How to find the best realtor when selling?

[snowbank]

What are some ways you go about finding the best realtor when looking to sell your house?

 

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[hatterasguy]

Find one that you like and will work with your personality.

The price they claim your house can sell for shouldn't really be much of a factor. Your house is worth what its worth, the agent cannot control it one way or another.

 

[I85]

Find one that you like and will work with your personality.

The price they claim your house can sell for shouldn't really be much of a factor. Your house is worth what its worth, the agent cannot control it one way or another.

If you over price the home...it's not gonna sell(at least not here). I'd say the price is pretty important.

I do agree that just because some says you will get $x, it doesn't mean you will.

First ones I would look at are agents that specialize in your neighborhood, who know the area up and down.

 

[hatterasguy]

Of course, what I ment is don't list it with the agent who promises you whatever price you want. Most homeowners think there house is worth more than it is. Some agents will agree to any price and plan on beating you down to the right price in a few weeks.

 

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[yveskleinsky]

(You are not going to get their sales track record off the MLS, or anywhere that's public info as far as I know...although you could have the agent bring a print out of their sales to date I suppose--which is a good idea, just make sure that you are looking at that agent's numbers, not their team. For example, some agents have a team of 5 agents and they'll put all sales under one agent's name on their team to give them some sort of status like "$10Million producer. They'll rotate every year to put sales under each person on the team so they can all get the designation. It's not really a real number or award as they may not have closed more than 1 deal that year.)

Here's where I would start:

Interview a handful of agents, with the intent to see how informed, professional and articulate they are.

Do they show up to your meeting with useful information with the info below? (i.e. knowledgeable.) ...Can they spell/write well? (i.e. Are they competent to write a binding contract?)

In the interview, ask them the following questions:

1. What is the average list price to sale price in my area?
2. What are the average days on the market?
3. What are the comparable properties?
4. What is your marketing plan for my property? (MLS? Open Houses? Agent caravan? Magazines? Internet presence? etc.)
5. Would I be working with you or your assistant? ...'Cause I'll tell you, there's nothing worse than listing your house with a top producer only to find out you are working with their $8/hr assistant who knows nothing about real estate.
6. ...Find someone you can work with. There's lots of politics behind the scene when it comes to Realtors. If the agent is a total jackass and impossible to work with, you can bet that other agents feel the same way and go out of their way not to show that agents property as they don't want to be in an escrow with a difficult agent.
7. How many agents are in your office?
8. Why should I list with you over Realtor x?
9. What is the commission split? ...Industry standard is 6%; 3% to each agent. However, I have seen agents take as much as 5% and give the other agent as little as 1%. ...Obviously the more they offer to another agent, the more the odds increase of your home getting sold. You have control over the split, not the agent. Of course they can always say no--but you have the final say.


I will tell you that selling/buying a house is a lot like poker, except you are trusting a third party with your cards. Even though agents aren't suppose to talk to each other and reveal bottom-line info they do. Many do it unknowingly. So know this going in and position yourself accordingly. For me, I always act as an unmotivated seller/buyer. Act as though you will get your terms or you walk and it's no big deal. When I've bought homes in the past I've even gone so far as to drop little things like, "Oh, I don't know if we can get approved for this much, it might be really tight." ...And then get a pre-approval letter for the exact amount of your offer, not the total amount that you can qualify for. ...Oh, and I always use my lender, not a lender who may know the agent in any way shape or form. Again, they aren't supposed to talk but they do, and it can cost you big bucks.

So how do you position yourself to get close to your listing price?

- Leave your home furnished.
- Don't drop any info that you have already moved, or have any sense of urgency unless you want a fire sale offer.
- If you do have to move out and the house is vacant, let your agent think that if you don't get your price, you'll just turn the house into a rental--but to have them submit all offers to you anyhow.

Oh, and keep in mind that even they are representing you, they survive off commission so there is a built in conflict of interest.

Just some tips I picked up while I was a Realtor, hope this helps.

 

[Inphinity]

Awesome post yves

 

[rxcknrxll]

(You are not going to get their sales track record off the MLS, or anywhere that's public info as far as I know...although you could have the agent bring a print out of their sales to date I suppose--which is a good idea, just make sure that you are looking at that agent's numbers, not their team. For example, some agents have a team of 5 agents and they'll put all sales under one agent's name on their team to give them some sort of status like "$10Million producer. They'll rotate every year to put sales under each person on the team so they can all get the designation. It's not really a real number or award as they may not have closed more than 1 deal that year.)

Here's where I would start:

Interview a handful of agents, with the intent to see how informed, professional and articulate they are.

