|
|
Choosing a real estate agent
Finding a good real estate agent isn't
necessarily as easy as it sound. With thousands to choose from
in the city of Charlotte, your choices are endless.
Everyone
has a cousin, friend, or kid sister that sells real estate, and when you
announce your decision to sell to the world, you are faced with many
choices offered by many friends who want to do other friends a
favor. Some may be good, others... not so good!
Here are some corrections to mistaken
assumptions about hiring a real estate agent:
- Be sure you know who the real
estate agent is legally working for. If that agent is the
seller's agent, their legal loyalties must be to them.
While that doesn't mean they are allowed to help them commit
fraud or hold back information that is pertinent to the sale, an
agent who is legally working for the seller is expected to act
in the seller's best interests, not the buyers. If you are
a buyer, be sure the agent you are working for is working for
you, not the seller.
- Agents from big prestigious firms who
sell homes in the big dollar neighborhoods will NOT get you more
for your home than an agent who works in the average value
market. An agent who works for a company that specializes
in $500,000+ homes doesn't run into clients who are searching
for $150,000 homes, and neither do their associates. You
can actually reduce your exposure by listing with a prestigious
company, and you won't sell it for a dime more.
- Experience, good looks, fancy
cars, or simply being your cousin's neighbor doesn't mean that
you will sell your house quicker or for more money. What
matters is having an agent who is motivated, who listens, and
who understands the market. Another factor that makes a
good real estate agent is one who is well-connected. A
GOOD agent will do more than just list your house or sell you a
house. They help you with the whole process and are a
great source of information.
- Any agent can list your house on the
MLS (multiple listing service). If your agent doesn't list
your house with the MLS, you need a new agent. Without
listing it there, it reduces the potential for other agents to
find your house.
- All real estate agents are not Realtors,
but both can sell or list houses. A Realtor is a
designation that specifically belongs to members of the National
Association of REALTORS®. That may
or may not make a difference to you, but do learn about
qualifications, experience, connections, and what your agent
will do for you.
- Get references and work out an
arrangement that is good for you, not the real estate
agent. Realtor.com
currently lists 5000+ Realtors in Charlotte alone. Find one that wants to
work for you.
- Listen to your agent, but use
your own head. In most cases, your agent will give you up
to date information and help you try to sell your house for the
most money possible, but not overprice it for the market.
You love your house, but if it isn't priced to sell, it
won't. However, if the agent doesn't understand the market
or just wants a quick sale, they may suggest a price that is too
low. Use your head, look around at what comparable values
are, and ALWAYS ask the agent to justify the asking price with
comps (comparable values in the neighborhood), whether you think
what the agent is telling you is high, low, or just right.
It's your house, and you have the right to know.
- You can and do have a right to fire a
real estate agent who is not performing according to your
expectations or their promises. A listing contract is only
binding upon you if you have a contract to sell your home, or in
circumstances where a potential buyer has been shown the home
and later decides to buy after your listing contract has been
canceled. However, always talk to your agent first
and explain your concerns. Your agent very well may have
been doing things that you didn't know or they might have a
motivated buyer with your house in mind. Firing the agent
would almost certainly squash that opportunity.
- Ask questions and understand the fee
structure before you sign. While you can still get out of
a contract that has not yet produced an agreed upon buyer, a
complete understanding of what you are getting into is in
everyone's best interests.
- Ask your agent what works for
them. Most will tell you that while they often run open
houses, they almost never sell a house as a result of one.
An open house can even leave you open to people who are more
interested in seeing how their neighbor lives or see what kinds
of things you own. An open house is not all that it's
cracked up to be. However, if your agent doesn't show many
houses, then (s)he is just depending upon others to do the
work. Every agent will list your house. Find one
that shows and sells homes too.
- Don't be too impressed too
easily. When homes sold for an average of $40,000, the
million dollar club was a landmark. Now an agent can hit
that goal with one lucky sale. What you want to know is
how many homes the agent sold in the last year in your price
range and in your area of the city. "Dollars
Sold" is nice, but it's irrelevant information without more
information.
- Experience doesn't always trump
enthusiasm or vice versa. A combination of the two is
perfect, but you never know where a sale will come from.
What you don't want is an unmotivated agent or one that is slow
to understand what is going on. Also never pick an agent,
just because you like them. That's a good quality, but not
the only criterion. Aim for personality, intelligence, an
understanding of the market, ambition to work for you, and of
course, someone you can trust.
|
|
