Eight Mistakes Homeowners Make When Choosing a Realtor
There’s no getting around it, selling a home can be stressful. It’s not only the largest transaction most will make in their lifetime, but for those leaving a happy home there’s also an emotional wrench, as well as the upheaval of moving. For many, the process can feel overwhelming as so much can seem out of their control. This is because a successful house sale relies on multiple professionals working together, and during the process if one of the steps is delayed, it can have a dramatic impact on the sale.
For this reason, one of the most important decisions you can make when selling your Montreal home, is to choose the right realtor. They’ll not only be your link to potential buyers, but if they’re doing their job properly, will help coordinate the process from start to finish.
However, choose the wrong realtor and you could pay the price with a stressful and upsetting selling experience. Listing at the wrong price, lack of adequate marketing and using a realtor who’s not familiar with the market will all contribute to a frustrating and stressful experience, and the wrong realtor can even cause a pending sale to fall through.
So, if you’re wondering how to choose a good realtor, what should you NOT do? Here’s our list of the top mistakes that sellers make when choosing a realtor, and how to avoid them:
1. Selecting the realtor that suggests the highest selling price
We’ve already stated that buying a home will represent the largest transaction many will ever make, but conversely this means that as a seller, it’s your greatest asset and you’ll obviously want to get the best price possible. But don’t be swayed by a realtor that recommends the highest listing price. A good, local realtor will know the area, they will be able to cite comparables, and price your home accordingly.
We really can’t stress the importance of hitting the right listing price. You don’t want your property languishing for months with a ‘for sale’ sign on the front lawn. Not only is this incredibly frustrating for the seller, but buyers will also want to know how long it’s been listed for, and – more importantly – why it hasn’t sold. There’s a phrase – social proof – and this definitely holds true for real estate. The more interest in your property, the better. It’s sometimes advantageous to price slightly below market value to generate interest, and encourage multiple bids. A good realtor will know exactly how to do this.
2. Choosing a ‘yes’ person
Different aesthetics suit different people, and as much as our homes are perfect for us, there may be something detrimental that could impact the success of a sale. A good realtor will be able to point out any negatives for you – as well as recommend corrective measures where necessary. They’ll also understand the relative market value of the features within your property. You want an honest opinion, and this also relates back to how your home is priced. You might have a figure in mind, but if it’s too high you need the realtor to be confident enough to counter with a more realistic figure, and back up their reasons why.
3. Choosing a realtor based on commission
Never choose a realtor based on the fact they’re offering the lowest commission. Do your research and establish what the local averages are. A low-paid realtor will offer the lowest level of service, and you want maximum exposure for your property. Conversely, a well-paid realtor will put in the time and effort, ensuring the best price is achieved for your property, in the best time frame possible. After all, the only number that really matters is how much you end up with in your pocket.
4. Basing your decision on sales figures alone
This may sound counter-intuitive. After all, you’re looking for the most successful broker, right? Well, no, when it comes to real estate the best testament to success isn’t the number of sales. It’s actually client experience and realizing the most cash from the sale of your property! Yes, realtor A could sell your property, but if they’ve made errors along the way it could cause you a lot of stress, not to mention lose you money if there’s poor marketing or your home’s been priced incorrectly. But if realtor B provides a professional, seamless experience, you’ll feel well informed and confident you’re making the best decision when it’s time to accept an offer.
5. Only approaching one realtor
You wouldn’t just get one quote for home renovations, so why would you only meet with one realtor? We recommend interviewing two to three realtors. That way, you can really determine who you trust the most to sell your home. You’ve got to be confident that they’re advising you properly, conducting the best marketing for your property and keeping you advised of all proceedings. Not all realtors work the same way to sell a home, so a few interview questions will usually help you decide which will give the best value service.
6. Not getting references
The best way to gauge how a real estate broker will perform is to seek recommendations. This can be from friends and family, but you can also ask for references. Make sure they’re recent, since a realtor that was amazing 5 years ago may not be as good today. It’s true that a realtor will only recommend people that will give them a glowing testimonial, but by asking the right questions you can usually get to the truth, or at least have an idea of where things could have been improved.
7. Giving a new realtor a helping hand
We all want to give our friends and family a helping hand, but did you know that 90 % of realtors fail within the first 3 years? Knowledge definitely comes from experience, so by employing the services of an experienced real estate broker you can be confident that your house sale will be handled professionally.
8. Choosing someone that’s part time
Selling property is not a 6-9pm job that can be slotted around another career. When done properly, it’s actually very time consuming. Just think about the steps that go into preparing the listing alone:
• certificate of location
• home staging
• professional photos
• 3D virtual tours
• floor plans
• walk-though property tours
All of these are work intensive and that’s before the property’s even been advertised! There really are so many steps – from the listing and the marketing plan to coordinating showings and managing offers, all the way through to preparing contracts. You need a pro-active realtor who responds in a timely fashion – not just for you as the seller, but also for any potential buyers. A part-time realtor simply won’t offer the same level of service.
If you’re thinking of selling your home, we wish you the best of luck for a smooth, stress-free experience. Here at the Broady Windsor Group we pride ourselves on guiding our clients every step of the way. We’re creative problem solvers with an honest, friendly approach who will ensure you’re well informed throughout the process. To find out more about how we work, call our Beaconsfield, West Island office at 514-612-8041, or you can email us at firstname.lastname@example.org.