When it comes to selling your home, it is important to know what the process is and what to look out for so that you keep yourself guarded against certain pitfalls. Having a YNM real estate agent by your side is a great first step!
Here are a few traps that sellers fall into.
Choosing an agent based on their estimated selling price for your property.
What is the market value of my property? Consider the market appraisals provided by the agents that you are considering, against the research that you have conducted. Going with an agent that provides an estimated selling price above or below the norm for your area could be a mistake.
How do you develop a good understanding of the value of your property and the state of the market, you may ask. Good Information sources are property ads for properties being marketed in your area, and also websites for auction and sales results, and lists of recent sales from agents. You could also opt to pay for a report or hire an independent registered valuer to provide you with a professional estimation of the value of your property. Get out and visit properties for sale in your area to get an idea of how your property compares to the market.
Choosing an agent who will not market your property effectively
Ask the agents to outline their proposed marketing plan – this will give you a good idea of their approach to achieving your sale and the likelihood of early success. Ensure that all marketing options like signs, internet, newspaper are covered. The more people that know that your home is for sale the wider you are casting your net into the waters of potential buyers.
Choosing an agent based on the commission payable for a successful sale
Discuss and agree the commissions payable up front– all commissions and fees are negotiable. You should expect to pay a fee commensurate with the service that you receive. You are entitled to ask for a breakdown of the services that you will receive, and you should make your decision based on which agent you believe will get you the best price for your home.
Choose an agent based on their experience and sales record (evidence of success in your area) and professionalism. Before you make your decision, attend an open house for a home in your area that they have on the market, and see for yourself how prospective buyers are handled.
