Three Very Costly Mistakes That Sellers Make When Choosing a Listing Agent
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We’ve all heard the expression “time is money” right? So why, then, is time not something that most sellers think about when hiring an agent to list their property? Just imagine, hiring the wrong agent can end up in months of frustration with lack of communication, lack of preparedness and worse, a lackluster attitude toward what is probably the most important financial transaction of your life.
To help make sure you don’t make the same mistakes that countless other sellers have made, here are three important things to consider before you sign the dotted line of a listing agreement.
Shop Carefully and Consider Your Options
All too often we see that most sellers will hire the first agent they meet and speak with about their home. That is not a problem except that many agents will unscrupulously have you sign a 6-month or worse yet, 12-month exclusive right to sell agreement with them. What does that mean? It means that regardless of who ends up selling your property (yes, even if you found your own buyer) they would benefit from the sale. But it goes beyond just the commission. If after a few negative experiences with this person you wanted to get out of the contract – you simply couldn’t.
To sign an agreement with a broker that lasts a year or even six months is a huge mistake. These sellers end up unhappy with their agents – stuck because despite being told verbally that they would be able to get out of that contract within 30-days, they couldn’t. The reason for this is that it was more than likely not in writing – effectively trapping these people into staying with that broker despite what their wishes may be.
At Carbutti & Co. Realtors, our goal is not to trap clients into being forced to deal with us. We want you to recognize our strengths and want to work with us. Our 90-day listing agreement policy reflects that and corroborates the confidence we have in our team to deliver results that work to serve your best interests. We feel that 90 days provides a good benchmark of time to help determine whether the home is priced right, advise has been appropriately administered and whether the property has received ample exposure in the market.
Choose an Agent or Broker That is Current
What do we mean by “current”? It’s simple. Just like technology continues to evolve in all other areas of life, we have to assume that the person representing them is also current with technology. A very surprising large number of agents neglect to realize the importance of delivering on real-time needs of buyers using up-to-date tools. Rather than make the mistake of hiring an agent that is relying strictly on Open Houses (studies show less than 2% of sales are generating from Open Houses), contact someone that is using relevant technology.
Video is the single most innovative and also underutilized technology in real estate. Your agent should be using video tours as a matter of routine and unless they do so, you are working with a broker that has not yet kept up with the times. Buyers are out there using their smartphones to do home searches, utilizing their GPS systems to search neighborhood properties and expecting real time responses to information requests. That’s why it is critical to know that unless your broker is up to speed in today’s technology, they can’t keep up with the needs of today’s buyers. As a test, look up any agent in Google. Do they pop up as the first or second item on the search results page? If not, they are not positioned to be at the forefront of today’s technologically advanced real estate industry.
Look for Recognition Among Community and Peers
There is something to be said about agents and brokers that are revered not only by members of the community but also by their peers. In the many dealings that are necessary for a smooth transaction, it is critical that agents on both sides of the transaction are able to communicate effectively. When you have an agent that is difficult to get along with, does not mesh well within the community or their colleagues, you stand to face risks that directly impact the sale of your property.
Hire a broker with a name that is respected in the marketplace by both consumers and other real estate agents. When interviewing your prospective agents, be sure to ask about their dealings with others in the industry. At Carbutti & Co. Realtors, we enjoy strong relationships with the real estate community and others. Among other factors, this helps us to successfully achieve the goals of our clients.
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These are just a few of the things you can do to make sure you are in good hands when it comes to selling your home. But beyond that, it’s important to be able to look your agent in the eye and feel that you are valued – cherished and most of all heard. To give us an opportunity to listen to your needs, please contact us today. We look forward to the chance to share with you why we are the right brokerage to hire for your real estate needs!
Wallingford, CT Real Estate Market Update
As we take a look at how our single-family homes on the market have been performing lately, the news is good. The big news is that our home sales have not only outperformed our expectations, they have surpassed them by far. In fact, when looking at the relationship of inventory as to sales, we are seeing home sales that have exceeded our new inventory coming on the market over the past couple weeks.
The median selling price is currently $279,000 with an average price per square foot of $172. Our days on market are not as telling as the rest of numbers, with the average DOM currently registered at 212 for the Wallingford area.
Fairly High Percentage of Properties With Price Reductions
One statistic that many consumers do not tend to hear about is the percentage of properties with price reductions. At the moment we have 38% homes that experience some form of price lowering from the time they were listed to now. The reason this is relevant and useful to you is that this number points to the number of properties that may or may not have been priced appropriately to begin with.
