Home Seller Mistake to Avoid: Right Surgeon, but Wrong Hospital

By
Real Estate Broker Owner with J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY

The Hudson RiverWe've heard the phrase repeated thousands of times, but there are still people who don't get it to their own detriment. 

The phrase? It is not the company that matters, it is the agent. 

If you were unjustly accused of a crime and faced the death penalty, you'd hire the best defense lawyer you could find. If you were going to have cancer surgery, you'd want the best, most experienced surgeon for the job. Getting the best professional can be a life or death matter. 

Yet when it comes to the largest transaction of their life, I see sellers make the fatal mistake of hiring an agent solely because they work for a certain brokerage over an agent with a far better track record because they somehow feel a company name is an advantage over a competent agent. The fallacy here is that if you don't list with the "local mafia," they won't show your house if you list with an "outsider." The underlying assumptions of such a belief defy credulity. Moreover, the results are telling: tons of homes like this fail to sell. What good is being at the "right hospital" if you have the wrong doctor? 

Agents these days are delighted to have a buyer and will bend over backwards to make a sale. If a buyer finds a home online and asked their agent to see it, no agent with a brain cell would steer them away from a possible sale. The best way to lose a buyer client is to not show a listing because of dislike or unfamiliarity with the listing agent. Buyers don't care who lists the house. They really don't. They only care if the house fits their needs and price point

There was a time when our firm was absolutely unknown to most other companies, and sometimes we'd get a listing in a town for the first time. Were some agents territorial on the phone? Sure! Did they show the property? Absolutely! And we built our reputation working with everyone to make the closings happen. No agent walks from a legitimate commission. In 2011, the idea that a firm would boycott a so-called outsider or prevent their buyer client from seeing a home that might fit their criteria is not only bad business, it can result in the loss of a license. No one walks from a commission, and no one jeopardizes their professional status over school yard pettiness. 

There is always peace at the watering hole, and agents know this. We have an unusual industry in that we cooperate with the competition when a sale is made. We may compete for listings and clients, but we have to collaborate to make closings happen. There is no such thing as the wrong company, but there is certainly such a thing as the wrong agent. Choose the best agent the way you'd choose the best attorney or physician- get a professional and don't worry about what is on top of their stationary. You'll end up with a better outcome. 

 

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Topic:
Home Selling
Groups:
40 Somethings
Independent Brokerages
Running a Brokerage
The Vent
Westchester County
Tags:
choosing a listing agent
seller mistakes

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Rainmaker
1,141,962
Wanda Kubat-Nerdin
Your Southern Utah Residential Real Estate Agent
Prado & Kramer Real Estate, St. George, UT 435.632.9374

Philip, Cooperation is necessary in our industry and if an out-of-town buyer wants to look at one of my listings...done! And choosing the right agent is indeed paramount to a seller's / buyer's success!

January 30, 2011 10:49 PM
Rainmaker
490,666
Christine Smith
Exclusive Buyer Agent & Attorney, Canton, MA
Buyers Brokers Only LLC - www.BuyersBrokersOnly.com

Oh, this is so true Phil!  I just wrote about referring a listing (I only handle buyers)  to agent that I knew would do the best job. It wasn't one of the big names in my town but the point is to get the house sold.

January 30, 2011 10:54 PM
Ambassador
1,363,679
Liz and Bill Spear
RE/MAX Elite Warren County Ohio
RE/MAX Elite 513.265.3004 www.LizTour.com

Phil, Well said.  Even though we work for one of the big box brands, we know buyers don't care about the color of the sign or the name on it, just the home.  And it would take an independently wealthy agent without a care about their fiduciary responsibility to NOT take the buyers to the home if it's the right one.

January 31, 2011 06:14 AM
Rainmaker
646,601
William James Walton Sr.
Greater Waterbury Real Estate
WEICHERT, REALTORS® - Briotti Group

Phil, this applies also to sellers who choose "someone local" over someone who can actually get the job done.

January 31, 2011 08:06 AM
Rainmaker
205,571
Erby Crofutt
The Central Kentucky Home Inspector, Lexington KY
B4 U Close Home Inspections&Radon Testing (www.b4uclose.com)

Hey Phil.  "no one jeopardizes their professional status over school yard pettiness."

 

Wanna bet!  Though I agree that no one "Should" do so.

 

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February 01, 2011 07:01 AM
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Additional Information

Phil Faranda is broker and owner of J. Philip Real Estate LLC in Briarcliff Manor, NY. Since founding the firm as a sole practitioner in late 2005, the team has grown to over 30 agents & closed 350+ transactions valued at $140 million. He is in his 4th term as Vice President of the HGMLS. This blog commentary is geared toward consumers and industry colleagues alike. You can reach him at (914) 723-8900.
Warning: *Sarcasm and irony advisory at all times.*



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