When choosing a listing agent, you want someone who has a good reputation and track record to assist you with your real estate transaction. The thing is that there are many agents in the market today, which can make your selection process overwhelming. For this reason, many sellers decide based on two factors—the highest suggested list price and the lowest commission. However, most sellers don’t realize that these two factors are irrelevant and don’t say anything about the performance of the agent.
In this article, we will share two vital points to remember when hiring a listing agent:
The Agent Cannot Tell the Exact Price That Your Property Will Sell For
If an agent gives you a specific price of how much your home will sell, then you may want to look for another agent! This is because no listing agent can provide you the particular price your property will sell for. Instead, what they can do is provide you with comparable, pending, and active sales, and the data gathered will merely give you an estimate of the property’s price.
The truth is, you’re the one who will set the price in the end. This process may be intimidating, which is why you need to have a reliable listing agent by your side. Your agent will be able to suggest a list price that will be attractive to the type of buyer you want to attract.
When choosing an agent, ask them to provide you with numbers that support the suggested list price. If they cannot show you any valuable data, that’s a red flag because it’s important that the agent provides you with a range of prices. Keep in mind that pricing your property is an art, and if done right, you’ll get a desirable offer at the quickest time possible.
Lower Commission Rates Are (Usually) a Red Flag
Basing your decision based on a lower commission of an agent isn’t the best way to go. When an agent is willing to work for less, there’s always a reason behind this. In some cases, an agent works on a lower commission because they cannot stand out from the competition in the industry. There are also some situations when the agent works for a lower commission because they are desperate for business or are unqualified for the job.
Working with agents who have these ulterior motives are not good for your property, which is why it isn’t wise to base your decision on lower commission rates when choosing a listing agent.
On the other hand, there are special circumstances when an agent agrees to work for a lower commission without having any red flags on their end. For one, this is likely if you’re willing to do all the legwork and pay for expenses related to the sale or when you’re buying and selling a property at the same time under one agent.
A listing agent will also be willing to provide their services at a lower commission when you are selling more than one property. In some cases, agents also accept pro bono cases to build their portfolio. With that said, it’s still crucial to determine the real reason a listing agent accepts to work at a lower commission rate.
When it comes to hiring listing agents to assist with your real estate transaction, their experience, education, network, negotiation skills, and honesty, are the important factors to consider. From the information shared above, you now know what to veer away from when looking to hire a listing agent and how to select a reliable one.
Do you want to sell a house in Owensboro, KY? You have come to the right place! The Blake Hayden Group employs professional and reliable listing agents who will assist you while providing you first-class service. Get in touch with us today to see how we can help you!