Full Disclosure: I am a result-oriented data geek with 20 years experience and over 7,000 transactions closed. I believe based on quantitative and qualitative data from many markets.
According to MLS data, the difference in agent selection can be a difference in the final sales price of 7-8%. This means selecting the right agent can be not only free but a profit center. A great example of this is Cary, North Carolina. Over the last 36 months, the average success ratio 97.01%; this is the amount of original ask price realized by the average agent. Over 150 agents average over 100%; over 230 agents average less than 95% if the decision was worth 5%, translating into around $20,000.00 in tax-free money for you, the seller.
Question Experience. I received a postcard yesterday from an agent saying, "they have the experience in my market" to assist me in making the right decisions. I pulled the agents' sales data, three sales, none in my county, all less than half of my price point. I love the hustle, the agent is working hard, but they are not the right agent for me or anyone in my town based on Real Estate experience. How should you vet agents claims? Ask these questions: A. How many homes have you listed? B. How many of those listings sold? C. What was the ratio of sales price minus concessions to original list price? D. What is your average days on the market.
Question Location. Location is tricky. I know agents selling homes in small areas and do a great job, and I know agents that sell in many areas and do a great job. The catch is they tend to be the same type of home, the same price point, similar developments. Find out if the agent has the experience that will translate into your kind of home. Ask these questions: A. Where have your successful sales taken place? B. What areas have your failed sales taken place? C. How does that experience translate to our/my home?
Question Strategy: First, know what you are looking for in a sale. The obvious answer is quick on the market sale; in today's market, that also means the most money. (Off market, "I will buy your house" transactions are RARELY a seller benefit and cost tens of thousands in lost equity). Back on topic... Do you have a common property? A unique property? Has your property been previously marketed? These are things to consider and then find the right agent. Ask these Questions: A. What is your strategy for my home? B. Tell me about your unique marketing strategies. C. What will you differently?
These questions are a good start for consumers. Picking the right agent is tough! The number of agents is growing faster than the number of sales in some markets. It is easy to go with the agent you know, but that could cost you thousands. Agent referral sites are just that; they get paid by the agent for recommending them. I receive referrals from a company you see on TV, in a market I have not lived in for over 12 years. Every time, I tell them that I still get referrals and direct the sellers to the right agent.
Questions? Reach out; I am happy to help. I am a great agent, but not for everyone and every home. I am glad to make sure you find the right agent for your project and your market.
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