As a listing agent (I also work with buyers) I represent my
sellers and their best interest. When you sign a listing agreement with me I
owe you fiduciary responsibilities (obedience, loyalty, disclosure,
confidentiality, accounting and reasonable care). I purchase signs, I market your home in
many, many ways, I negotiate for you, I help you understand the market and
what comps are to be used, I consult with you on preparing their home for the
market, I organize the closing and help you find an attorney, I create a net
sheet so you have an idea how much you'll earn after closing, I am loyal to you and your best interests,
etc. There’s a lot to do and it takes a
lot of time. Most people have no idea
what a good Realtor can and will do for them but it all starts with
training and understanding contracts, knowledge of the local market, subdivisions, HOA, mortgages,
etc. Any agent can list a home in the MLS and put a sign in your yard – what else
are they willing to do? If you’d like a copy of my marketing strategy send me
an email at Jason.Gregg@kw.com and you
can see firsthand my 25 step marketing plan and it works.
A buyer’s agent responsibility is to represent their buyers
and get them the best deal. But, I’m
finding there are many buyer’s agents that do not understand our local buy/sell
agreement (the contract). TiP: Make sure your agent can clearly explain the
contract to you because if they can’t then how can they negotiate in your best
interest? In the last 2 weeks I have had
2 buyer agents send me a repair report based on the home inspection. TiP: if you
want a perfect (no such thing so get as close as possible) home then buy new
construction. It is not the sellers job
to repair every nook and cranny of a 15-year-old home and if you ask of it you
are going to get a negative response. Each and every one of us has emotions and
when a buyer sends a list of 15-20 items that they want upgraded, repaired,
replaced, etc the sellers are most likely going to get angry and
frustrated. The buyer’s agent has not
done a good job of explaining the contract and helping them understand the
process. Home inspectors seem to have
one thing in mind – nitpick. A home
inspection should not include light bulbs, concrete donuts around sewer pipes,
items that work just fine but a new construction code was implemented last
month, etc. Recently, I received a
request of 18 items that included these things. I politely pointed out that
based on the contract their buyers signed we are not required to fix such
things (TiP: make sure your agent can tell you
the difference between repairs and due diligence) and only 3 of the 18
were relevant. Let’s just say this other
agent was not pleased at our conversation but I was representing my client's interests. This is the same agent that missed a
deadline for the buyers and then asked us for more repairs. Real Estate is all
about knowledge and understanding, representing your clients, meeting deadlines and doing tasks in a
timely fashion. TiP: if you are a buyer pick out the 2-4 items that matter most to
you and request those repairs. Don’t
lose a contract based on emotion.
Appraisers have hard jobs.
Using a Realtor that understands the market is a valuable tool and you
should listen to them. I’m pretty sure that 99% of sellers feel their home is
worth more than it is and a good agent is going to gently communicate why it’s
not based on comps and explaining home valuation process. Please do not get angry with
us for doing our job? We will be
handling all the stressful tasks and responsibilities of selling your home
(that’s why you are paying us) so you don’t have to worry about it. Let's take a home valued at $200K and this is
based on solid comps but you refuse to listen- you’re going to have issues. TiP: an
overpriced home does not sell. An
overpriced home will sit on the market too long, receive low offers and you'll lose money (because you'll be paying a mortgage, bills, insurance, etc on that home while you could be at your new home if you just priced it right at the beginning). Or, let’s say your agent does list
your home at $225K and it does sell.
Then the buyer’s lender sends an appraiser out and values your home at
$200K. You basically have 2 options: cancel the contract or sell at the
appraised price. Here's where my frustration lies. I can have a home listed for sale and if I do
5 appraisals I’ll get 5 different valuations of that home. This is why your Realtor really needs to know the market and price it right at the beginning. Recently I had clients that listed their home too high and I kept saying to them "it's too high." Finally, they changed the price to my recommendation and 5 days later we went under contract. Homes sell based on location, price and condition. I just had my home appraised 11 months ago
and then again this week for a home equity loan. In less than a year my home appraised at a
$12K differential. Somehow my home lost
value in under a year and we added new floors, new HVAC, painted every room,
and our local market is increasing in value yet somehow my home lost value. It makes no sense and arguing the appraisal is
time well wasted because most times the realtor loses.
If you’ve ever bought or sold a home, you may understand
there are many things that can go wrong and it can be very stressful. As your
local Realtor I want to educate you and make sure you get what you deserve and
pay for. Most people think they know how to buy and sell a home but there is
much more to it than you realize. That’s
why I rarely recommend someone selling for sale by owner (FSBO) – there are so many things that can go wrong. TiP: if you’re trying to sell your home on your own
please don’t use the Zestimate (Zillow.com) to come up with a price. Call me, I'd be happy to help you price it.
Well, I hope you found this useful. I love what I do and what I do is get to help
others get the best deal possible on a home (buying or selling). I’d be happy
to help you in any phase of your real estate needs. Just give me a call or
shoot me an email. Don’t forget June 10th
is our big sweet tea world record day here in Summerville, SC. You can also see a local calendar of events here on this site anytime.
Jason Gregg, Realtor
Keller Williams Realty
Keller Williams Realty
843.696.8627
www.Palmettodreamhomes.com
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