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T he Real Estate business is known for being one of the easier
careers to enter but one of the most difficult to truly excel in. Because
the "Peter Principle" applies (80% of the Real Estate is sold by
20% of the Realtors), a consumer should be aware of common pitfalls in
selecting a Realtor. Here are some things to be careful of:
Don’t list with a Realtor
because they quote you the highest listing price. The oldest scam in
the book is for someone to tell you what you want to hear to get your
business then start hammering for a price reduction later. The best way to
determine the listing price is to examine a well-researched Comparative
Market Analysis combined with a specific marketing strategy, the
Realtor’s experience and your individual needs. The Realtor’s
marketing strategy and experience will impact the price at which the home
should be listed.
Don't list with a Realtor because
they quote the lowest commission. As in any transaction, you get what
you pay for. An agent who asks you to focus on the commission they will
charge instead of the outcome they will produce for you probably doesn't
have a sterling record of success for you to view. It makes no sense to
pay $1,000 less in commission and receive $10,000 less in sales price.
Instead, focus on what the Realtor will do for the commission and how that
impacts the likelihood of getting the absolute top dollar for your home.
Concentrate on actual performance, not empty promises.
Be careful when using a family
friend or relative. It is often unwise to mix business dealings with
friendship. If something happens, will the friend be more concerned with
the friendship or business? Will they be willing to tell you the hard
truth, even when you may not want to hear it? Instead of wondering about
the answer, ask the friend to refer you to a good Realtor. They will
receive a referral fee and you’ll keep your friendship.
Don’t list with a Realtor who
won’t give you a money-back guarantee. Everyone has heard Real
Estate horror stories, of being locked in with a Realtor for 90 days, 180
days or even longer without producing the desired or promised result.
Sometimes the Real Estate agent stops returning telephone calls or worse.
As a consumer, you should be able to cancel a contract if the
representations made aren’t fulfilled. If the Realtor doesn’t offer
that kind of guarantee (in writing), why? What are they afraid of?
Don’t list with a Realtor
because they seem nice or talk a good story. Ask for statistics, in
writing, to demonstrate their performance.
Don’t list with a part-time
Realtor. As your home is one of your largest financial assets, make
sure that the Realtor doesn’t lose that one stellar opportunity because
they were working their other job.
Don’t list with a Realtor that
doesn’t have a personal support team. No matter how much we wish it
weren’t so, people (and Realtors) can only do one thing at a time. While
the Realtor is working with you, whose is handling their other properties?
If they’re working with someone else, who is handling yours?
Don’t list with a new or
inexperienced Real Estate agent. Although everyone wants to be nice,
should you really trust one of your largest financial investments with
someone newer? Would you do that if you were in a lawsuit or needed major
surgery? Of course not! This is not the time to experiment or "give
someone a chance".
To find out more information, simply call or email
Ed now. Discover the difference the right realtor can make! |
