Most home owners prefer to hire an experienced real estate licensee who has a good reputable name for listing their home. Newly licensed real estate agents usually start their careers by working with buyers, gradually taking listings as they gain experience and name recognition.
ProSchools offers some basic tips for you to consider when representing sellers:
Seller Objectives
Determine your seller’s objectives and deadlines so you understand what will motivate them to sell their home and help you assist them better.
- Why do they want to sell?
- Are they moving out of state due to a job transfer?
- What is their timeframe?
- Are they upgrading or downgrading?
- Do they need you to help them find and purchase another home?
Make a list of questions to ask your seller at the initial listing presentation interview. These questions should help you analyze what will motivate them to price the home right and be willing to negotiate to sell.
Seller’s Motivation
If your seller refuses to price the home to sell, according to current market value, you might consider not take the listing. You will be spending your own money marketing the property and if it doesn’t sell by the time your contract is up the seller most likely will find another agent and blame you for the home not selling. You want to make sure your seller is motivated before investing your hard earned money into his or her property.
Determine Price
You need to complete a CMA (Comparable Market Analysis) to determine current market value. A home will not sell if it is over-priced in today’s market. If your seller is really motivated and needs to sell quickly, price it under market value.
Condition of Home and Property
Condition of the home is very important. You will need to advise your seller on curb appeal and staging their home for showings. The home should have fresh paint, clean carpets and be properly staged for showing. Remove family pictures and clutter, you want the buyer to picture his or her family living there and look at the home features, not at your seller’s family pictures. Put out fresh flowers and keep things neat and clean. The home should not smell of animals. The yard should be well manicured and appliances should be in good working condition. The home should be free of visual defects.
Short Sale Listings and Fixers
If you are listing a fixer or short sale, you will need to advertise it for sale “As Is” and price the home quite a bit under current market value. Make sure that you confer with your managing broker on your state and company’s rules and regulations on every listing you take.
Open Houses
When you take a listing, your home owner will expect you to host open houses on the weekends. Although most houses do not sell at open houses, this will appease your seller and open the door for you to meet potential buyers. Have a candid conversation with your seller regarding expectations of hosting open houses. Talk to your broker and get the stats in your area of open home sales and share this with your seller so their expectations are not too high.
Communication with the Seller
Keep in contact with your seller on a weekly basis. Communicate with your seller the number of weekly calls and showings on their house and any feedback you receive from showings. If you are not getting showings or calls in a two week period, you will need to talk to your seller about reducing the price.
Aggressive Marketing
Your listings will need aggressive marketing to get good exposure in this real estate market. Experienced agents will hold Broker Tours shortly after the home is listed to promote the home to local agents. This requires food and beverages to be served as a courtesy to brokers who attend. You will need to create marketing flyers and consider advertising in local print media and on your social networks. Many agents send “Just Listed” post cards in the neighborhood where the home is listed. They call other agents to let them know the home is for sale and to see if they might have a buyer who might be looking for such a home.
Your Company Resources
Every real estate company has internal systems and tools set up either for free or for a fee that will help you manage your listings. Your managing broker will help you get started and provide you with the information and tools you need.