Does this sound familiar?"I've had my house listed for almost three (or six or nine) months and absolutely nothing has happened. I haven't even heard from my real estate agent in weeks."
Sometimes, for some agents, its all about the listing. Once it's signed, the property gets sent into the pipeline -- take some photos, make active on MLS, post a few images on social media. Then, sit back and wait for another agent to bring a buyer. ZZZZzzzzzz.......
Time passes.
Sometimes a property doesn't sell because it's priced wrong, or there are some very small things that are turning buyers off that are easily fixed. This is where choosing the right agent is crucial. Ask yourself these questions if you are considering selling, or have a property that's been on the market for too long, or have gone through several agents:
Am I listening? Sometimes you, the seller, will interview several agents, then pick the one that provides comps with the highest sales price. After all, the name of the game is maximizing profit right? But, all comps are not created equal. How can you tell which are more accurate?
Running comps, or a comparative market analysis is part science and part art. An agent can focus on the neighborhood, the larger regional area, or properties with similar qualities (beds, baths, upgrades). Sometimes its a combination of things. This means that all comps are not created equal. What you are looking for from your agent is a good understanding not only of your property and its potential but the real estate market they work in.
Listen to how your agent is presenting the information. Are they rushing you because the market is hot and they want you to list ASAP? Are they unsure about your neighborhood, and don't feel a buyer would be easily available? The more they share, the more you the seller, can learn about the process. Make sure you are working as a team.
Have you asked for and gotten feedback from your agent on what people like and don't like? Sometimes feedback comes from open house comments, sometimes directly from another agent that has toured the property. Sometimes it is a quick call or email from an agent with a possible buyer, and then they disappear.
According to Verl Workman of Corcoran Coaching, here are the stats:
2% of sales made on first contact
3% of sales made on second contact
5% of sales made on third contact
10% of sales made on fourth contact
80% of sales made on the fifth to twelfth contact!
Whatever it takes, make sure you know that your agent is following up on each and every lead they get. And make sure you get access to that feedback! Sure, you can't move a noisy freeway or change flight patterns of the airport, but if that one buyer you need really loves your house, and they slip through the cracks because of a small missed opportunity or failure to follow up, opportunity passes you by. This brings me to the next point:
Find out the reasons why it is not selling.
How? Your agent should be more than a salesperson. They need to be able to visualize solutions, and have multiple, actionable ideas to solve your problems.
Then they should be able to articulate the steps to make it happen. Make them work for their commission!
If you've taken care to make sure the first and second tips are in action, you should be in great shape already. But sometimes, its about fit.
Even the top volume agents or those whose name you see everywhere all over town may not have the unique and specific skills you need. That's why there are more than 5 agents in town (well, that's one of the reasons :) ).
Ask them about their background, their experience in areas outside of the real estate world. Learn about them as a person so you understand how they interact with potential buyers. Some come from construction backgrounds, some from corporate sales, some from a family business. Their style, ability to connect with your unique needs, and target the right buyers should be something they can articulate for you easily.
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Representing Buyers, Sellers and Investors in Montana
Page Huyette, Real Estate Sales Associate
Sales Associate, Small Dog Realty
Direct:406-848-1558 | Page@SmallDogRealty.com