Your Guide to Choosing the Best Real Estate Broker in Suffolk County
When it comes to choosing a real estate broker in Suffolk County, many home sellers make the mistake of selecting an agent based solely on the highest list price for their home or the lowest commission. However, these two criteria are often irrelevant when it comes to hiring the best agent. Read on to find out why.
The Highest Suggested List Price
Some Agents Distort the Truth
It’s a common misconception that agents can accurately predict the selling price of your home. While a listing agent can offer information on comparable sales, pending sales, and active sales, the final decision on the sale price lies with you. The buyer’s offer will determine if the price is suitable.
It’s essential to be cautious of listing agents who suggest the highest price. Since agents cannot guarantee the sale price, a listing agent who suggests an inflated price may not be truthful. You can ask the agent to provide supporting numbers and data for their suggested list price, but they may not have them, or the referenced home sales may be in a different neighborhood.
Pricing Is an Art
When it comes to selling your home, pricing is an art. There are many factors that determine the correct price, including location, strength of the market, and improvements. If a home is overpriced, it can become “stale” in the eyes of buyers. That’s why it’s important to price your home right from the start.
The best time for an offer is within the first 30 days on the market. If the home is priced right, you’ll get an offer. If it’s priced too high, you might not get any offers or showings at all.
Should You Choose an Agent Based on Commission?
Finding the right real estate agent is crucial to the success of your home sale. While all agents are licensed to sell homes, not all are created equal. Only about 10% of agents handle 90% of the business. Each agent has their own unique marketing techniques and advertising budget. By choosing an agent with a larger advertising budget, you can gain greater exposure to a larger number of buyers. This can increase your chances of receiving a good offer.
Why Would an Agent Willingly Work for Less Than Competitors?
It’s not uncommon for brokers or real estate agents to offer a discounted fee, but it’s important to understand why. While a lower commission may seem like a good deal, it’s important to ensure that you’re not sacrificing quality service, knowledge, or negotiation skills. In some cases, full-service agents may be willing to negotiate a lower commission under special circumstances, such as:
- You’re buying and selling a home simultaneously and giving both transactions to one agent.
- You’re willing to handle all the legwork, advertising, marketing, and expenses related to the sale.
- You’re committed to referring more business to the agent, which could result in multiple transactions.
- You’re in the process of selling multiple homes.
- You don’t have enough equity to pay a full commission.
However, if an agent’s only selling point is a cheap fee, it’s important to ask yourself why. Is the agent desperate for business or unqualified? Working with a desperate agent may not be in your best interest. If you’re having trouble deciding between agents who offer similar services, consider asking if you can speak with previous sellers they’ve worked with. This can give you a better idea of the agent’s experience and the quality of service they provide.
Importance of Agent Marketing
A successful listing agent understands that marketing is the key to selling homes, going beyond just flashy cars and fancy clothing. It’s crucial to review their comprehensive marketing plan. You should expect the following for the fee you agree to (remember, if the agent doesn’t sell your home, they don’t get paid):
- Name Recognition
- Professional Signage
- Follow-Up Reports/Calls
- Broker Open House
- Incentives for Agents
- Staging Advice
- MLS/Internet Exposure with 8 to 12 Professional Photographs
- Virtual Tour
- Distribution to Major Websites
- Highlight Sheets
- Public Open House
- Direct Mail to Neighbors
- E-Flyer to Agents
- Updated CMAs after 30 Days
- Enhancement on Realtor.com
- Neighborhood Updates (Facts, Trends, and Recent Sales)
Remember, it’s not just one tactic that sells homes but a combination of all these methods.
Qualities of a Good Listing Agent
When it comes to choosing a listing agent, sellers often look for specific qualities. Here are some factors sellers consider when looking for a good agent:
- Experience: Let new agents learn the business on somebody else’s dime.
- Qualifications: Ask about degrees and certifications.
- Intuition: Trust your gut. Your agent should speak from the heart and be passionate about helping you find your dream home.
- Networking: This is a people business. Some homes sell because agents have contacted other agents.
- Negotiation Skills: You want an aggressive negotiator, not somebody out to make a quick sale at your expense.
- Communication: Good communication and availability are key for sellers.
In the end, hiring the best agent will ensure that you walk away with the most money in your pocket, and that’s what counts.
Get in Touch
For more information about choosing a seller’s or buyer’s agent, do not hesitate to contact me, Evan Greene of RE/MAX. You can also download this PDF.