Bill the Broker Blog

Lifehacker, one of my favorite sites on the net, just linked to an article on selecting a Real Estate Agent.

They highlight 3 great questions for selecting an Agent:

• How are you going to advertise my home?
• Will you be at the closing or will you send a lackey?
• How accessible are you?

All excellent questions. I’ll take them point for point.

1- How are you going to advertise my home?

If people don’t know about your property, then how are they going to buy it? Advertising is critical. At an office level, we advertise in the Orlando Sentinel, neighboorhood mailers, e-mails to agents, investors and clients, and we operate our website at www.therealtymedics.com where we place listings for the public to view. When you list with anyone who places your property in the MLS (Multiple Listings Service) it is also added to Realtor.com which is a high traffic site for new homes.

On an individual level, I run this website which is constantly evolving. Currently the plan is to write several posts a week with one feature article. Everyone I meet gets to hear about it (I’m a shameless self promoter =). I have a lot of things in the works for the site, the least of which is to include my personal listings. I typically hold open houses every weekend which enables me to meet many of the great residents, or hopeful residents, of Orlando. Building and working with these personal contacts is key to building a strong brokerage. It’s one of my biggest priorities. I have several other methods I use, some new (I’m always evolving and inventing) some old, but I prefer not to publish them for the world to see. Drop me a line if you’re looking to list and we can discuss more in person.

Lastly on advertising, consider this: If you’re reading this, I must have done something right.

2- Will you be at the closing or will you send a lackey?

I attend all my closings. I’ve even attended closings where my client wasn’t there just to ensure a smooth transaction.

3- How accessible are you?

Very. Everything I distribute has my cell phone number on it. Only I answer my cell. It’s the same phone my Mom and Dad call me on, so it never get’s turned off. The only times I don’t answer calls are when it would be incredibly rude to do so (Movies, my brothers graduation), when it’s impossible (no service at 30,000ft.) or when I’m asleep, and even then sometimes I’ll wake up and answer! Go ahead, give it a shot: 407.625.8562.

What questions have you asked a potential agent?

Around November of 2005, the “Real Estate Boom” as we all knew it, more or less came to a screeching halt. Since that date, a statement my associate Nick Pilz made plays over and over in my head on every listing appointment I take. “Get your price out in front of the market and you’ll never be the one chasing it.” The conditions we’ve been living in since that day have put his statement to the test. Was he accurate? I’d give you 2 guesses, but you’ll only need one: Nick was dead on.

The question of price is a more difficult equation than what I’ve just keyed in on. Being ahead of the market is mantra of sorts around these parts; at the very least, a guideline that comes with a fairly stern warning. But to neglect the human emotional side of the deal is always a grave error in our business. It’s more than numbers, it’s the clients home. No one enjoys leaving money on the table. What it boils down to is a balancing act. To achieve balance in a transaction is to contract and close.

So what are we balancing? Frequently it’s all situational. For instance, been in a vacant home that’s listed for sale? Chances are their situation is they’re out of the house, won’t be coming back and are making mortgage payments on an empty box. Anyone in this situation should be priced ahead of the market because just a couple of months of mortgage payments could quickly catch up to where the price should have been in the first place. If you’re currently living in the house and have an extended time frame on when you need to sell, then the variables in your equation change drastically. You may be able to afford the chance that someone may stumble in and love your home. They may be willing to pay a 5% premium or more. Now, is that 5% worth gambling with? If the market is unstable or turning downward, probably not. What’s the cost of the alternative temporary living situation? Are you moving to an area where the cost of living is much lower? Is the dollar today worth more than the possibility of a few dollars more in 3-6 months?

These are all questions that have various answers. It all depends on the seller. However, more likely than not, sellers I’ve worked with only see the price as a number unto itself. No outside factors. No equation to be balanced. Just the price and nothing else. It’s a dangerous cocktail of emotional reasoning that has tagged sellers all over. Just down the block from my home is a home for sale that has had a sign out reading “Must sell today!!!” for the previous several weekends. I’d love to hear their story, but I bet I already know it.

Find a reputable Realtor, Appraiser or both. Tell them your situation and listen to their advice. Craft an attack plan that balances your situation with your objectives while staying tuned-in to the market conditions.

This post was inspired by an article Nick Pilz sent me: Blueprint for home sales: Price it right