Important questions to ask when listing your home.

It’s about you, it’s not about me.

Have you ever seen it? You know what I’m talking about…that insipid, smiling picture of a salesperson on a billboard or bus bench or grocery cart. Maybe they’re even winking.

It’s funny, about 15 years ago when I got in the real estate business, it wasn’t too hard to represent a seller. In the good old days, we could list a house and be closed in 45-60 days and the owner would get what they asked and actually put a few dollars in their pockets. You could actually put a sign in the yard, put it in the MLS, put a lock box on the door and pray and it would sell. No additional marketing required.

Not so easy today. Now, we have to tell people that not only won’t they see the price they paid for the house, but it’s likely they’ll get considerably less. Try explaining that to someone who paid $660,000 and barely squeaked by with a $400,000 sales price or paid $380,000 and sold for $280,000. Sadly, this phenomenon is found in all price ranges. Wouldn’t you want to know that this was likely before you put your house on your market? Wouldn’t you want to know the market trend? That prices are going down? That the offer that’s below your list price is really good? That if you don’t take it, we might get less next month? And we’ll be lucky if the house APPRAISES for THAT lower price?

House finally sells, but below market

I recently met a seller who was listed at too high a price and turned down an offer they received which was about $50,000 lower than at what they were listed. They turned the offer down because their agent did not give them the information they deserved. They asked for guidance and the agent offered none. Today, they’d probably get $40,000 less than that offer.

In order to evaluate an offer, you must know what has sold recently; how does it compare to your house; what are the chances that your house will appraise for contract price; what’s under contract, that if it sells before yours, will negatively impact you; what do you know about lending guidelines; are they changing; if so, how will that affect you?

If you are truly “represented” by a real estate agent, they owe you a fiduciary responsibility to give you the information you need so you will be an informed consumer. Then, and only then, can you possibly make a decision that will improve your chances of closing.

Timing is everything. Don’t let opportunities pass you by. Don’t let an agent “buy your listing” by assuring you that they can sell it an unrealistic price. Don’t help sell the house down the street by being the high priced house that makes that lower priced house look like such a value. Don’t miss opportunity by not asking the right questions up front.

It’s no different than buying milk – if Kroger’s has it for $2.98 a gallon and Publix has it at $3.95 and they’re both on your way home, you’ll buy at Kroger’s!

Fiduciary - one often in a position of authority who obligates himself or herself to act on behalf of another (as in managing money or property) and assumes a duty to act in good faith and with care, candor, and loyalty in fulfilling the obligation :one (as an agent) having a fiduciary duty to another. (Miriam Webster Legal Dictionary).