Sell by owner vs realtor? how to pick realtor?
Duece Lee
7 years ago
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gbauer48
7 years agoRelated Discussions
How to make realtor selection a business transaction?
Comments (26)Have you considered dropping the traditional realtor and using a flat-fee MLS service if one is available to you? This is more work on your part, but the two strong benefits are that you have some control over what's going on, and you can save money. We recently sold our home after some 90 DOM. Listed with a flat-fee from day one, we had plenty of showings but no offers. I kept on top of the visits, calling each realtor back for feedback (some were helpful, some not). Using feedback, we made minor tweaks. We staged the home ourselves, using (selectively) ideas from GW and other sources. But your real feedback may come from friends and family who actually see the house and visit it. One such told us to wash the roof and get a virtual tour (with ~60 pictures). We did so, spending $500 in total, all along wondering if it was money wasted. Two weeks later, offer in hand (which closed, btw) we didn't wonder any more. I don't want to oversimplify things. Different things will work for different people and different homes, and sometimes you don't know just what DOES work... maybe it's just dumb luck. But... IF you can stay on top of it, have reasonable physical access to the house (we moved only 8 miles away), and don't mind doing the work, you at least KNOW what is being done. It's the same sort of reason why I learned to change the oil in my own car, after two experiences where the "new" oil was black, and I paid for synthetic and couldn't be sure what was in there (yes, two different places). As the old adage goes, "if you want it done right, do it yourself". Of course this can't apply to everything in life, but what real value does a listing realtor bring besides putting your home on FMLS? Can they convert a looker to a buyer? Can they bring in buyers when none exist? Some might think so, but let's see the proof. Advice? It's available for free, as you can see. I know that sometimes a selling realtor can talk her buyer into buying a specific home, but is the reason for the buyer's benefit or the realtor's? Is the realtor tired of showing them homes and starts to lean on one that seems just ok? Is it the 4% commish on that home? Remember, NO ONE wants your success the way you do. Watch warily over everyone else, even those that seem to have no benefit one way or another. My buyer told me he had tried contacting the listing agent for the home for sale next to mine. Very similar, same builder, close in price. The agent failed to return two calls from him, so he figured they weren't that interested. But when he called my flat-fee agent, who contacted us immediately, we got back to him in 30 minutes and were showing the home the next day. That other home is still on the market, with DOM in triple digits. The poor sap of an owner probably has no idea, unless his new neighbor tips him off! I figure many will rebut my comments, no problem... I am saying what I think and all are of course free to do likewise. But this thread is not about any of us or our opinions... it's about YOUR home, YOUR money, YOUR time. Sit down and think long and hard about what has happened so far and what you'd like to see happen, and to what extent you can influence it. To what extent can others influence it? How can you help them to influence it? Think and act, and be selective about which advice you follow (including this one!)...See MoreThe right realtor to sell - local or next town?
Comments (6)I hope I don't confuse this issue, but the key in selecting a listing agent is to make sure that his or her listings appear in the MLS system that is used by the majority of agents in your town. In large cities and nearby suburbs there can be several different MLS systems. Even in small, rural areas there can be multiple MLS systems. As an example, I live in the largest town in my area. Several of the adjacent counties belong to a different MLS system. When I had buyers that wanted to view property in those counties I had to search through my own MLS system and those other systems. That said, most all listings are online somewhere, but it is more likely to be seen by buyers interested in your town if it appears on the MLS system that covers your town. I wouldn't worry about the good friend of a good friend status. Do what is best for you and selling your home....See MoreTraditional Realtors Vs Flat Fee
Comments (8)Dear Amber, As a real estate broker myself, I wanted to share my thoughts from the "other" side and hopefully it will help you in your decision. First, once you decide which way to go ("traditional" or "flat fee") your biggest decision will be to select the Realtor that you would like to represent you. This is more important than the company name on their business card, because the agent stays pretty much the same no matter what company they work for! In making your decision, I would suggest that you look for an agent with a CRS (Council of Residential Specialists) designation if you want to work with the top 4% in real estate and/or an e-PRO if you want to work with a tech-savvy agent. In real estate, the things that differentiate the true professionals from the plethora of newbies that have appeared in the last few years are: Sales volume, real estate designations and contract expertise. The difference between the flat fee and the traditional 3% is mostly spent on things that are NOT directly related to the successful sale of a home, such as magazine advertising (this is personal agent marketing), open houses (where agents find their next buyer), etc. The Multiple Listing Service ("MLS") is truly how most properties are sold and since the same paperwork is used to close a transaction, whether a property sells at $150,000 or $1,200,000 - well, you decide whether you want to pay a percentage of your sales price or a flat fee. If you decide to go flat fee: 1. Make sure your contract lists all the services provided, especially if the agent is providing an "MLS listing only" service or if the agent will handle closing the transaction as well. Unless you are an attorney, I'd recommend you have the agent handle the paperwork. 