Mistakes Made by Sellers

THE QUOTE TRAP

One of the most common mistakes made by sellers is believing the price the agent quotes for the sale of their home.

Once you sign up with the agent, if the selling price is less than the price you were quoted, then that's too bad.  There is nothing in the standard real estate selling agreements that compels agents to honour their verbal quotes.

The "quote trap" catches thousands of sellers who are told one price before they sign up and another price after they have signed the agreement for sale.  An agent who is telling the truth about the price of your home will have no reservations about giving you a written commitment that the words you hear are the truth.

We, at McDonald Partners Real Estate, will honour our quotes at the time of signing the agreement and throughout the selling processing.

FAILURE TO CHECK OUT THE AGENT

Choosing an agent based solely on a high quoted price and a low commission rate can be a costly mistake.  Agents who offer low commissions can be poor negotiators.  You are hiring an agent to negotiate the best market price for your home.  Take the time to "check out" the agent.  A little research can mean BIG savings for you.

Once you have signed up with an agent, you may be horrified at the things the agent says and does when handling the sale of your home.  Many agents openly encourage buyers to offer lower prices.  Many agents reveal confidential information about sellers, such as "These people are in financial trouble", "The vendors have already bought and really need to sell".  If you have a pressing personal reason for selling - illness, divorce, financial commitments, etc,  the agent may tell buyers about your situation and this will weaken your position considerably. 

Treat the hiring of an agent like a job application.  You must discover if the agent is honest and competent.  There are two ways to do this.  First, ask the agent for details of all their current home sellers.  Call some of these people and see if they recommend the agent.  Second, you should "mystery shop" the agent to make sure he is not going to say one thing to you and another thing to buyers.  Call the agent's office and make enquiries about one or more of the homes they have for sale.  Ask questions such as "Why is the home being sold?" and "What is the lowest price the owners will take for this property?"  Mystery shopping will tell you if this is the agent you want to handle the sale of your home.

CHOOSING THE AGENT

The most important ingredient in any relationship, business or personal, is trust.  Before you choose your agent, ask questions, check references, test their negotiating skills and ask yourself the question "Do I feel comfortable with this person handling the sale of my family home?"  If your answer is "no", do not hire the agent.  However, feeling good and comfortable is not a good enough reason to trust the agent.  You need proof that the agent deserves your trust and that's easy, just make sure that anything you are told verbally is confirmed in writing.  This will really test whether or not the agent can be trusted.

A SKILLED NEGOTIATOR

The main reason home sellers lose money, is because so many agents are poor negotiators.  There is a big difference between what a buyer pays for your home and what that buyer would have paid.  Most agents do not know how to obtain the best market price.  Just ask anyone who has bought a home what was the price they paid and what was the price they would have paid.  Thousands of buyers are able to buy homes below their maximum price because so many agents are such poor negotiators.

YOU DON'T NEED A SLICK SALESPERSON, YOU NEED A GOOD NEGOTIATOR!  A good negotiator can easily mean an extra ten percent on your selling price.  Provided a home is well priced, it is not hard to sell.  What is hard, is getting the highest price and this requires negotiating skills.  Lack of these skills is the reason thousands of homes are undersold.  Our Sales Team members are leaders in this field and we can show you the results to prove it.