Every week, we ask a real estate professional for their Short List, a collection of tips and recommendations on an essential topic in real estate. This week, Susan Trujillo, a Realtor with Better Homes and Gardens Real Estate Gary Greene, shared her tips for what Realtors should expect when being vetted.
5. Interviewing Other Realtors – If a client is selling for the first time, they should consult with at least two or three Realtors in their area, members of the National Association of Realtors. If they are not a member, they are simply a real estate agent/associate. In Texas you can do a search at TREC (Texas Real Estate Commission) to see if they are a licensed member in good standing. All Realtors are not the same and will offer different information. Clients will ask friends for referrals AND what they liked about them, and what they didn’t like. When the Realtors visit a buyer, they may be met with a list of questions regarding their marketing approach, fees, whether their home has any challenges in the marketplace (location, age, maintenance issues, decluttering etc.). Be ready to make suggestions! This is why they are paying a professional to manage the process. Clients will ask Realtors about their track records (average days on the market, how many listings have they had over last year, how many buyers etc.). A Realtor with good experience under the belt is often preferred, but may also be really busy. Have a communication plan ready to show a client, and include your availability to return phone calls etc. If you’re a newer Realtor, show that you have more time and energy to dedicate to your home sale than many more experienced, but also very busy Realtors may have. Make sure you have the proper broker support and additional training, beyond the standard real estate hours, to reaffirm your competence. Good brokers offer in-house training on marketing, processing, and all other hard and soft skills needed to get the job done well.
4. Cheaper Isn’t Always Preferred – Clients won’t always select their Realtor based solely on what they charge. Though, it is a mistake first-time home sellers tend to make. Bargain rates can often equate to compromised service levels and ultimately cost them more money in the long run. There is much more to marketing and effectively getting a client to the closing table other than popping your home in the MLS. Realtors should be ready to answer pointed questions about how they market and do their open houses, as well as what they do when the contract comes in and what processes they follow after the contract is executed. Do you attend inspections and appraisals? What happens if the home does not appraise? What is the Realtor’s communication strategy? These are just a few things you should be talking about, providing meaningful information that demonstrates you will be working hard behind the scenes to help the seller. If you charged you bargain basement prices, clients will question whether you have the time and investment money to provide the right marketing for their home to get it sold? For example, cheap photos on your local MLS will tell volumes about the quality of the staging and photography, among other things.
3. Staging – We all want top dollar for our homes. Realtors should want that for a seller’s home too! Getting ready to sell is not only a matter of fully understanding the comparable home sales in an area, so that the property is priced effectively. But you will need to be prepared to showcase a home to attract buyers and get an offer. Most of us love our homes and think they are truly unique and special. In reality, many of us have homes that are wonderful for our personal needs and tastes, but getting them ready to appeal to a broader audience may take a little more effort. Realtors can help clients understand what helps a home sell. Give them advice with an open mind and remind clients it’s not personal…they want you to reach their goals and your advice and guidance should keep those intentions in mind.
2. Pricing – A good Realtor should provide current and realistic comparables for the neighborhood and help guide clients with a pricing strategy that gets a home sold! Realtors who offer to list a home too high in comparison to the current comps, in order to entice clients to list, may be a mistake. This may result in a home getting passed up for properties that may have similar or even lesser features! Over priced homes often sit on the market too long, giving buyers a perception that there is something wrong or that the seller may be more desperate to sell, resulting in lowball offers. Later, the seller finds another Realtor, ends up listing at a much lower price than he would have needed to if he correctly priced to begin with, but because the home had sat on the market too long, they had to price more aggressively. If you are in a strong “seller’s market,” you should be able to identify how much inventory is currently available, if there is room to price higher than current comps and discuss appraisal challenges that can occur in a rising price marketplace. This will help your client make an informed decision about positioning their home.
1. Getting to Closing – Tell your clients what to expect when an offer is presented. Also, tell them about the process once the offer is accepted. Make sure to explain the processes between acceptance of the offer and closing. There are many things that occur during this period of time that can affect the ability to get to the closing table. Also, if there is something in the listing or sales contract your client seems to not understand, help lay it out in a manner that’s more digestible to someone not familiar with the industry’s jargon.
Susan Trujillo is a licensed Realtor specializing in residential home marketing and buyer representation. Excellence in service and marketing is her commitment to each client she serves. Currently. she’s a Realtor with Better Homes and Gardens Real Estate Gary Greene.