Dear
Marie: I
am planning to sell my house. How do I go about choosing a good real
estate agent?
You've asked
what I think is a very important question. Surprisingly, few sellers
make an informed choice. In a 1989 study commissioned by
the S.C. Real Estate Commission, Dr. Kay Lawrimore of Francis Marion
College surveyed several thousand recent buyers and sellers from all
counties in S. C. More than 20 percent responded to her lengthy survey.
Much to my
surprise, more than half the respondents found an agent wholly by chance!
Predictably, they weren't always pleased. I
believe you owe it to yourself
to put some effort into finding a person with whom you can work and who will
most effectively market your home.
After all,
you are turning over your most valuable possession to an agent to whom
you will be paying a fair amount of money to
represent you.
How do you
find one? First, consider the agent who sold the house to you. As a
buyer, did you feel that she/'he was effective in
representing the seller's
interest? Also, ask your friends if they can recommend a particular individual
and why. Lastly, visit a few open houses and observe the selling tactics
of those agents.
As you narrow
your choices, plan to interview at least three different agents. Be
frank when you call and explain that you will be talking
to several others
and that you plan to ask for references from other sellers they have represented.
You'll be
amazed at how much you learn at these interviews. Focus on three aspects:
their marketing plan, the suggested listing price, and if you can afford
to sell at this time.
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First, the
price: I'm sure that you have one in mind! Did they agree with your
price to flatter you or is their suggestion based on properties sold
in your neighborhood that are truly comparable to your home? Does their
pricing process make sense to you?
Secondly, how do they propose to attract potential buyers to your house? Do
they have an extensive internet presence? How else do they market properties?
You want them to do more than just put a sign in your yard.
Finally,
what are the selling costs? Have an idea of how much you still owe
on your mortgage loan and ask to have all your selling costs itemized.
You need to determine if you have enough equity to pay all costs and
still have enough money left over.
Don't be
afraid to ask questions if you don't understand something. Find out
if there are any inexpensive things you can do to make your home more
marketable, how and when it will be shown, and how long they predict
it will take to sell.
After each
interview, make notes to yourself. After you have the information,
list the pros and cons of each agent. Although an agent cannot promise
to sell your house, she/he can promise to do as much as possible to
cause it to be sold.
When you
consciously choose an agent based on research and fact, you will feel
a lot better during the selling process and will have gone a long way
toward ensuring a satisfactory outcome.
Marie
S. Spodek, DREI, GRI is a highly regarded real estate
educator and author. Her seminars have been attended by thousands throughout
the U.S. |