Lack of Mutual Understanding

Common Seller Mistakes

Here is a phrase that I have heard far too often from sellers: "I signed the listing agreement, and after the first few weeks, my agent never did anything for me and rarely communicated with me."

At a bare minimum, the listing agent should have the following things in writing, so the seller knows exactly what will (and will not) be done during the listing agreement period:

1. Marketing Plan -- Everything the agent will do to market the home should be in writing, so there is no misunderstanding.  The seller should be able to understand clearly, by seeing examples, what exactly is being done.  Moreover, this document should also state what is NOT being done.  Some agents don't have open houses, advertise in print publications, have an expanded Internet presence on websites, create virtual tours, etc., so the seller should know what is being done, when it is being done, how often it is being done and have a clear roadmap.
2. Service Commitment -- This is straight forward document that lists the responsibilities, duties and tasks the agent will perform.
3. Custom Market Analysis -- This document shows the recent sales that are the most relevant and comparable to your home, as well as which homes are your current competition.  If this is done well, you should have a very clear picture of where to position your home in the market place, or if the data are not cohesive, then a solid understanding of the local market volatility, etc.
4. Regular Status Updates -- Does the agent tell you about new homes that have come on the market that are your competition? Homes that just sold? Homes that went under contract? Expired off the market unsold?  Have they aggressively elicted feedback from showings and communicated the feedback, what it means to you, and how these objections can be overcome?
5. References -- A long list of satisfied clients (and their phone number) spanning the past 3-5 years, including current clients that have just concluded a home sale or purchase with this agent should be provided unprompted.  If you have to ask for this -- what does that tell you about what kind of relationship they had with their past clients?  If they don't have it handy, or cannot produce a list of 15-25 references within minutes of returning to the office, that should raise a red flag.

If an agent has done their job exceptionally well, most curve balls that the market throws your way, could have or should have been identified before your home even went on the market.    As the saying goes: An ounce of prevention is worth a pound of cure -- applies here.  Identifying obstacles, evaluation options to cost effectively overcome these obstacles, and a host of other professional competencies directly affect your financial bottom line.  Choose your Greater Cleveland Ohio Realtor wisely, your financial bottom line depends on it!

Date: Monday, August, 18th 2008 @ 09:29:10 PM
Views: 166

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