will sign ...well the buyer may opt out for another home. You can control only so much and this pitfall, when there are multiple parties who must sign on the sellers side, is extremely troublesome. One party to the transaction tends to be a deal breaker.

- Understanding pricing in the real estate market every month your listing stays on the market must be re-evaluated and reviewed with the sellers. Knowing how the appraisers do their comparables in certain areas will better prepare you and your clients for the ultimate pricing number when the buyer is not cash. Even if you price a house higher than the real estate market because the seller insists on trying it for one month, realize any offers that come in at FULL price may not matter if a lender is involved. If there are no comparable sold homes to support your sale well you will have to lower the agreed sale price to get the home sold. Yes, the sellers' father will probably call you a deal breaker for not cutting your commission to ante the extra money to the sellers but guess what... does he cut his weekly salary when asked? If you always set the right tone you are a deal maker in every way.

- Realizing the restrictions of a FHA versus a conventional loan on certain items that must be repaired prior to closing for a buyer. FHA is not going to allow peeling paint or a bygone roof remain and not be fixed prior to closing. If your seller can not do these repairs be forthright and up front when a buyer comes to you with a FHA loan approval on an offer. A deal maker will have discussed this issue with the sellers, have gotten estimates to do the jobs and know whether the sellers can take care of these items. Waiting months and going through multiple offers before you set the tone with your sellers is like being a deal breaker. Know the facts and provide them to other agents which will be appreciated and enable you to find the right buyer for the listing.

- Selling coastal RI real estate requires knowing flood plains, flood maps, flood insurance changes, building requirements and even tide depths. If you are a listing agent ensure you have the right information up front. Do not frustrate the buyer's agents that come to you with consistent inaccurate information. Did you just think that posting a for sale sign on the property was enough to sell a million dollar home?! Be a real estate deal maker your sellers need you to be. Sellers make sure your listing agent is truly experienced in selling a home like yours.

ruby red shoes A reputation as the right real estate deal maker for sellers is the ultimate goal. And yes, if you do that in many ways you will be appreciated by buyers agents as the trustworthy and knowledgeable real estate listing agent you are.

Looking for a RI coastal real estate agent who delivers with the honesty you need? Give me a call, Ginny Lacey Gorman, at 401.529.7849 and let me guide you successfully towards your home sale today. You always need a listing agent who is a deal maker. Listing Agents - Deal Makers or Deal Breakers?

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Ginny Lacey Gorman is a Rhode Island waterfront Real Estate Agent who works and knows the RI coastal geographic area of homes for sale, schools, happenings and important tidbits of real estate information well.

Coastal, water view, ocean front, luxury and waterfront Rhode Island real estate are my specialty. If you are considering Buying, Selling or Relocating to Rhode Island and need a real estate Professional it would be my pleasure to help you! When you are in need of an internet savvy RI realtor® who sells homes in this real estate market, call Ginny today at 401.529.7849 or email at Ginny@RiHouseHunt.com.

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Richard Iarossi

Coldwell Banker Residential Brokerage - Crofton, MD

Crofton MD Real Estate, Annapolis MD Real Estate

Ginny,

Agents, both listing and selling can make, or break, a deal by their recommendations. We have a huge responsibility to do what's right for our client. Most agents I deal with understand that and work hard to make the transaction happen.

Rich

Jul 28, 2013 08:14 PM

Barbara Todaro

RE/MAX Executive Realty - Happily Retired - Franklin, MA

Previously Affiliated with The Todaro Team

Good morning, Ginny.... the onus is on the listing agent to make sure the home is priced within the right range and the seller is on board with what it will take to sell the home... it all boils down to price....

Jul 28, 2013 08:25 PM

Joe Petrowsky

Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT

Your Mortgage Consultant for Life

Nice job with your post. As you well know a listing agent can make or break any transaction. I sometimes wonder if there is an underlying agenda. That is certainly not the case in most transactions.

Jul 28, 2013 08:44 PM

Susan Haughton

Long and Foster REALTORS (703) 470-4545 - Alexandria, VA

Susan & Mindy Team...Honesty. Integrity. Results.

You make so many important points and yes, the listing agent must do way more than just list a house. When we bought our first beach house a decade ago, it was an eye opening experience as to how much a real estate agent selling coastal property has to know! It's not easy.