Consider this: a great home in a great location that is situated among other similar homes but priced way over the rest – simply will not generate enough attention, if any at all. As a buyer, this means you should exercise savvy in your judgment when looking at properties. For sellers this is a huge wake up call to those that may be expecting more than their home is realistically going to yield.
Market Action Index Showing Wallingford Buyers Still Have the Edge
Our current Market Action Index is at 12.7, indicating a buyer-centric market for the time being. However, this trend is moving upward toward a seller-controlled environment as we approach 30 (a MAI above 30 implies sellers’ advantage while below 30 marks a buyer-controlled climate).
What Does This All Mean To You as a Consumer?
It means that now is just about the best time to buy. There’s no telling how the Presidential election will impact the housing market so right now, as we are sitting in a fairly certain market with reasonable prices, record setting low interest rates and buyers out there seeking competitively priced properties, it only makes sense to reach out and grab the opportunity!
If you would like a more detailed look at how we are doing in our marketplace, or if you want to explore buying or selling your home, contact us today for a customized consultation where we can assess your needs and get started on making your goals become a reality.
Traditional Vs. Online Marketing: Why Traditional Marketing is Fast Becoming Obsolete
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Believe it or not, there is more to selling a home than just putting out ads. And as we delve deeper and deeper into this digital age, what used to be considered luxuries are now necessities to the marketing scheme of any successful real estate agent. Consider some of the traditional ways that real estate agents for years (generations?) have marketed their clients’ properties – and notice how each item is entirely passive.
· 1. Putting a sign outside the home, hoping a buyer will drive by.
· 2. Listing the property on major national websites or the local MLS with the expectation that an offer will be received eventually.
· 3. Hoping that other agents will notice the new listing and introduce it to their buyer clients.
· 4. Advertising the property in print publications, again with the expectation that a buyer will notice the listing.
As someone that wants to successfully sell their home, it’s important to ask yourself:
Do I want my agent to be passively marketing my house? Or is a proactive approach critical in today’s market?
Today, we live in a world where nearly everyone holds a smartphone (or tablet, laptop, notebook, book reader) and each provides an unlimited gateway to instant access of information. At the same time, we also live very much in a “here and now” world. Where there once may have been a charm of sorts to sit down and meet with your agent over coffee and discuss your needs prior to engaging in the standard forms of advertising – now, it’s a whole new ballgame.
Buyers are savvier than ever before and they too don’t have that much time on hands. So the first thing they do is jump online to shortlist locales, neighborhoods, school districts and other macro aspects of their home search. Next, they begin shortlisting on a more specialized level. They pare down specific neighborhoods, research about area restaurants, shopping, crime rates, amenities and other things. At this point in their search, most of them haven’t even engaged in a conversation with a real estate agent.
Now, ask yourself this question:
Would I rather be a seller hoping for a buyer to drive by and just happen to see the “open house” sign – or does it make more sense to position my property out there for buyers to find before they start shortlisting?
In fact, the real estate industry is fast changing and soon enough the only way to succeed in selling your home will be to reach far out and grab the business. In other words – you will have to make it happen yourself because it simply won’t happen on its own.
So the next time you find yourself asking an agent, your agent – or even one that you are thinking of hiring – what they will be doing to get your home sold, be sure that their answer shows they are proactive rather than stuck in yesteryear.
Carbutti & Co. Realtors Remains at the Forefront of Technology
This is where we come in. With the use of expert video technology as a standard approach, we accept nothing less than taking a proactive stance at marketing your property. Where some agents might host an open house to introduce a property on the market, we also provide an intimate look into the home with a video tour. Where you might see flat, one-dimensional photographs of a home “marketed” by others, our listings practically jump off the page and speak to buyers. Where buyers may expect to receive cold, impersonal emails – we take the time to communicate face-to-face, even if that means doing so online.
In the business of real estate, we know it is critical that we stay current with the times and with one look at our blog you will see that we take this very seriously. You can see examples of our video tours, subscribe to receive our bi-weekly education video communications or take a town tour to get a close look at some of the wonderful aspects of your community of choice. When it comes to selling a home, we utilize unique, custom communication tools catered to making buyers feel valued.
These are the very things that stand out. These are the tools that make buyers want to view our listings. These are the things that make our homes sell.
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To find out how we can help you get your home sold, call us today for a customized consultation so we can determine your needs and start working on it right away!
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