11 mistakes sellers make when choosing a real estate agent
Selecting a real estate agent is a task that should be performed with the utmost care. Many sellers are persuaded by factors that aren’t essential to getting their house sold and are not evaluating agents on essential skills such as marketing and knowledge of the area. Here are some things to look out for when selecting an agent:
1.Choosing an agent based on the number of lawn signs they have in the area – “This person has 5 listings in the area, we should list with him.” Listing with an agent due to the number of lawn signs they have is not a good verification of whether the agent has the skills to market, present and negotiate your home.
2.An agent that says “Yes” to everything – Agents don’t want to lose your property as a listing as their pay cheque depends on the sale of your property. To get and keep your listing, everything will be a “yes”. You need an agent that will be honest enough and tell you if the price you want is unrealistic, or if your house smells of pet odour, or if your peach coloured wall need to be neutralized. You do not want a push-over agent representing your house.
3.Choosing an agent who will list your house tomorrow – It may sound like the agent is ultra-organized if they are able to list it so quickly, but that might not be the case. An agent who is able to list your house tomorrow may skip on essential marketing steps required to get the maximum value for your home.
4.Skip on the Marketing – The primary skill an agent needs to benefit you is marketing but interestingly enough, it is not part of their real estate education. The most common excuse that agents use for not marketing a property is “the market is super hot and your house will sell with multiple offers.” You can never have enough offers. If you are going to get 10 offers without marketing, you should get 15 offers with proper marketing.
5.Choosing a Realtor based on Language or Ethnicity – It is very common in Vancouver for people to go for ethnic real estate agents because the buyers are likely to offshore ethnicity. The buyer has their own agent so you do not need to worry about the buyer; he is covered. What you need is an agent who you can communicate with. As real estate is one of your life’s most important decisions, and you want someone that understands you when negotiating.
6.Choosing a Buyer’s Agent – Selling your house requires top-notch presentation. From the outside, it may look like selling and buying are the same thing, but they are not. The primary skill set for a seller’s agent is presentation and marketing; on the other hand, a buyer’s agent needs intimate knowledge of their specific area.
7.Choosing a New Agent – The real estate licensing course teaches an agent about the legal side of real estate and how to do the paperwork. Unless the agent has experience in marketing or presentation, you might as well fill out your own paperwork. Marketing is the number one skill that you need your agent to have because that is what will bring you potential offers.
8.Choosing a part-time agent – If the agent has another job, they will have other priorities. Their top priority may not be selling your home and won’t be able to answer phone calls or messages as they come. You need an agent that works for you.
9.Choosing an agent based on highest listing price – Your real estate agent does not determine the value of your house. The value of your house is determined by factors such as the location, year, land, quality of build, economy, etc. You need to find an agent who is honest with you and comfortable with discussing the real value of your property.
10.House knowledge – We have been to countless of open houses and when we ask a question about the condition of the boiler or furnace, the agent often goes “I don’t know.” If your agent is selling your home, he or she should know everything about the house from windows, doors, appliances, mechanical to foundation and everything in between.
11.Listing with Discount Brokerages – Buyers come through other agents. Agents will take prospective buyers where they get the most money. Most, if not all, homes get sold by buyers’ agents, and if you chop their paycheque in half, they often won’t want to show your house. More often than not, whatever “discount” you’re getting will end up being more of a headache than it’s worth.
Selling your home with Residencity means that you will be working with a team who will provide you with a free pre-inspection of your home, enhanced MLS listings, professional grade photography, videography, 3D tours and more. Call us at 604.288.9166 or email us to set up a consultation to see what we’re all about