Jul 28, 2013 08:55 PM

Dorie Dillard Austin TX

Coldwell Banker Realty ~ 512.750.6899 - Austin, TX

NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Ginny,

Excellent post! A listing agent often holds the key into making or breaking a transaction. Respecting guidelines, understanding pricing, guidelines and being knowledge all comes into play. Suggested.

Jul 28, 2013 09:03 PM

Andrea Swiedler

Berkshire Hathaway HomeServices New England Properties - New Milford, CT

Realtor, Southern Litchfield County CT

Good morning Ginny, all great information that listing agents need to be educating their sellers about. Not all that long ago I spoke with someone who had something on a lake, never had a dock. I explained that you can't sell what you don't have, and that you can't answer the question about a dock unless you apply for the permits, etc. I didn't get the listing. But that is ok, I saw it come on 100,000 over what I suggested after very careful review of the solds and even actives.

Jul 28, 2013 09:04 PM

Debbie Gartner

The Flooring Girl - White Plains, NY

The Flooring Girl & Blog Stylist -Dynamo Marketers

Yes, the listing agent needs to do his/her homework on pricing. If this basic step is skipped (or just a pipe dream), it's likely to fail, even if an offer does come in.

Jul 28, 2013 09:05 PM

Clint Mckie

Desert Sun Home, commercial Inspections - Carlsbad, NM

Desert Sun Home, Comm. Inspection 1-575-706-5586

Hi Ginny,

There has been a few times when I have asked a Realtor about a certain home that should have already been to closing, just to find out the time expired on the offers. I ask, then why get a home inspection of your going to let the offer expire?

The realtor than say's that they were not intending to let it expire buy waiting on the seller or buyer to get more info in place.

Makes no sense to me. I am not a Realtor though.

Have a good day in North Kingstown.

Best, Clint McKie

Jul 28, 2013 10:11 PM

Ginny Gorman

RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI

Homes for Sale in Southern RI and beyond

Thanks all...i have as you can see a frustrating last month with my poor buyers who want homes the listing agents don't have a clue about...I am ready to say to them you need another profession! Thanks for your comments!

Jul 28, 2013 11:03 PM

Bobbie Smith

Stroudsburg, PA

570-242-1891

Hi Ginny, Great post. Loaded with useful information. I too, have seen these issues. I'm sure we all have. Have A Great Day!

Jul 28, 2013 11:45 PM

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Ginny, this has been a tough summer with deals falling apart! It is very frustrating to see the other side not performing timewise and go out of contract. When looking to buy or sell property, this should be one of the questions asked -- are you timely? Working full time in this industry does make a difference!

Jul 28, 2013 11:52 PM

Anita Clark

Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA

Realtor - Homes for Sale in Warner Robins GA

Ginny: The listing agent can make/break a deal before it even gets put on paper. It is frustrating on the best of days.

Jul 29, 2013 12:48 AM

Janis Borgueta

Newburgh, NY

Retired RE Salesperson

You are so right on these points Ginny. Sometimes it is impossible to get the clients to understand these things though. It can be the difference in selling a home or not.

Jul 29, 2013 03:38 AM

George Souto

George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT

Your Connecticut Mortgage Expert

Ginny all excellent points to consider. Anyone of them can cause a deal to turn south, and put the Closing in jeopardy.

Jul 29, 2013 04:41 AM

Ed Silva, 203-206-0754

Mapleridge Realty, CT 203-206-0754 - Waterbury, CT

Central CT Real Estate Broker Serving all equally

Ginny, it doesn't matter if it's a listing agent or a buyer's agent, when the ego gets in the way the transaction can get complicated

Jul 29, 2013 12:16 PM

Beth Atalay

Cam Realty and Property Management - Clermont, FL

Cam Realty of Clermont FL

Ginny, Suggested this post, great advice for Sellers, Listing Agents and for Buyers as well. I showed a house last weekend which was a short sale, under Available Financing, FHA was included. Prior to showing the house, I called and spoke with the agent and she assured me that it just needed some "cosmetic" repairs. When we arrived at the house, I knew it wouldn't get approved for an FHA loan. There were water damages, bedrooms had no flooring, exposed wires and many more! You are right, one party to the transaction can be a deal breaker!

Jul 30, 2013 06:00 AM