It`s a pity, but many sellers spend more time selecting a new suit of clothes than an agent to market their home, real estate experts lament.
”The No. 1 mistake home sellers make is to select the first agent they encounter,” says Monte Helme, a vice president for Century 21 Real Estate Corp.
The suit of clothes may cost you $50, $100 or $150. But chances are you have thousands at stake in the sale of your home. And these days, buyers are both fewer in number and more sophisticated than in years past. You need an agent with an equally sophisticated marketing strategy to nab one of the now- very-picky buyers.
”Buyers are not as impetuous as they were in the `80s. They`re being far more deliberate in their selections,” says Dorcas Helfant, the newly elected president of the National Association of Realtors. You could live to regret taking a casual approach to agent selection, she says.
For those interested in making a careful choice, realty experts offer these pointers:
– Pick an agent who knows your local turf.
Real estate is an exceptionally parochial field. Agent A may know a suburb west of your city but will be of little help in selling your home in a northwest suburb, for instance.
For a preliminary list of agents who know your turf, search out For Sale signs in your community, check mailers circulated to your home, go to nearby open houses and solicit names from neighbors.
– Interview at least three or four agents before making your selection.
”Selecting an agent is just like going to the supermarket. When you go to the apples, you don`t just pick the top apple on the pile, do you?” Helme asks.
– Check an agent`s sales ratios rather than the annual sales he or she has logged.
Total sales volume isn`t always a good indicator. That`s because some agents play a numbers game. They amass numerous listings, spend little time with each and hope one will sell as a matter of chance. You want someone who will give your listing maximum attention.
The key question is, of the homes the agent listed last year, how many did he or she actually sell? This ratio can be very telling.
– Ask a prospective agent for references.
You`ll want at least two references from clients served in the last three to six months. Ask former clients whether the agent fulfilled his or her promises and worked diligently to sell their property. ”A five-minute conversation should give you a pretty good profile,” Helme says.
– Look for an agent who doesn`t hesitate to say unflattering things about your home.
Maybe your pride will be hurt. But you need to know the true market value of your property-not some pie-in-the-sky estimate. An overpriced home typically takes longer to sell and goes for less than one priced correctly from the beginning, when the property attracts the most notice.
You also want an agent who`s candid about quick improvements that would help your home sell-perhaps a fuchsia bedroom that should be repainted off-white or the dingy carpet that needs to be cleaned. The agent offers an objective look at your property. Your own view is no doubt more subjective.
”Even a rhinoceros is beautiful to another rhinoceros. The problem is that the buyer may not be another rhinoceros. He may be a parakeet that flies in,” Helfant said.
– Look for an agent who lays out a specific marketing plan for your home. ”If I were a seller these days, I would demand the marketing plan in writing. And if the agent is unwilling to do that, that`s a lazy agent. I`d keep on looking,” Helme advises.
Spelled out in the plan should be details on pricing, advertising, open houses and how often the agent will report to you on his or her progress.
”One of the biggest complaints people have about their agents is that they don`t communicate. The clients feel like they`re being ignored,” Helme says.
– Find an agent who attends seminars to stay current.
”Agents who are very aggressive always want to bring fresh ideas to their marketing,” Helfant said. They`re eager to learn more about sales techniques, financing and the legal aspects of contracts. And the seminars give them the chance to spread the word about your home to other agents.
– Avoid an agent who simply moonlight in real estate.
Government workers, teachers, nurses, accountants and insurance people are among those who try to sell homes on the side. Too often they lack the time and focus to treat their listings seriously, says Sally Bielaski, a sales manager with the Coldwell Banker chain. Too often, they fall out of sync with the market, she says.
– Pick an agent who is aggressive in self-promotion.
Sales jobs demand someone who is assertive and tenacious. If the agent is persistent (though not obnoxious) in trying to win your business, chances are he will press hard for your sale, too, Helme says.
”There`s a direct correlation between how aggressive someone is in promoting himself and how aggressive he will be in selling your house,” he says.
