12/29/2019
Yesterday, I met with customers whose listing had gone expired. They had originally listed with one of the Big Box brokerages. They had some showings, but no offers. Why? Because the house was grossly overpriced.
During my interview, I discovered that:
1) The listing agent never presented them with recent comparable sales in their neighborhood. He basically said, “what price do you want to list it at?”
2) Once the sign was in the yard, they never heard from the agent again. Some “assistant” called a couple of times, that was it
3) The agent never provided any suggestions on how to prepare the home for sale to make it more marketable.
The takeaway? Like a lot of the big box brokerages, this guy was a salesman. His one and only job was to sell the customer on listing with his company. Once the listing contract was signed, he turned it over to his “staff” to do all the work. He was off to sell another customer on his “services”
The customers lost valuable time and money on trying to sell a property that was grossly overpriced. I’m talking over $30,000 over anything that had sold in that neighborhood in the past year.
Don’t fall for the slick sales pitch. Pick an agent that will WORK for you. One that will tell you what you need to hear, not what you want to hear. Find one you like and trust, not just because they are a family member or recommended by someone that bought or sold a house (although recommendations are an important factor).
But dig deeper. Make sure the agents you interview show you a deep dive on how they determined a recommended asking price. Ask what you can expect to be asked to pay in the way of seller concessions, fees, closing costs, etc.. Remember that the most important dollar amount is NOT the sales price, but your NET PROCEEDS at the closing table.
Ask for a written guarantee that if you are unsatisfied with the agent you hire, you can fire them at any time with no fees or penalties. Price your home so it will sell, not because that’s what you want. Yes, we all want the best price possible. But consider the costs to you if it does NOT sell: house payments, taxes, insurance and the lost opportunity to move on to your new home.
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