Dear Property Owner,
Owning a property is perhaps the biggest purchase you have ever made. Which is why, when it comes to selling it, you want to make sure you’re getting a fair price.
As a seller, you, like everybody else, will want the most money you can get for your property. But if you’re making costly selling mistakes…
That’s probably not going to happen.
One of these mistakes is hiring real estate agents who don’t have your best interests at heart.
So how do you spot your ideal real estate agent?
And most importantly…how do you tell an agent will probably be a bad fit before you sign a contract with them?
If you’re as clueless as most first-time sellers…
Or if you’ve been burned by a bad real estate agent before…
This is your starting point.
These 5 dirty little tricks will help you save money, time, and make a quick sale.
Ready? Let’s dive in.
- Avoid Part-Timer Agents
If an agent is working part-time, they’ve got one foot in and one foot out the door. And for you as a seller, that means trouble.
Since the barrier to entry is so low in the real estate industry, you’ll find a lot of people who are real estate agents “on the side”.
But can part-time agents really help you?
In the open house, are they showing your home or networking in self-interest?
Do they even know what they’re doing?
A part-timer will never be as attentive or committed to their job as an agent who’s been in the business for some time.
Think of it like this:
You need $20 for a meal.
Suppose the only way you could eat dinner is to earn $20 and buy yourself a meal.
Now you may have a coworker working the same job as you.
He also needs $20 to buy himself a meal for the day. But he also has a frozen pizza sitting in his freezer at home.
Who do you think will make more effort to earn those $20?
You, or the coworker who knows whether or not he makes those 20 bucks, he won’t go to bed hungry at night?
That’s exactly how it is with full-time and part-time real estate agents.
One will give it their best to get you the best deal possible because that’s their bread and butter.
The other will make some half-baked attempt to sell your property, then sit back for days because they’re not too worried about the money.
The effort is where the money is.
And whoever has more incentive to get you the best deal possible will be the one to get you the best deal possible.
So for a part-timer, as soon as they list your property on the MLS (Multiple Listing Service), they will likely sit back and wait for a while.
You can forget about them taking professional pictures of your home or filming drone videos.
They won’t go through the effort that professional real estate agents do to sell a property, and most importantly…
They likely don’t have a database of buyers looking for homes in your area.
They’re new, probably doing this on the side, and don’t have much experience to help you get the best price for your property.
So what does that mean for you?
It means making calls to the agent repeatedly to get an update.
Looking for people in your own network to find a buyer because you feel (and rightfully so) that your agent isn’t making enough of an effort.
Most sellers who’ve had bad experiences with their real estate agents made the mistake of hiring part-timers who are only in it for a quick buck.
And that’s the last thing you want when selling your home.
So if you’re going to hire a real estate agent and pay them the 6% from the sale, you might as well hire someone who knows what they’re doing and can get some eyeballs on your property.
- Negotiate The Terms Of Your Listing Agreement
A standard listing agreement is for 12 months.
Real estate agents want you to think this duration is non-negotiable because they don’t want you to negotiate.
When in fact, it’s completely fine (even encouraged) to negotiate the terms.
We recommend you ask for a 6-month listing agreement instead of the standard 12-month agreement pushed on you.
And here’s why:
When you list your home with a real estate agent, you sign a 12-month agreement with them.
But if 3 months into the agreement, you realize your agent is not doing everything they could to get you a deal on your property, or they haven’t done enough showings…
There’s very little action you could take at this point.
You’re legally bound by the contract.
And even if you decide to sell the property on your own to somebody you know, as opposed to a buyer brought to you by the agent…
You will still have to pay the 6% commission.
Not fair, we know!
As long as you’re selling your property within the 12-month timeframe, it doesn’t matter where the buyer comes from…you pay the commission.
Speaking of which…
You can also negotiate the commission you pay to your agent.
A lot of the time, people don’t read the fine print.
The agreement is very long, and because people usually don’t read it, they don’t know that the terms of the agreement are negotiable.
You CAN negotiate your listing agreement from 12 months to 6 months.
And you CAN negotiate how much you pay in commission to your agent.
A shorter contract will force the agent to act fast and speed up the selling process…
And if you’re selling expensive real estate, your agent will still make a lot of money if you pay them 4-5% in commission instead of 6%.
So there are only upsides to negotiating your contract, and if you could sign on terms that suit your needs better, why not?
- Sniff Out Your Neighborhood Superstar Agent In 5 Minutes
A lot of sellers start out confused.
There are too many questions you will need answers to, and very few people willing to answer with complete transparency.
And that's why this is when most sellers make the most costly mistakes.
Do I sell on my own?
Do I hire an agent?
Which option is cheaper?
Who could get me a better deal?
Where do I start looking for buyers?
Since real estate has a very low barrier to entry, a lot of people have a real estate license. Acquiring it takes a few hundred dollars and a couple of weekends…so it’s not a long, drawn-out process.