Do they show up to your meeting with useful information with the info below? (i.e. knowledgeable.) ...Can they spell/write well? (i.e. Are they competent to write a binding contract?)

In the interview, ask them the following questions:

1. What is the average list price to sale price in my area?
2. What are the average days on the market?
3. What are the comparable properties?
4. What is your marketing plan for my property? (MLS? Open Houses? Agent caravan? Magazines? Internet presence? etc.)
5. Would I be working with you or your assistant? ...'Cause I'll tell you, there's nothing worse than listing your house with a top producer only to find out you are working with their $8/hr assistant who knows nothing about real estate.
6. ...Find someone you can work with. There's lots of politics behind the scene when it comes to Realtors. If the agent is a total jackass and impossible to work with, you can bet that other agents feel the same way and go out of their way not to show that agents property as they don't want to be in an escrow with a difficult agent.
7. How many agents are in your office?
8. Why should I list with you over Realtor x?
9. What is the commission split? ...Industry standard is 6%; 3% to each agent. However, I have seen agents take as much as 5% and give the other agent as little as 1%. ...Obviously the more they offer to another agent, the more the odds increase of your home getting sold. You have control over the split, not the agent. Of course they can always say no--but you have the final say.


I will tell you that selling/buying a house is a lot like poker, except you are trusting a third party with your cards. Even though agents aren't suppose to talk to each other and reveal bottom-line info they do. Many do it unknowingly. So know this going in and position yourself accordingly. For me, I always act as an unmotivated seller/buyer. Act as though you will get your terms or you walk and it's no big deal. When I've bought homes in the past I've even gone so far as to drop little things like, "Oh, I don't know if we can get approved for this much, it might be really tight." ...And then get a pre-approval letter for the exact amount of your offer, not the total amount that you can qualify for. ...Oh, and I always use my lender, not a lender who may know the agent in any way shape or form. Again, they aren't supposed to talk but they do, and it can cost you big bucks.

So how do you position yourself to get close to your listing price?

- Leave your home furnished.
- Don't drop any info that you have already moved, or have any sense of urgency unless you want a fire sale offer.
- If you do have to move out and the house is vacant, let your agent think that if you don't get your price, you'll just turn the house into a rental--but to have them submit all offers to you anyhow.

Oh, and keep in mind that even they are representing you, they survive off commission so there is a built in conflict of interest.

Just some tips I picked up while I was a Realtor, hope this helps.

Great points. A couple things: mls is not public info, so as jscott pointed out, getting access to it will require you know someone. MLS databases do in fact have salesperson and broker stats; I've never seen one that doesn't anyway. What I would do is sit down with an agent you're interviewing and simply have them pull it for you. You're absolutely right that the top agent is often only the top because they're more of a business owner than an salesperson. My team is like that.

But I would have to challenge the idea that personal attention/coddling is the priority or makes for superior results. I am not available to my clients 24/7 for example, as some agents are, yet we sell twice as many homes as the number 2 agent in town. Picking an agent simply because you like them is a mistake. This is just my opinion. You're not building a relationship; you're doing a deal. Even if you don't necessarily think this person might be your buddy for life, pick the agent that has the numbers and is going to get the deal done.

 

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[rxcknrxll]

Also, just because they're "#1", doesnt' mean they're the best for you. i don't mean to give that impression. What's your situation. Is this a shortsale for example? Or a specialty property of some kind? Work with someone who knows your property.

 

[yveskleinsky]

Great points. A couple things: mls is not public info, so as jscott pointed out, getting access to it will require you know someone. MLS databases do in fact have salesperson and broker stats; I've never seen one that doesn't anyway. What I would do is sit down with an agent you're interviewing and simply have them pull it for you. You're absolutely right that the top agent is often only the top because they're more of a business owner than an salesperson. My team is like that.

But I would have to challenge the idea that personal attention/coddling is the priority or makes for superior results. I am not available to my clients 24/7 for example, as some agents are, yet we sell twice as many homes as the number 2 agent in town. Picking an agent simply because you like them is a mistake. This is just my opinion. You're not building a relationship; you're doing a deal. Even if you don't necessarily think this person might be your buddy for life, pick the agent that has the numbers and is going to get the deal done.

You are absolutely right about the MLS not being public info--for some reason I was thinking of sites that are watered down versions of the MLS, like Realtor.com. I have no idea where that come from! :coco:

I didn't say anything about coddling, just that if you are expecting to work with a Realtor based on THEIR experience, you want to work with that Realtor. If you are working with members of their team, you'd want to meet with that member of their team you're working with.

