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9 Home Buyer Traps and how to avoid them

 

1. What is your company’s track record and reputation in the market place?  It may seem like everywhere you look, are featuring about being #1 for this or that or citing the number of Real Estate brokers homes they’ve sold. You may be surprised to know that some agents sell fewer than 10 places a year.

2.  What are your marketing plans for my home? -  Simply setting a sign on your lawn and having open houses will not sell your house. How much money does this listing agent spend in advertising the homes he or she lists versus other real estate agents you are interviewing? In what media does this agent promote?” Look for an agent with a specific marketing plan.

3. Could you send me some information about yourself? -  You can often get a good idea of which real estate agents are the most professional by looking at their marketing materials.  If the marketing pieces aren’t professional and they can’t market themselves effectively, how are they going to market your home?  Track how long every agent takes to respond to your request and how quickly they follow up. If they don’t reply expeditiously to your listing requests, think how they’ll handle potential home buyers.

4. What listing price do you recommend and what is it based on? - Pricing is the most important step to selling your house. Take great care in choosing an real estate broker with the knowledge to price your house effectively.  Keep in mind that the selling price should draw potential buyers to your home, get you top dollar in the current market and reflect the condition of your home.  Be practical and avoid: “Yes agents” who will say ‘yes’ to any request or price.  Your house could languish on the market as a result.


5. What is your average length of time from listed to sold? -  Don’t automatically assume the shorter time on the market, the better.  That could reflect undervaluing houses and selling them rapidly at “low ball” prices.  Look at the original asking price compared to the actual selling price.  A Real Estate Agent who sells close to the asking price is effective at setting the right price and helping clients get it.

 6.  What Form of Guarantee Do You Offer? If you sign a listing or purchasing agreement with the agent and later find that you are unhappy with the arrangement, will the agent let you cancel the agreement? Will the real estate broker stand behind their service to you? What is their company's policy about canceled agreements?
    
7. How long is the listing agreement and what are the fees? -  Have your real estate agent go over all the details. Make sure the starting and ending dates are on the agreement, a good standard for length is six calendar months.  Recognize exactly what fees you will be giving, and remember less is not always better.  If the agent stands to make very low commission, you can bet it will be reflected in the amount of time and effort that is spent marketing your house.  If the real estate agent cuts back their commission to get your listing, it may mean they intend to spend very little money advertising your property.

8. Can you refer me to a Reputable Mortgage Broker, Lender or Real Estate Attorney?  This question brings out how active the real estate broker is, and how well associated they are professionally. In the selling process  you will require the services of a reputable, competent mortgage broker, lender, title company etc. Your real estate agent should be able to  give you a few names on the spot if they are committed and diligent with their practice as a professional Realtor.

My hope with this write up has been to educate you and help you avoid the pitfalls numerous home sellers go through before hire a realtor.