I recently listed a home with a coming soon status. The property was in excellent condition but needed some decluttering and the services of a stager. Hours after listing the property, I got a sight unseen offer that was $24,500 over the asking price. My seller was very tempted to accept the offer. But I encouraged her to stay the course and follow the plan we decided on when she signed the listing agreement. Guess what? My seller ended up getting an offer for $63,500 over the asking price with no contingencies. Worth the wait? You tell me!
We are living in a very crazy real estate market. It is imperative for you as a consumer to hire the right real estate agent that knows the market and can guide you through the process, which at times can become very emotional. Failure to do this could result in you leaving money on the table.
Here’s another situation where the listing agent left money on the table. When I first got started in real estate, agents used to talk to each other. Believe it or not, buyer agents actually met with the seller and the seller’s agent face to face and presented their offers. Today everything is done via email and texting. I recently submitted an offer for my buyers that included a finance contingency. My buyer’s escalation clause would have netted the seller $10,000 more than the offer the listing agent suggested the seller take just because we had a finance contingency. A phone call to me would have removed that contingency and that phone call would have netted the seller an additional $10,000.
So, when interviewing the agent to list your home for sale you might want to add these questions to your conversation:
- How do you analyze the offers you receive? Do you call the lenders to insure the prequal letter is legitimate and that the lender has received all required documentation and the only thing missing is the ratified contract and a satisfactory appraisal? Do the buyers have the cash to close?
- Do you talk with the buyer agent to discuss their offer and if there is any flexibility in their offer? Or do you just take offers at face value which could leave money on the table for your sellers?
- Do you answer your phone or do you only respond to text messages? (That’s my pet peeve! Answer the phone!)
Today is a golden opportunity for sellers to maximize their gain. Don’t focus on what the agent is charging you to list your home for sale. Look at their experience in negotiating contracts, proven protection of the seller, its their full-time job, and how well they know the market in your area.