Market Insights: Sold in 67 days: Selecting your Realtor
November 17, 2012
Editor’s note: This is a series of articles about how to get your property sold in 67 days. To read the previous articles and review all 12 steps in the process, go to http://www.summitdaily.com and search for “market insights.”
The steps to selling in 67 days which we have discussed so far are: 1) Plan ahead, 2) Know the market and 3) Make the commitment to sell. Now we will discuss the fourth step: Select your Realtor.
It is in your best interest to complete these steps before talking to a Realtor. Why? Because of human nature and the fact Realtors are paid on commission. You know me, I am famous for being “brutally honest.” All things being equal, a person who never, ever makes a dime unless something is sold is probably going to encourage you to sell; hence, the importance of the first three steps. Now let’s move into the traits to look for in your Realtor.
Search and search until you find a Realtor who, deep down in your gut, you trust. This is priority No. 1 in the selection process. If needed, interview 50 people. Don’t make your selection until you can say to yourself, “Do I trust this person to put my needs ahead of his or her personal gain?”
The State of Colorado Real Estate Commission appreciates the importance of trust. So much so that it allows the Realtor who works with a seller to be either a “transaction-broker,” which is like being a referee who insures you play by the rules, or a “seller’s agent,” who is your coach working to get the best result for you. There are several aspects of the “seller agency” agreement that differentiate the two types of agreements. My favorite difference is defined by the following, “ADDITIONAL DUTIES OF SELLER’S AGENT … Promoting the interests of Seller with the utmost good faith, loyalty and fidelity.” Are the Realtors you interview eager to be your “seller’s agent?”
How hard will your Realtor work for you? Is being a Realtor a career or a hobby? Do they continually take professional education courses above the basics required to maintain their license? Do they attend conferences both locally and nationally? When was the last time they attended the National Association of Realtors (NAR) annual conference? Is being a Realtor their full-time or part-time job? Are they an active Resort and Second Home Property Specialist (NAR’s group for markets like Summit County)? What was the last book they read about being a better Realtor? The final question, coming up, is the most critical. Look them in the eyes and say, “How can you guarantee that you’ll be there for me?” Likely, responses you will hear from a committed Realtor include, “I limit the number of sellers whom I represent at one time.” “I employ an assistant/team so that we are never over extended,” “When I am on vacation or on a day off, I have an arrangement with [name of other licensed Realtor] who will handle everything in my absence.” Note: a pro will respond instantly to this question versus the person who has to formulate an answer.
The best Realtors will provide you with a very detailed and extensive marketing plan in writing without being asked. With this document, you know exactly what will be done on your behalf. As my Mom, a pioneer among female Realtors, used to say, “This is a must.”
See you next week when we move on to the fifth step, working as a team with your Realtor. Love life, DWJ
Daniel Webster Johnson is a very active, full-time Realtor in Breckenridge, who has earned the national Quality Service Certified Platinum award, recognition of 100 percent client satisfaction. He is one of the team at Resort Brokers Real Estate. He loves feedback, so call him at (970) 393-3300 or him drop him a line at Daniel@YourMountainBroker.com.