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Sunday, April 12, 2015

5 Secrets Some Agents Hide

The Real estate business boasts a lot of dedicated agents, who’ll do
their darnedest to get you what you’re hoping for.
But you could run into one who takes short-cuts or is
looking out for number one, and that “one” isn’t you.

“Some of these practices spring from pure laziness,” said Nikki, “but
others are outright scams. And the end result is a loss to the
client. Here are some of the warning signs.”

• The agent withholds any comment on market value in an attempt to get
the seller to set a price, ignoring valuable information gleaned from
the list of recent comparable sales and number of days on the market.
This is usually a ruse to help the agent get the contract, but often
ends badly. This agent wants to play the hero, delivering a "promise" of
the highest possible price among the agents interviewed. But often,
the over-priced home languishes on the market and is eventually
withdrawn. Or after going unsold for a lengthy stretch it attracts
only bargain-hunters and low-ball offers.

• The agent takes listings only, waiting for buyers’ agents to do all
the work and does no marketing. The property usually makes it to the
Multiple Listing Service, but there are no photos, no internet
marketing, no open houses or staging; nothing but the agent’s sign in
the front yard.

• The agent persuades you to advertise your home as “coming soon,”
though you may not be prepared to sell till school’s out, or that new
job opens up. This benefits the agent, but can be a losing
proposition for the client. When your home finally does hit the
market, your agent will dazzle you with a bunch of potential buyers,
hoping to “double-end" the transaction. But you’ll surely do better to
advertise to the widest possible array of buyers.

• An agent who’s a part-timer, and is not investing in marketing or
other tools to sell your home effectively, and couldn’t possibly give
your listing the attention it deserves.

• An agent who urges you to keep your home off the Multiple Listing
Service. Maybe he knows the perfect buyer who’s out of town, or needs
to first sell a current home. So-called “pocket listing” is
discouraged by many associations as marginally ethical, and unlikely
to fetch the best possible price.

“So how do you avoid these costly come-ons?” asked Nikki. “By
following the number-one rule in choosing your agent. Interview three
agents. Ask for a printout of their past year’s transactions. If your
agent’s a part-timer, meet the broker. It’s our job as brokers,” she said, “to back all
our agents with as much support as they need.”

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