Which Chico Realtor Should You Hire to Sell Your Home?
March 30th, 2008categories: Chico CA Real Estate News, Chico Sellers
by Mike Wiegert
So life takes another turn and now it’s time to get down to the business of selling your Chico home. You’ve been told that you should interview three or more Chico Realtors to determine who is most suitable to accompany you on your journey. Your agent needs to be honest, knowledgeable, experienced, successful and above all, your advocate when dealing with a buyer.
Your deductive reasoning tells you that you want to interview one agent who has worked with someone you trust. Another inner voice tells you to call the largest company in town and get their top producer. Maybe a third option is that nice Mr. X down the street who waves every morning.
Now here come the Chico Realtors with their smiling faces, newly pressed business suits and freshly washed luxury cars. Oh gosh, they all seem so nice!
Realtor number one is impressive. He has really done his homework and presents you with all the competitive sales and listings in your neighborhood.. Although complimentary of your home, he spends the time to make you aware of some of your home’s weak points and areas that you could improve to get a maximum price for your home.
Realtor number two crosses the threshold in a blaze of glory. You are instantly made aware that she has been salesperson of the month for an infinite period of time and that no one knows real estate like she does. Your home will fit nicely into her stable of homes and it really reminds her of the house she just closed down the street. She rushes off to ninety more appointments that day and presses her glossy real estate card with all the discount offers on the back into your now trembling hand.
Softly a knock on the door is heard and upon opening you find Chico Realtor number three (and neighbor) enveloped in a warm and almost ethereal glow. Number three is not holding any competitive sales or listings, no fancy folders with glossy pictures of happy buyers and sellers, nothing at all. Just all smiles and warmth. Number three strongly disagrees with the market analysis of the first two. He knows this neighborhood. He lives here. Your home is better than everybody else’s. He can get you a lot more than the others. So now you are really excited! Realtor number three is soooooo nice, and he’s going to get you a lot more for your home, right?
Wrong!
Unfortunately, many sellers often choose the Chico Realtor or listing agent who suggests the highest list price, which is the worst mistake a seller can make.
In a market such as ours, the only opinion of value that matters is the buyer who makes an offer. Todays buyers know the market. They’ve researched the neighborhood and know what has sold and what hasn’t. Money is tight and they’re not about to part with theirs capriciously. They also know that if you don’t take their offer, some other motivated Seller will. Pricing a home is not an exact science but with proper knowledge of recent sales and competitive inventory these educated findings will put you close to the actual market value.
But now you’re caught in the trap. Number three has convinced you that he is the best Realtor for the job. What has just happened is called “he bought your listing”. Your agent makes a practice of preying on a common weakness, you love your home. You really believe that it IS superior to most homes in the neighborhood. I wish it was, but it isn’t. Your friendly Realtor will be calling you in the next 15-30 days complaining about poor market conditions and rising interest rates. He will beg you to lower the price.
Unfortunately, you will find yourself spending a lot more than the average market time to sell your “shopworn” home. More often than not you’ll get significantly less than the price you would have if you had priced it right the first time. Do you drive all over town looking for the highest priced meats and vegetables of the same quality? Real estate is not a whole lot different and the prudent Seller accepts this fact.
Next week, we’ll spend a few more “moments” looking at common mistakes Sellers can make.
Hi Sandy. I have won 2 listings appointments in the last 2 weeks that I did not take. They like my research, knowledge, and want to work with me but I am not willing to take an overpriced listing. At least one that will not sell because I didn’t set my sellers expectations properly in advance.
Jon,
I feel your pain. It is a difficult decision to make, but I respect the agent that can walk away from a seller with unreasonable expectations in regards to price. I have come to believe that the Realtor is truly doing the seller a disservice by not properly educating them on the true value of their home. By allowing it to sit on the market over-priced, they will probably procure a buyer at a price lower than they would have if it was priced correctly in the beginning!
Excellent article Sandi. It’s amazing how many Realtors “buy” their listings. Sellers beware!
Thanks for stopping by, Irina!
It’s not only amazing, but sad somewhat, that Realtors feel like they must buy listings. As mom always said, “honesty is the best policy.”
Sandi, Jon and Irina,
If I’ve learned anything in over thirty years of selling real estate in Chico, it’s that if everybody doesn’t end up a winner, it’s not really a very good transaction. And some wise man once said, “anything worth do is worth doing well.” Agents that buy their listings do a disservice not only to their clients, but to themselves because of the palpable waste of their own time, money and efforts. Is it a pipe dream that we all could get more professional and do better for our clients and ourselves. I think not!
Mike Wiegert