A Great Listing Realtor® is Worth Their Weight in Gold

By
Real Estate Broker Owner with Island Style Realty Inc. RB-19250

I regularly hear stories of people who regret their decision when selecting their agent to list their home for sale. 

 

Here are two of the most common categories I run into.

1)      They picked the agent who offered a discount or flat fee and were told they would get the same full service as other agents in the area, to only find later that was not what they got.

2)      They went with the agent who offered to list their home at a higher price.

 

I was speaking to a home seller after they fired their agent who gave what they called “full service” at a flat fee.  This was their idea of full service:

·         They gave the homeowner a sign to put in their yard.

·         The homeowner did their own open houses, no agent present.

·         All showing requests were made directly to the seller.

·         The real estate agent performed no negotiating or explaining of offers.  The buyers were to send all offers to the seller directly.

·         At closing no real estate agent was present to explain documents or to review the HUD-1 settlement statement.

 

From her story, the best I could determine that the listing agent did was:

·         Loan her a sign.

·         Run a couple of ads in the newspaper

·         Place her home in the MLS system and their company website

·         Collect a fee, if sold.  I have heard other companies charge a fee whether it sells or not.

 

So how much did she save?  In this case nothing.  She lost a lot of time and carrying costs, while she was unsuccessful selling her home.  In the best case scenario she would have saved some money, but nothing close to advertised.

1)      She still would have paid the buyer’s agent, so the only savings would be for the seller’s agent, which was not that much.

2)      She would have had to pay a professional to explain all contracts to her.

3)      She had no experience selling a home, so would have been at an extreme disadvantage against a professional buyer’s agent in any negotiation or the managing of the transaction.

 

In the second scenario, what I call buying the listing.  The homeowner went with the agent who agreed to list their home for the highest price.  This happens regularly.  Weak or inexperienced agents offer to list the home for more than market value, to get the listing.  Once they have the listing they use it to meet potential buyers.  After a period of time they try to get the seller to lower the price, in many cases even lower than the top agents in the area would have sold it for.  Again as in the first scenario, the homeowner comes up short.

In both cases the seller may come out ahead if the stars line up.  In both case it rarely happens.  In both cases, the seller is more likely to have complications or failure.  If they do sell, they are more likely to take longer and get less for their home.

During these times of changing markets and tough economy, it is critical for homeowners to get the best Realtor® they can find to protect their interests.

 

When finding a good listing agent, look for the following:

1)      That they are a member of your local Board of Realtors®

2)      A track record in your neighborhood.  If they are a good agent in another town, does not mean they know your town.

3)      That they are full time and full service.  Nothing worse than a part time agent who:

a.       Is not available to take calls from potential buyers or agents and not available to show your home.

b.      Do not handle enough transactions annually to be able to professionally manage your transaction and know the laws and rules.

c.       Do not have a working relationship with the top Realtors® in the area.

4)      They have designations, higher licenses.

a.       Have learned the business and have credentials to prove it.  Look for the CRS designation.  The average CRS agent is in the top 3 or 4% in the industry.  Look for other designations and a broker’s license.  All indicators they have spent the time and money to advance their training and career.  In other words are they a professional?

5)      Look for industry awards.  The top producers and those with the best reputations will have awards from the industry.

6)      Check their marketing.  You will be hiring them to market your home.  See how well they market themselves and the other homes they are selling.

7)      Interview them.  Look for someone who is looking out for your interest and has made it clear that that know your property, your needs and the market.

 

Stayed tuned for finding a great property manager.

 

Posted by

 

--------------------------------------------------------------------------------------------------------

Randy L. Prothero, REALTOR®

Principal Broker, ABR, AHWD, CRS, e-PRO, GRI, MRP, SFR

Island Style Realty Inc.

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

close

Re-Bloggged 3 times:

Re-Blogged By Re-Blogged At
  1. Ciara Brennan 05/21/2012 12:15 PM
  2. Brenda Mayette 05/21/2012 01:57 PM
  3. Charles Stallions 06/09/2012 08:42 PM
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the cloud to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
Home Selling
Location:
Hawaii Honolulu County
Groups:
Learn to be a Top Producing Listing Agent
POSITIVE ATTITUDE for the Weary Soul
Century 21 Network
Realtors®
Hawaii Real Estate Professionals
Tags:
broker
crs
hawaii
realtor
real estate lisings

Comments 30 New Comment

Rainmaker
617,282
Randy Prothero
Hawaii REALTOR, (808) 384-5645
Island Style Realty Inc.

Katheryn - Many times they have friends and neighbors telling them that their house is worth more adding to the problem.

Michelle- Some agents use it to get buyers and others feel they can get the price down later if the can grab the listing at any price.  Both are not very professional.

May 22, 2012 08:30 AM
Rainmaker
147,865
Stephanie Arnett
SRS, IMSD, Broker Associate, REALTOR
Coldwell Banker SRE ~ Starkville, MS

Great post!!

May 23, 2012 12:29 PM
Rainmaker
617,282
Randy Prothero
Hawaii REALTOR, (808) 384-5645
Island Style Realty Inc.

Steph - Thank you!

May 24, 2012 12:03 AM
Rainmaker
153,018
James A. Browning
MRE REOCertified(R) SSCertified
Browning Real Estate School/REO Institute

Thank you for sharing your blog; we need Real estate Professionals to share their comments and information regarding their markets and experiences. Thanks again from beautiful Colorado

June 01, 2012 07:52 AM
Rainmaker
617,282
Randy Prothero
Hawaii REALTOR, (808) 384-5645
Island Style Realty Inc.

James - Thank you

June 01, 2012 09:02 AM
Rainmaker
617,282

Randy Prothero

Hawaii REALTOR, (808) 384-5645
Ask me for a free valuation of your Oahu Home.
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the folder to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: