Tips for choosing your selling agent.
How do you choose your selling agent?
Hiring a professional real estate agent when selling your home can help you make smart decisions, avoid extra costs and save you from a lot of stress. Before you start looking for the best real estate agent for you, it is important to know what exactly to expect from a selling agent. Read our blog post about this topic here.
Most common mistakes
Although most of the sellers choose to engage a real estate agent by the sale of their property (according to research by Funda, 76% of sellers go directly to a selling agent), the criteria behind this choice do not always benefit the seller.
One of the most frequent mistakes made by a seller is to choose their agent based on (1) the highest price promised for their home and of course (2) the lowest commission. Little do they know that these criteria have actually very little to do with the best deal for a seller.
The added value of a selling agent
Sellers are more often than not prepared to label a real estate agent as ‘too expensive’ which makes them have little insight into their added value. Funda states that it is very important for the seller to understand that investing in a real estate agent is worth the money.
The added value can however mean different things depending on the seller. In some cases, it can be the extra knowledge an agent brings into the equation or his/her network of potential buyers, which is very attractive to a seller. In other cases, a person’s main motivation to use a broker is to maximize the selling price of their home. But can a real estate agent really say how much your home will sell for?
Not really! A selling agent can show you a comparable current or past sales in your area and come up with a potential asking price for your home. Many, however, tend to considerably inflate this number in order to catch your attention.
Tips for choosing your selling agent
Here are some tips worth considering when shopping for a real estate agent:
- Watch out for agents who distort the truth and suggest a higher listing price than the current market can handle. Although the numbers might be appealing, ask your agent to present you with a competitive price analysis that supports the suggested list price. This way you will avoid pricing your home too high, risk not getting enough viewers and in the end have to reduce the listing price, leaving potential buyers wondering whether something is wrong with your property.
- Knowledge of the market: Make sure your agent has perfect knowledge of the market in the neighborhood where your house is located. Good knowledge of the area also helps with determining a better listing price that is representative of the market.
- Recommendations: Start asking around your group of friends, acquaintances, or relatives. Surely someone has already worked together with a real estate agent and has someone trustworthy to recommend. According to research by Funda, 34% of respondents find their real estate agent through a recommendation.
- Reviews: A good reputation is always the company’s business card. Do your research and watch out for good (or bad) reviews. Personal experiences of others will help you in your decision-making process and help narrow down the myriad of real estate agents active in your area.
Another important tip is to make sure you have a good personal click with your agent. Great reviews and extensive knowledge are good, but when it comes to a decision as important as selling your home, it is important that the person you are delegating this to fully understands you and your wishes.
Lastly, in a market like the current one where you find yourself spoiled by choice, do not forget to be critical and think beyond your selling agent’s commission. Remember, a real estate agent that really works in your utmost favor will always go the extra mile instead of looking for an easy fix that provides quick results.
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