The real estate market is very vibrant and keeps changing almost every day. When it comes to selling property for residential or investment purposes, it can be an exciting as well as a fearful experience. As a seller, you are likely to make impulsive decisions that will cost you money and time in the short run or in the long run. Choosing the best realtor is key to success when selling your home. A realtor acts as a link between your home, the housing market and potential buyers. The reason behind choosing the best is due to the fact that realtors always have first hand information like the recent sale prices, active and expired listings of properties etc. Some sellers might think they will get a better deal when they sell privately, however that is often not the case. They risk not maximizing on market opportunities.
You can't afford to make mistakes in this market if you want to sell your house. The following are the common mistakes sellers make when choosing a realtor;
1- Use of family members or friends as realtors
Real estate matters require professionals’ credentials. If you mix family or friends with business, it will affect the selling transaction in a negative way. Never mix friends and business since they are two distinct entities. In fact, the right standards must be followed when hiring a realtor. Your friend or a family member may or may not possess the required skills. This can make the selling process not to be successful. Further, you should understand that if things don’t work as expected, it is likely to damage your relationship.
2- Failure to seek references of realtors you choose
When choosing a realtor asking for past client testimonials or a reference is an appropriate thing to do. It is an essential part of hiring the best. It’s an effective way of knowing how the realtor works. You can go a step further and make calls to the clients he or she has worked with. This will help in proper evaluation. You can then do a comparison of what the past clients says to know whether the realtor is what he says he or she is. The best realtors will provide you with the necessary testimonials and past customer references. Don’t be a good judge of character.
3- Choosing an inexperienced realtor
It’s important that you take into consideration the amount of experience that the realtor has. Experienced realtors will do a perfect job since they are aware of the dynamics of the market. Those without the necessary experience are likely to will spend a significant amount of their time on your sale without yielding any positive results. They are likely not to close a sale. On the other hand, new realtors are often not dynamic and will spend little amount of their time on your sale.
4- Interviewing only one Realtor
A realtor may quote a price which sounds good to you .If you don’t do a comparison of different realtors, you might be making a big mistake. This is because sellers assume they use the same tactics in selling your home. You should interview several agents who will make it possible to weigh the pros and the cons of each one of them. If you make the wrong choice, you will not be successful selling your home. Realtors can be different as well as the companies that they work for. Two realtors could be working for the same company, but will provide different services using different tools.
5- Choosing the realtor based on low commission
A seller would like to make as much money in selling his or her home. Realtors who cut their commission can do so out of desperation. It’s clear that commission rates vary in different states. He or she could be willing to do anything to obtain a contract to sell your home. You better pay your realtor a good price to do a good job observing all the variables since it’s an investment when it comes to selling your home.
6- Choosing realtors based on the homes they have sold
Realtor should not be chosen based on the number of homes they have sold. They should be able to price you home appropriately, market it, and communicate effectively to the clients. Since it’s clear the market vary from one area to another, the best realtor would be the one who sells close to the initial asking price of the home and not based on the number of homes sold.
7- Choosing a realtor who says `yes’ to everything
Saying yes is a common practice with some realtors .Some will agree to sell the house even when the price is way too high and unrealistic. Your home could go for many months and even years without getting a potential buyer. Eventually, he or she will recommend that you lower the price. It could be too late and things might just turn nasty. Those who say yes to everything to you propose don’t care since they are only interested on how they will benefit.
8- Choosing a realtor because you live in same neighborhood
Some realtors could be residing in your neighborhood. You might think they are better than those who are far away. This is not always the case. The choosing criteria should be based on the competitiveness and having certain business skills. They should be fully equipped to sell your home. Convenience is the main reason for choosing a realtor.
9- Choosing a part time realtor
It’s recommended that you ask if the realtor is full time or has another job. You want someone who is available to you. Those who provide their services part-time are likely to struggle for time to sell your home hence not giving your home maximum exposure.
Considering only big names of the company
It’s the agent that counts not the company. The mistake that many people make is to focus only on the big names. The small firms however use personal approach to reach every client's need. Large real estate companies could be having lots of agents but fail to deliver since they don’t understand the changes in the real estate market.
10- Those using open house frequently
It’s only a small number of homes that are held open that sell. The recommended thing for a realtor to do is to build a strong relationship and rapport to ensure he or she prospects for potential clients. It’s not about how often you hold open houses, but about developing an effective marketing strategy to close a sale. Don’t choose a realtor because they will hold your house open one in a week.
11- Choosing a realtor based on presentation
You should look in more than just the presentation. Some may not be in a position to practice what entails in their presentation to the real work. Sometimes a good presentation may only be a marketing tool .Look for competency instead of the sound used in the presentation.
12- Not listening to experienced people in choosing a realtor
Home sellers can ignore the advice of people who have sold property in the past. You can find yourself placing your property on the market for more than it is worth. This can result to your home taking too long before getting a potential buyer. Experienced people advise the seller on the potential challenges in choosing the best realtor.
The best real estate agents for the seller stay on top by fully understanding the changing market dynamics. They guide you through what it takes to sell your home and pass their expertise to you. They do proper marketing of the property, use effective selling tactics and deliver results in a timely manner.