...And I do think you want to approach this as building a relationship if you are planning on actively buying and selling real estate, but if you are just selling your primary and don't plan on being an investor, a relationship doesn't matter so much.

 

[hakrjak]

One method I've used with success is to poll mortgage brokers in your area. Usually if they've been around awhile they will have a good feel for the pulse of who is selling what, and how much do they sell, etc...

Beyond that, I've heard a lot of Realtors make claims like, "I'm in the top 1% in my state...." but I've found no web site or published stats that actually show this stuff to be true. Would be nice if there was 1 central website where you could put in your zip code and bring up all of your local Realtors, and then sort them by their gross sales for the past year, past 5 years, etc...

Cheers,

- Hakrjak

 

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[hatterasguy]

I wouldn't list with the number one agent in my area, just because they push a lot of property doesn't mean much in my book. They push hundreds of sales a year, do you think they have all that much time for you?

 

[msa1]

I would look for someone that works alot in the area you're selling in. I've had realtors that were great in one area and they were lost in another.
Real Estate is somewhat regional. A California realtor would be lost (at first) in Michigan.
Interview a few different people and get names off of signs you see, ask around, you'll find someone.

 

[tbsells]

The best agent for you is one that:

1) Specializes in the type of property you want to buy/sell, and

2) Is very active in the area in which you wish to buy/sell.

Others have given very good and more lengthy advice, but if you want to boil it down to whats MOST important, I believe those two things are MOST important.

In other words, if you want to buy cheap REO properties don't try to work with the person who specializes in multi million dollar waterfront properties. Likewise if you want to sell at 3/2/2 for $150k, don't expect that waterfront specialist to care. He/she may sell the most real estate on the planet but chances are good they won't sell yours.

Most realtors have a market niche-look for one that matches yours in your area.

 

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[rxcknrxll]

You are absolutely right about the MLS not being public info--for some reason I was thinking of sites that are watered down versions of the MLS, like Realtor.com. I have no idea where that come from! :coco:

I didn't say anything about coddling, just that if you are expecting to work with a Realtor based on THEIR experience, you want to work with that Realtor. If you are working with members of their team, you'd want to meet with that member of their team you're working with.

...And I do think you want to approach this as building a relationship if you are planning on actively buying and selling real estate, but if you are just selling your primary and don't plan on being an investor, a relationship doesn't matter so much.

right on. I agree 100%.

 

[rxcknrxll]

One method I've used with success is to poll mortgage brokers in your area. Usually if they've been around awhile they will have a good feel for the pulse of who is selling what, and how much do they sell, etc...

Beyond that, I've heard a lot of Realtors make claims like, "I'm in the top 1% in my state...." but I've found no web site or published stats that actually show this stuff to be true. Would be nice if there was 1 central website where you could put in your zip code and bring up all of your local Realtors, and then sort them by their gross sales for the past year, past 5 years, etc...

Cheers,

- Hakrjak

Good point. Marketing is still all a farce. You have to look at hard numbers. Answer the question "number 1, how?" I have at least 30 Realtors in my town that are all #1. WTH? It always pisses me off. Number 1 in volume? units sold? Number 1 in a particular niche? What? And what type of Realtor are you actually looking for? If you have an apartment building to sell, working with the number 1 residential broker may be a big mistake...for both of you.

 

[GLC65]

What are some ways you go about finding the best realtor when looking to sell your house?

Get a hungry, money motivated realtor who will take your calls at all times of the day, evening, weekends and always returns your calls. Test them out and one screw up or excuse, get rid of him/her. Realtors get burned out and are like pitbulls. Get an aggressive one who will not take no for an answer. That is for selling your house. For buying a property, get a lazy, laid back, rich, old timer who does it for a hobby and is not money motivated.

 

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[snowbank]

I was debating getting a bunch of realtors in the same room and doing a group interview. Is this too crazy of an idea or does it make sense? I figure if anyone is bs'ing about anything one of the others will call them out on it if I'm not aware, and I think it'd be pretty easy to see who stands out when they are competing against eachother. Thoughts?

 

[rxcknrxll]

I was debating getting a bunch of realtors in the same room and doing a group interview. Is this too crazy of an idea or does it make sense? I figure if anyone is bs'ing about anything one of the others will call them out on it if I'm not aware, and I think it'd be pretty easy to see who stands out when they are competing against eachother. Thoughts?

that would make sense on your side of the table. I'd guess that few realtors who value their time would agree to that scenario, but maybe worth a shot. I'd just encourage you to think about what type of agent you're going to get to show up to a shindig like that. Maybe I'm wrong; I've never been offered a group interview; it might be productive. My initial reaction would be against it though.