Blog Stories 5 things every listing agent should do for sellers

5 things every listing agent should do for sellers

By Melissa Dorman, December 27, 2018

When shopping for a good listing agent, here are some things the right agent will do for you:

1. Provide honest comparable sales

Would you want your doctor to sugar coat a bad diagnosis? And yet so many sellers hire the agent who says their home the highest price. Setting the right price is the most important step in marketing your home for sale. As tempting as it is, make sure it is not overpriced…. otherwise not even best marketing in the world will get it sold.

Separating truth from fiction is key when it comes to setting the price. Make sure your agent is showing you the true and most relevant comparable sales that buyers, their agents, and appraisers are going to be reviewing as well. A good agent will tell you the truth. Other agents will tell you what you want to hear and allow you to list over priced, sitting on the market, while they solicit neighbors to list their home as well. Don’t be fooled.

No seller gets upset with multiple offers. But imagine how it feels to do all the work of getting your home ready and no one shows up to see it.

 

2. Explain selling expenses

Giving sellers an idea of what their closing costs will look like is crucial. Be sure your listing agent provides a sample cost sheet for different scenarios of selling. Review which closing costs are customarily paid by sellers and paid by the buyer.

Make sure to discuss with the your listing agent whether closing costs are often requested by buyers and in which scenarios.

 

3. Review the offer process

Make sure your listing agent provides you with the purchase documents that will be used in their marketplace. They should also walk you through the timeline of selling so you are prepared ahead of time.

Ask your agent to identify key points in the purchase agreement, such as sections that address contingencies with respect to the inspection, the appraisal and financing.  Also, a good agent will explain any related addenda that are likely to be included with an offer.

Their are no dumb questions and your agent should not assume that you “probably get it”.

 

4. Make a realistic marketing timeline

Every agent is asked this question…  “how long will it take to sell my home?” Though it is extremely difficult to give an exact correct answer to this question, an agent can give their most educated assessment based on the time of year, absorption rate, average days on market of comparable sales and amount of competing inventory.

It is possible that when a home comes on the market there could be a change in activity, different from earlier predictions made on what conditions implied. Markets do fluctuate and it is important to prepare for different levels of showing activity and to understand the difference between online views and an actual number of people showing up in the front door to see the home.

 

5. Encourage Flexibility

Sellers need to be educated on how important is to remain as flexible as possible throughout the process. Seller’s need to understand that things might not go as planned and there are going to be a variety of situations and circumstances that arise as part of selling a home despite the tightly managed process and best efforts.

Showings could run early or late and potential buyers may not arrive at the exact time frame that was scheduled. Sometimes they can enter with dirty shoes, leave lights on or doors unlocked, even after reminder notes are posted inside.

A good listing agent will prepare you for the worst but steer the sale so you get the best results. They will make you feel comfortable and informed with all the processes involved, every step of the way.

Melissa Dorman

Broker Licensed in OR & WA

Ten years ago, Melissa was living in a slum in Kolkata, India, helping over 200 women escape of sex-trafficking by providing alternative work at a social business. It was there she discovered her passion for financial education as a means of empowering people to move out of poverty. After graduating from UCLA with a Masters, Melissa spent 5 years working as a Social Worker; assisting clients facing homelessness, in jail, or at a psychiatric facility. As much as she loved the work, imagining saving for retirement on the meager salary of a social worker was becoming grim. That's when Melissa discovered "passive income." In no time, she fell in LOVE with real estate as a vehicle for wealth. Soon after, Melissa began locating off-market multi-family properties to purchase through creative financing strategies and win-win opportunities. Two years into investing, Melissa quit her day-job as a Social Worker to become a full time broker and investor. Initially she was drawn to people in difficult circumstances, so she developed extensive experience assisting families facing foreclosure, short sales, and probate. Melissa is well versed in helping her client's overcome complex real estate challenges. Currently Melissa is teamed up with Super Broker, Yascha Noonberg at Living Room Realty. Together they assist client's to achieve their real estate dreams, including how to strategically buy and sell a personal residence to maximize profits. Far from the slums of Kolkata, her greatest passion now is empowering other working professionals to develop passive forms of income through buying multi-family properties in Portland.
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  • T: 503-567-4697
  • melissa@livingroomre.com

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