Which is why there are thousands of people in and out of the real estate industry every day.
It’s likely that someone in your circle of friends or somebody in your family is a real estate agent.
And the problem with that is in addition to being a part-timer, they probably don’t know your area very well.
Ideally, you want to go with someone who knows your area, is familiar with the intricacies of your neighborhood, and can find prospects looking to buy a new home in your locality.
A full-time real estate agent that is familiar with the housing market in your area will very likely have a database of contacts they can tap into to line up prospects for your home.
And that’s who you want.
The superstar agent of your neighborhood.
You want them to list your property because that increases your chances of making a sale at a maximum price in minimum time.
Which is essentially the dream of every home seller.
But it’s challenging to figure that out as a consumer because there are so many agents around, and you think,
“Well, an agent is an agent. I might as well go with someone I know.”
Which is one of the most common mistakes sellers make.
You must do your due diligence because all agents are not the same.
So how do you sniff out your neighborhood superstar agent in 5 minutes?
You drive for several miles of radius around your house and look at all the “for sale” signs.
Instantly, you’ll notice there’s a dominant realtor who has the majority of listings in your area.
He is the one you should contact to list your property.
There has to be a reason that this one agent is dominating their competition. And chances are, they might already know who the buyer for your property is.
The other agents are just filling in the blanks.
They’re either part-timers or new to the neighborhood.
And, likely, they don’t know the neighborhood like this superstar agent does.
4. Accept A Cash Offer Over A Financing / Mortgage Offer
Many offers on your property will be part cash, part financing offers.
But financing offers are unpredictable, and it’s best to avoid them.
Let’s say you have an offer of $95k split into 90k cash and 5k bank financing.
Now, this might sound good when compared to a full cash offer of only $90k.
But there’s a flip side to that promise of extra money; it comes with many contingencies.
When only the buyer and seller are involved, the transactions are relatively straightforward.
They decide on a mutually agreeable price, and as soon as the money changes hands, the deal is done and fulfilled.
But with financing offers, there are more than just two players involved.
And when there are more players, there’s a higher chance of the deal going south.
The most important third party is the bank.
When the buyer pays out of their own account, they have complete command over how much and to whom to pay.
But when the buyer is getting financed by the bank, there’s an addition of a new stakeholder in the deal.
The bank will want to do its own due diligence because it’s their investment too.
So they might do a property appraisal and say, “Nah, this property isn’t worth more than $85k.”
Now where you were once expecting to receive an extra 5k, you’re going to get 5k less.
And if you don’t agree, the bank will refuse to finance the purchase.
The buyer will walk away because their buying ability depends on the bank loan.
They’ll also get their deposit back.
And after all the time and resources you’ve invested in selling your property, you’ll be back to square one.
So evidently, financing deals are shaky like that.
On the other hand, cash offers are straightforward. As long as there are no liens and violations, all you have to do is agree to a price and make the transaction.
But even if the bank agrees to the 90k, the home inspection contingency is another factor that may cause your deal to go south.
After the bank approves your deal, the home inspection team will come in and do a property appraisal to ensure the buyer (and the bank) is protected from any hidden faults and issues with the property.
They’ll inspect the exterior as well as the interior.
That includes roofing, plumbing, HVAC, and electrical, as well as potential infestations in the structure of the house.
If the home inspection team identifies any major issues with your property, most potential buyers will have a 7-day window to walk away from the deal.
With cash deals, there’s nowhere near that much red tape.
Which is why, sometimes, it may be better to take the cash deal if you want to sell easier and faster…even if it’s 5 grand less.
Because the financing deal could fall apart a month or 45 days later, and then you’re back to looking for a new buyer.
Another downside is if your property’s been listed on the MLS for too long and people can see buyers looking but not buying, they will assume something’s wrong with your property.
And that reduces your chances of selling at a high price significantly.
5. Skip The Line & Sell To My Quick Home Buyers
A lot of the time, when you’re selling your property, speed is of utmost importance.
And that’s when you call My Quick Home Buyers.
You could list your property on the MLS with a real estate agent who will find you a buyer…
Or you could sell on your own with My Quick Home Buyers, where we are the buyers.
To us, it doesn’t matter if your home is cluttered, in need of repairs, or a paint job…we buy as is.
If you want to sell fast, and close within 30 days, with no commissions, and no bank financing, then we’re your go-to option.
And since we are the buyers, and we purchase your property in cash, we can speed up the process and get you to the closing table A LOT faster!
So you don’t pay any commissions, which means you’re saving thousands of dollars in closing costs, you sell your home exactly as it is, and you get paid in cash…
Tell us you’ve heard of a better deal, and we’ll prove you wrong!
My Quick Home Buyers is for people who want to sell fast and without the hassle of dealing with real estate agents.
We buy in South Florida, and our ultimate goal is to make the sale as fast, easy, and effortless as possible for you.
So if you have a property to sell, visit My Quick Home Buyers today to get your offer and sell up to 10x faster!