The 93/7 Rule & Why the Right Agent Will Not Tell You What You Want To Hear
We all love to know what the numbers are in real estate, right? Whether it be our home's value, our neighbor's value, or where the market, in general, is going (positive or negative), the numbers are important.
Well, here's a market stat that might surprise you:
93% of all transactions are done by just 7% of real estate professionals.
Think about that!
Imagine what that means if you're trying to sell your home. Seller beware! There is a distinct possibility that you will have experienced more escrow closings than your agent has.
Take The Time to Find the Right Agent
Not all real estate agents are the same and taking the name from your dentist's sister's mother-in-law is definitely a bit of a risk if you don't interview that agent first. Going by the biggest billboard, the best business card or even your friend from the community or a club is just a starting point, not the end.
When you sit down to interview a Realtor, find out what their plan is to market your home. Ask what experience they have and what tools they use that will be beneficial for you. Ask them to show you their sold listings in their MLS portal so you can see how long each took to sell and how close they sold to list price. Ask what you need to do to make your home more marketable. If you're only getting big bold promises that aren't backed by actual market data such as statistics on their past sales, recently sold comparable homes near yours, closing rates, time on market, etc. then definitely be cautious and get a 2nd opinion.
When You're Told What You Want to Hear then You Might Want to Walk Away
Unless you're an experienced real estate investor or have worked in the industry for a good amount of time then chances are that a good agent will, politely but firmly, push back against some of your expectations. If you're asking price is too high for your local market then expect them to justify why they think it is. If it's curb appeal or staging that needs to be worked on, a good agent will happily tell you.
A great agent believes it's their fiduciary duty to help you sell your home for top dollar in the shortest timeframe possible and they will want to clearly explain why they feel you need to do specific things. A strong agent can review the numbers with you and back up their recommendations when it comes to pricing. They'll be able to make recommendations as to how you can make your home more appealing to buyers. You'll walk away feeling better informed with a more realistic picture of your home in the current market and what you can expect about the sales process.
Realtors & Brokers don't get paid unless they make a sale and they know they don't succeed unless you do. You want & need a partner that has your best interests at heart when you list and sell your home. The realtor who agrees with everything you say without giving their own insight or doesn't explain why they disagree with you is just looking for another listing and not a closed sale.
It may sound strange & counterintuitive, but the realtor you should probably work with is the one who potentially disagrees with you when you first meet.
So if you're tired of agents who can't and don't explain the process, how the market works or how you can improve your chances for a quicker close at the highest amount possible then feel free to reach out to us. We'll analyze your home and review the current comparable sold homes in your neighborhood with you. Communication is vital and we want to ensure you have all of the proper information to make an educated and informed decision on when and who to sell your home with!