I have a good friend who just got her real estate license but has NO experience and I need to sell my house VERY FAST!! What do I do? Shouldn't a realtor be experienced so they have clients looking for homes and advertise on other websites and stuff? I really need advice! Help!!
2007-05-01 11:05:32 · 9 answers · asked by Steenskees 2 in Business & Finance ➔ Renting & Real Estate
Never hire a friend. We had to learn that the hard way. Especially one with no experience. Our friend had only 2 years experience. We gave her our listing. She agreed to do it at 3 month intervals as a contract. Also, she agreed to only take 5%.
We had the listing with her for 6 months. In that time very little advertising was done. We had to make our own brochures and signs cause she didn't have enough of a budget being new. The company wouldn't agree to our price so we lowered it by almost $50,000 over the 6 months. They only sent 5 buyers to view the house in those 6 months.
We are no longer friends out of her choice. We listed the house very low with a realtor who agreed to only 3% if she has to share it with another company and 2% if her office sells it. Also, if we sell it we give her nothing.
Don't fall for the hype about the higher the commission the better your chances are of selling fast. That's not going to fly in this market. Realtors are becoming competitive. Even 5% is a high commission these days.
Another thing to think about is how the agent has sold herself/himself to you. Many of them like to BS the client into fancy marketing techniques and how they are #1 in the area. They all can't be #1 can they?
Interview at least 6 to 8 agents from different companies and offices. You need to find one that seems to be realistic and understanding and not give you a big to do about how great they are.
The ironic thing is that we actually got an excellent offer when we went FSBO before relisting. Only problem is that the buyer has a house to sell also. We got more buyers coming through when we were FSBO than we did and do when listed.
You need to have a realtor who "gets" YOU- THE SELLER! They need to work for you and not the buyer. A friend is not a good idea to have as your agent. It becomes very awkward.
I wish you luck. It's a lousy time to sell only because the media is giving so much misinformation.
Again, good luck to you.
2007-05-01 11:38:26 · answer #1 · answered by ursaitaliano70 7 · 1⤊ 0⤋
You do not have to use a Realtor as your selling agent, however, realize that agents representing buyers may bring a qualified candidate, and will be expecting some type of compensation, usually at least 2.4 depending on your market. Will you be able to advertise on the level that a selling Realtor could, or do you already have someone in mind?
2016-05-18 03:22:08 · answer #2 · answered by ? 3 · 0⤊ 0⤋
There are plenty of horror stories about RE transactions with friends and family.
I agree that if your friend has a mentor, it should be fine. If she is signed up with a small office with no mentor that has a very limited advertising budget - it could be a problem.
Ask her how she plans on marketing the property. Flyers, ads in the paper and local RE books are VERY expensive. Does she have resources allocated to get the ads in? Will she hold an open house? If so, when? Does their office have a website it will be posted on? A national franchise site? Realtor.com? Most RE property searches begin on the internet and you need to have your home out there.
I wouldn't be too concerned about using a new agent with a mentor. She should definately have time to market your house and with a busy agent, your house is just one of many and you may get lost in the shuffle.
2007-05-01 14:54:23 · answer #3 · answered by godged 7 · 0⤊ 0⤋
A few important tips:
1. Honesty: Go to your local Dept. Of Real Estate and type in the name or license of the agent. This will call up any complaints or suspensions that have taken place.
2. Expertise: How long have they been doing this and do thay have a working knowledge of the areas you want to buy in.
3. Are you comfortable with the person. Do you feel pressured or is there too much sales stuff - thats always self interest. Ask yourself how you feel and then follow up with solid research
2007-05-01 11:15:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Look for a company with a high profile in the area. Then look for a RE agent that seems to have some signs. Interview a couple of agents until you are comfortable with one. Ask about their marketing plans. Ads and exposure. Do not try to get a cut-rate agent. Usually these agents are desparate and will not do a good job. No matter what you do... your friendship will be damaged a lot or a little.
2007-05-01 12:05:13 · answer #5 · answered by loandude 4 · 0⤊ 0⤋
If your friend has a good mentor, you may be able to use her. The trick is to ask her exactly what she is going to do to market your house, and how many people will be helping her. If it sounds as though she has four or five strategies,and good help, then you can use her and make sure she is following through with the marketing. As far as selling your house fast, the biggest motivator is price. You will need to give up 7-10% in order to make it sel right away.
2007-05-01 12:08:05 · answer #6 · answered by Ron B 3 · 0⤊ 0⤋
Most of the time, good pricing does more than the realtor. A listing agent who know how to market will be helpful. Your friend if she price it right it may move and if it does not move, it could hurt the friendship.
Market idea
6% Listing agreement
3% Closing help
5% below market, if they need more closing let them go up for it!
2007-05-01 11:24:18 · answer #7 · answered by ron d 3 · 0⤊ 0⤋
It is best not to mix business with pleasure. That is my experience anyways.
2007-05-01 11:13:23 · answer #8 · answered by Jennifer J 1 · 1⤊ 0⤋
Try: http://www.exooom.com
2007-05-03 06:33:06 · answer #9 · answered by Anonymous · 0⤊ 0⤋