Things Your Realtor Won't Tell You...REALLY?!?
The other day my husband brought home a copy of Reader’s Digest. As I was looking through it, I came upon an article entitled “13 Things Your Real Estate Agent Won’t Tell You”. Well, THAT piqued my interest. What am I not telling people? Am I not doing my job correctly? Do people think I am hiding things from them?!?
Let me tell you, I was in a real snit (until I actually read the article). First of all, the author asked Realtors from across the country to contribute to the story. She was not just some writer set out to bash the real estate community because she had a bad experience either buying or selling.
Every point made was valid and should be shared with both Buyers and Sellers.
There are actually 23 “things” that were mentioned either in the article itself or in the on-line, expanded version located at www.rd.com. In order to keep this blog short, I will just paraphrase some of the ideas that I found the most relevant for today’s market:
- If you are a Seller, don’t be offended by a low-ball offer. Work with it. You may have a better chance of coming to an agreement than finding another buye
- I know it’s heart-breaking, but the fact that your house was worth a lot more a few years ago is simply not relevant in today's market. In order to sell your home, you have to be realistic.
- Watch out for agents who overestimate your home’s worth. They are hoping you chose them over other agents who will price your home more realistically. Choosing that agent will only guarantee that your home remains on the market for a long time. Some buyers won’t even look at your house if they think there is no hope of negotiating a fair price.
- If someone wants to look at your house on short-notice, if at all possible, LET THEM! It may be inconvenient to you, but that person may be the buyer you are waiting for.
- If you are a buyer and you want to check the value of a property, you can utilize programs such as Zillow.com. However, don’t lock in on that figure. Websites such as Zillow only assess nearby homes with similar square footage that have sold. These programs do not take into consideration things such as the type of home (split-level, ranch, etc.), the level of upgrades, or the location (on a busy street, backs to park, close to shopping, etc.)
- As an agent, I can’t share the economic standing, predominant ethnic background or local crime rate of the area. If I did, I would violate the Fair Housing laws. You will have to look the information up yourself. For crime statistics in Omaha you can go to: http://www.opd.ci.omaha.ne.us/crime-information/crime-statistics to find the information you seek. For area demographics try: http://2010.census.gov/2010census/popmap/.
- Commission is always negotiable up front, before you sign a contract. Sometimes, if you and a Buyer (or Seller) are unable to come to an agreement, you could ask the agents involved to reduce their commission in order to get the deal to come together. Although, you must keep in mind the next point:
- The total commission does not go only to the List Agent. The funds must be shared with the Selling Agent (if there is one). After that split, there is money owed to the brokerage companies and sometimes, if the agents are part of a team, that team gets a cut as well. Agents have to pay for marketing, board dues, lockboxes, signage and more.
I hope you will keep in mind this blog when you are ready to either buy or sell a property. I also hope that when that time comes, you will consider working with me. Because after reading the article and writing this blog, I have come to the conclusion that I am doing my job properly and to the best of my ability! I always try to touch on these points at some point in my relationships with buyers and sellers alike! When the time is right call me, Marti McEvoy, at 402.670.0193.