Three Activities That Your Real Estate Agent Must do to Maximise Your Home’s Value in Our Seller’s Market
A few weeks ago I was at Michaels at Shoreline attending a fundraising event for Mountain View High’s graduation party. As sometimes happens at these events the discussion turned to real estate, specifically about how crazy our local market had become. An interesting discussion ensued about whether it was easier to sell a home in a hot seller’s market or a market that was more in equilibrium?
A successful home sale is based on three activities: Comprehensive marketing, expert negotiation, and detailed transaction management.
During a hot market, some agents will cut back on marketing the property, relying on the Multiple Listing Service (MLS) to give your home its only exposure to the market. Even worse, some agents convince sellers that it is in their best interest to sell your home as a pocket listing, eliminating the use of the MLS . Reduced or eliminated marketing activities might include:
- Lacking a comprehensive internet strategy
- Lacking a comprehensive social media strategy
- Lacking global marketing
- Lacking agent and referral networking
- Lacking traditional marketing like direct mail, signage and advertising
- Selling the home as a pocket listing
With limited marketing, your home may sell but not for its absolute maximum price.
Regardless of market conditions your real estate agent should (at minimum) engage in the following activities:
- Evaluate local market conditions and comparable home values
- Determine and implement pricing strategy
- Prepare home for the market (repairs, staging etc.)
- Coordinate inspections
- Prepare and coordinate disclosure documents
- Implement comprehensive marketing program
- Prepare marketing materials (online, print and media)
- Place home on Multiple Listing Service
- Make home accessible by putting a lock box and sign on property
- Hold and attend Broker tour and public open houses
- Negotiate offer
- Coordinate paperwork and closing procedures
- Advise and guide sellers throughout the process
- Be an advocate for the seller
- Be a fiduciary for the seller
In an overheated market the number and complexity of offers increases. In addition to the above duties, a seller’s agent should:
- Know how to coordinate, distribute and track disclosure packages
- Answer questions and document discussions with cooperating buyer’s agents
- Design and implement consistent offer guidelines regarding how offers are to be handled
- Hear offers, counsel sellers on options and prepare appropriate counter offer (s)
- Ratify offer, back up offer (if needed) and notify those whose offers weren’t accepted
- Be an advocate for the seller
- Be a fiduciary for the seller
In an overheated market, negotiation and transaction management become more complex and important. A strong seller’s market doesn’t guarantee the best results, an experienced and skilled real estate agent who acts as your advocate does. Don’t sell yourself short.
