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Real Estate in 2006 (For Sellers)
from: Richard A. LorencClearly the residential real estate market is a very different
arena today than it has been over the past several years. For
many sellers in 2005, marking up the asking price to never
before seen levels and waiting for the offers to come in was a
relatively simple and very profitable exercise. Selecting a real
estate broker was for many, just as simple. With real estate
inventories at all time lows and buyers abundant, it wasn't
necessary to distinguish them as all seemed to be winners. Most
sellers held the line when it came to negotiating with buyers
and the role of the agent/broker was to list the property on MLS
and handle the myriad of details.
As the playing field turns to a buyers market in many parts of
the country, selecting the right real estate agent can make all
the difference between liquidating a piece of residential
property in a reasonable period of time or watching prices fall
while your home languishes on the market. Wondering if there
will ever be another showing of your home after the real estate
agent caravan is not where you want to be.
Before signing a listing contract or extending an active one,
the following points should be taken into consideration:
1. Work with a seasoned and experience real estate agent.
Chances are you don't take investment advice from a rookie
investment analyst so why would you work with an inexperienced
agent when handling one of the largest single transactions you
make in a lifetime? Ask the agent how many homes they have sold
in the past 12 months, number of listings taken and number of
listings sold.
2. Arrange appointments with at least 3 agents from
different real estate brokerages to compare and contrast their
approaches to marketing your home. Consider interviewing brokers
with national coverage, regional brokers and brokers who are
only local to your area.
3. Ask the agent(s) which MLS (Multiple Listing Service)
your home will be listed on and whether there are more than one
MLS in your area. If so, will your home be listed on all of
them? It is key to gain the maximum exposure possible to the
real estate agent base.
4. Find out what sort of advertising will be used, the
size of ads, color/black & white and most importantly frequency
and what newspapers, magazines and publications.
5. Ask about weekend and/or during the week open houses
and their duration and frequency. Also ask who will be hosting
the open houses. Busy listing agents often delegate the hosting
of open houses to new agents.
6. Ask to see samples of the types of marketing materials
that will be used. Booklets, CD ROMS, flyers and the like.
7. Find out how often you will be updated on showings,
prospect/realtor feedback and open-houses.
8. Consider a 90 day listing contract to evaluate the
effectiveness of the real estate agent/broker.
Lastly, depending on your individual situation, be realistic in
pricing your home for sale. Determine the length of time you
have to sell your property and your profit objectives carefully.
About the author:
Carol Lorenc & Richard Lorenc
(http://www.homeinjacksonville.com) sell condos and
single-family homes for Watson Realty Corp., and live in St.
Augustine, Florida. The Lorenc's have lived and worked around
the world in Asia, Europe and Latin America and specialize in
working with real estate buyers.
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