Selling a home is one of the biggest financial decisions a person can make, and it's not something that should be taken lightly. That's why it's so important for sellers to choose a Real Estate Agent they can trust. A real estate agent has a fiduciary duty to their clients, meaning they are legally obligated to act in their best interests. This includes providing honest advice, handling negotiations skillfully, and keeping confidential information private. In other words, a seller's Real Estate Agent is more than just a salesperson - they should be a trusted confidant who is looking out for their best interests. When choosing a Real Estate Agent, sellers should look for someone who has their best interests at heart.
When selling your home, it's important to choose the right Real Estate Agent. Some Real Estate Agents are better at getting your home seen by potential buyers, while others have more experience negotiating sales prices. It's important to research different Real Estate Agents and find one that will best fit your needs. Don't just go with the first name you hear; take the time to ask around for recommendations and do some research on your own. Choosing the wrong Real Estate Agent can lead to a longer sell time and lower sale price. So, how do you choose the right one? Keep reading for tips!
New data suggest that seller research is lacking. The study finds that many sellers have confidence but lack know-how. That’s because they may not be doing enough due diligence when it comes to selling a home and choosing a real estate agent.
So get ready to do your homework. Learn what’s involved in selling a home. Choose the best method to sell your property. And select an agent carefully if that’s the route you choose.
Results of a new study
SOLD.com recently conducted a poll of homeowners. Among its biggest findings:
- Sellers are self-assured. 94% of consumers feel confident about selling a home.
- But there’s not enough seller research. In fact, 58% of sellers who sold before spent less than 3 hours researching how to sell their home.
- Sellers aren’t very picky about agents. Four out of five who use a traditional agent hired one of the first two agents they met with.
- Many overvalue their home. 44% check the value of their home via an online valuation site monthly. Experts recommend trusting in a local agent/professional to assess your home’s value instead.
- Sellers’ top concerns are: getting a home ready to sell (chosen by 43%); the stress and anxiety of moving (27%); and financial implications (21%).
What these findings mean to you
Matt Woods, president of SOLD.com, found these statistics telling.
“The survey results validated that people think they know what they’re doing when it comes to selling a home. Yet, it turns out that a large knowledge gap exists. And most people don’t know that there are alternatives to selling via an agent or FSBO,” he says. “They’re not doing their due diligence and utilizing resources available to them.”
The survey also suggests that seller research on agents is lacking.
“Many seem to believe that all agents are created equal. Therefore, they don’t do much homework on which agent to hire,” Woods adds. “Our survey found that most consumers believe agent commissions are overpriced. Yet, they think that an agent is one of the only options available to sell their home. So they accept the commission.”
Other experts agree
Suzanne Hollander is a real estate attorney and Florida International University senior instructor. She concurs with the poll’s finding that many sellers overvalue their home.
“Many sellers have a hubris and think their property is the best. Often times, their thoughts are incorrect. Too often, sellers aren’t familiar with comparable properties in their market,” she says. “Sellers should know where their home stands in terms of price and desirability versus other homes on the market.”
Also, too many sellers only meet with one agent whom they end up choosing, says Bruce Ailion, Real Estate Agent and real estate attorney.
“Many sellers select the agent they used to buy the home years ago. Or they rely on a relative or friend’s recommendation. But that may not be the best agent for their situation,” Ailion says. “I see many homes sell for less than they should. That can be due to an inexperienced agent.”
Seller research recommendations
To improve your chances of a quicker sale and a higher sales price, try these tips:
Explore different selling options. “Picking an agent who works on commission or opting for FSBO aren’t your only choices,” Woods says. “Instead, you can hire an agent for a flat fee or extremely reduced commission. You can enlist a limited service agent who will do less but cost far less. You can sell your home to a cash buyer without prepping or improving it. Or you can sell your home through an auction platform.”
Get familiar with your market. “Gather information on and visit comparable properties for sale in your area. Look at sale prices over the last 12 months. And see how many days these homes were typically on the market,” advises Hollander.
Meet with multiple agents. “Interview at least three agents, and ask lots of questions. “How much training and experience do they have? Do they have advanced education and designations? What resources will they bring to the job? How are they going to market and position your home to meet your goals? What is their negotiating style? Is this person a good listener and do they respond to your queries quickly? Do they buy, sell and invest in real estate? If not, ask why not?
Negotiate the commission if you feel it’s too high. “But note that an agent who is quick to lower their commission may not do the best job! William Pitt Sotheby's is NOT a discount brokerage and our MBPC team has taken over many listings where other well-known brokerages have failed. By "FAILED", I mean the listing was on the market for a year, became stagnant. Showings ground to a virtual halt and a few " bottom feeding" buyers came in with low-ball offers as a result. Just days before the owners have been ready to give up and accept a lower price, we've been able to come in, re-list the property, have our professional team of photographers and videographer, stagers and marketers breathe new life into what was a dated listing. In many instances, we've successfully closed for a higher price and with better terms than the previous brokerage had the property listing for to begin with! Don't believe us? We're MORE THAN HAPPY and PROUD to show you the proof!
Why seller research matters
The bottom line? Sellers need to take the selling process more seriously. And they need to invest a lot more time and effort into preparing to sell their home, business or commercial asset!
A lot of money is at stake, after all! A home or commercial building sale is often the largest transaction a person will make in their lifetime. Consider, too, that making the wrong decisions can be time-consuming.
“If the agent you choose is not successful, you lose time. You have to pursue a new strategy, “That may mean picking a different agent, lowering your price further, or re-listing.”
Thinking of selling?
If you’re selling, that means you may likely be buying too.
Much of the same advice applies here too. Don't settle for a part time agent who dabbles in the real estate market for some extra cash when the market is good! Here again, you must engage with your agent, be honest with he/she about your goals, wants, needs overall expectations, including discussing your financial wherewithal! In my experience, because this is private and personal conversation to have, buyers avoid it at almost all costs!
