How Do You Gauge The Value Of A Real Estate Listing Agent?
When it comes time to sell your home, you'll have an important decision to make about utilizing the services of a real estate listing agent.
If you are like some home sellers, you won't put much thought into what is really needed so you'll just attempt to do it yourself. If you are like the majority of home sellers, you will call a friend and list with her or him. But if you are like the small majority of real estate consumers who actually do some research before deciding, then you face an interesting challenge.
How do you gauge the effectiveness of a real estate listing agent?
An Example Of What A Great Listing Agent Can Do
Before we identify tips to choosing an effective real estate listing agent, let's take a look at a real-world example of what we did recently to sell a home and help our homeowner pocket sixteen thousand dollars beyond what they were likely to receive had they been working with a less-experienced agent.
We began marketing a home as a "coming soon" property on our proprietary site for upcoming listings on March 26. It went live in the Tallahassee MLS on April 3 and we began receiving multiple offers on April 4. A contract was executed on April 5. We turned away interested buyers who had requested showing appointments on April 5-7 because of the negotiations. Needless to say, we created high demand fast and put the home under contract in just two days of hitting the market.
- List price $225,000
- Purchase price $226,000 (two days)
A poorly qualified appraiser was assigned by the lender to determine an appraisal value. She used incorrect comparable properties from different areas and school zones and even though the property received multiple offers from interested buyers, she somehow concluded the property was over-priced and she appraised it at $210,000 ($16K or 7% lower than the contract).
Fortunately for the home seller, this was not our first rodeo!
On behalf of the seller, we filed an appeal for reconsideration on the appraisal. We showed that the appraiser omitted a flex-room (den/office) out of the room count (4 bedroom house plus the flex room-highly is highly desirable by buyers). We demonstrated that demand is very high for Buck Lake schools and at the time this house was listed there was no inventory to compete with it. Additionally, there was a sale two days after the appraisal inspection that would support a higher valuation. Unfortunately, our reconsideration request was denied.
Again, not our first rodeo. We still had ways of fighting for our sellers' equity.
With the agreement of the buyer's lender, we ordered a new appraisal by a competent real estate appraiser in Tallahassee. This appraiser was experienced in the residential real estate market in Tallahassee and produced an appraisal that supported the contract valuation. The seller received all of their equity in the home.
You might wonder why the buyer agreed to the appraisal. First, the buyer knew that other buyers wanted the home and we would have no problem replacing them. The buyer still wanted the home and understood the market better than did the first appraiser. We were able to show the buyers' agent (and thus the buyer) that a new appraisal served both sides in this transaction.
There are a lot of people who endorse Joe for the job of selling your home, from Barbara Corcoran (Star of ABC's Shark Tank) to Preston Scott (host of Tallahassee's top daily "Audio Magazine," as well as the thousands of happy customers Joe has helped in the past. Listen why!
Finding The Right Real Estate Listing Agent
If you plan on selling your home, then you should know that there is a large disparity between the real estate agents from which you could choose. From education to training and to experience, the levels vary greatly. So how do you conduct the research to help you choose the right listing agent?
Here are my simple recommendations:
Planning On Selling A Tallahassee Home?
If you are considering a move from your current Tallahassee home sometime in the near future, we offer a no-strings-attached opportunity to meet with us and discuss the simple things you can do to optimize your results. Simply give us a call at (850) 366-8917 fill out the form below if you would like our help. We look forward to serving you.