2. Since you are saving on the listing commission, please don't offer less than 3% to the buyer's agent. Some sellers even opt to offer a bonus to the buyer's agent if they are really motivated to sell. 3. Try not to hire an agent without any credentials or someone that has just become licensed in the last 5 years. Hopefully, the agent will have worked previously in a traditional brokerage (that is usually the best way to enter real estate sales because of the training they provide). If you decide to go traditional: 1. Please find a CRS agent! At least your listing commission will go to a respected professional that shows their commitment to the industry by earning the most coveted designation in real estate. CRS agents must have a certain amount of closed sales as well as meet the education requirements, which is why only 4% have the CRS designation. Anyway, the bottom line in selling a property is price (yes, location and condition are important, but the price is adjusted accordingly). If your property is listed at the right price on the MLS with a yard sign and lockbox and you are offering a full commission to the buyer's agent, you have a good possibility of getting an offer. Once you get an offer, your agent will prove him or herself by properly representing you in the negotiation process and closing the transaction. Good luck and I wish you the best!...See MoreHow to pick the right Realtor
Comments (5)I thought I had posted before to your questions, but I must not have pushed the right button to make it stick. To answer your questions none of these agents saw my home before they did their comps. Although at least one of them asked what we were looking at for price and was given an extensive list of our amenities. All Realtors here base their comps on the size of home, the number of bedrooms and baths, and lot size without regard for anything else you may have. They all come in with comps before they see your home. Thus the discrepancy in the scores. I did end up calling the ReMax agent today to let him know that he got the listing. I told him it wasn't a personality contest but a contest to see who would sell my home the fastest. I do not want to stay on the market for another two years... waiting for people to come through! I also told him that I picked him for his persistence. He called me every 6 months after we pulled our home off the market in 2009 without selling. We had listed our home in 2008 for 6 mos and then again in 2009 each for 6 mos. time with two different Realtors. Needless to say the first time it was overpriced...(my husband wasn't ready to move but was humoring me.. bc I wanted to move) but it probably would have sold if we had priced it correctly for the market. In 2009, we priced it where the Realtors told us but the market continued down and we were not going to keep pricing it lower to get rid of it. We were not in the position at the time where we HAD to sell. And in our area nothing in our price range was selling. Besides very few people came through both years bc of the market those two years. Both our agents at the time gave up on doing anything extra to sell our home after 3 mos. We had very few lookers (6 total) as noone was buying in that price range at the time. Unfortunately, this is NOT an entry level home. It has 4 bedrooms, 2 1/2 baths, and is approximately 3300 square feet not including a fully finished basement that runs completely below. In the meantime, we have added quite a few things to the home since then: All new Anderson tilt -in windows with Low E glass, new GAF roof tiles, a solar powered roof top system (it generates 60% of our electric power), installed a 14 KW whole house generator (for frequent power outages), remodeled the main bath, new neutral tone rug on stairs and in upper hallway, updated, LR (including updating the fireplace with stone over the brick) and DR, installed a gas fireplace insert in the den fireplace, removed trees in front (for solar system) and installed an underground sprinkler system. In the meantime we already had a lot of built-ins throughout the house including a master bath dressing area with custom built in dressers. Lots of builts-in in the den and in the basement, too. Because of all the upgrades ... especially the solar power system the Realtors all had a problem getting comps. My neighborhood is a hodge podge of different sized (some custom) homes. Ours was a custom home by a well-known builder in the area who now builds the top of the line homes in our area ($900,000 and up). We are not the largest or best home in our area, but we are up there. We decided to start selling at the mid 400s even though we are losing money from all our upgrades. Two of the Realtors placed us over the $500s and we started there the last time and said NO! We just want out to sell fast. There is no work to do on this house because we have already done it all. It is in mint condition. The problem they all had was to incorporate a solar home into their comps. They did not know how to do that. SO thanks for your input> I will keep you abreast of our progress. Right now we have trip out of town right after Easter and cannot put it on the MLS until we get back. We told the Realtor that he could show it if he wants while I am still home, but with 3 cats there is no way I would have it shown while I am out of town. We asked him to put up a sign to generate interest instead that says coming soon with his name on it to generate more interest. I told him if he has anyone he wanted to see the home before we leave town that would be ok....See MoreUser
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