Hiring a realtor to sell your home is a serious decision, because for many Americans their home is the most valuable asset they have. People are often counting on the thousands, if not hundreds of thousands or millions of dollars in equity they have built to help them and their families make a major life change.
I have seen a lot of information out there for first-time home buyers and how they can get ahead with the right agent, but there is not so much out there for first-time home sellers. This group of people can be a unique position, as they are often re-entering a real estate market that is in a very different place than it was when they bought their home.
Paramount to everything is experience. Yes, there are excellent agents with just a few years of licensed experience. They hit the ground running and have an above average number of homes sold under their belt. But there is simply no better track record to achieve than time—with the ups and downs and cycles of the housing market, an agent with at least ten years of experience will have seen a full spectrum of scenarios and will have built a toolkit to help solve any problem.
Another important skill is local know-how. A sales professional with a long career still actively selling homes in your town or county will know how to best represent and market your property. They will be able to set realistic expectations and goals for your best listing price, identify where you need to make repairs or upgrades to create a more attractive offer and how many days you can expect to be on the market. One simple but effective way to find a local specialist is to browse active listings and recent sales in your area or neighborhood that you can compare to your property. Make note of the agents attached to each listing and you’ve started to build a list of candidates to interview.
You will also need to ask each potential representative about their sales volume and history. How many homes a year do you sell? What was your best sales year? Do you sell homes that look like mine? Do you sell them at the price point at which I want to list mine? These are all important questions for people selling a modest home as well: an agent that sells multi-million-dollar properties could be attractive, but you want someone who specializes in homes in your style and at your price point. I personally have been licensed for over 20 years. After being involved in over 1,000 transactions, there are very few situations and scenarios that I have not come across.
Make sure you have the awkward conversations about commission and the best opening list price of the home. Don’t be shy. Direct questions about money can feel rude to many people, but keep in mind that you are building a business partnership with your agent. Yes, it is good to have a friendly and personal relationship as well, but you are ultimately working together on a financial prospect. As a listing specialist, I prefer to be hit with a barrage of questions from potential clients from the beginning. It clears up any potential mystery, allows me to learn more about their wants and needs, and then I can best formulate a plan to meet those needs, then get their home sold at the best possible price.
When it is time to sell your home in this busy, inventory restricted market, you are going to have a lot of real estate agents vying for your attention. The right agent for you will have experience operating in economic upturns and downturns, and have an acceptable answer for all your questions. This in turn will properly set your expectations, get you both on the same side of the table and make a process that often has a few bumps in it go as smooth as possible.
Are you getting ready to go to market? Ask Joe every question you can think of before putting up the sign. Call 207-776-5226 or email joe.flynn@atlanticrealestatenetwork.com.
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