3 Dangers of Hiring the Wrong Real Estate Agent
Don’t let these things happen to you!
Selling your home is one of the most significant financial decisions you can make. Finding a great real estate agent that assists and advises you through the process will make your selling experience a good one. But choosing the wrong agent can bring about dire consequences. Take your time to carefully choose the right agent, and you won’t find yourself in one of these situations.
1. You sold your home for less than you could have.
This unfortunate outcome can result from poor negotiation, lack of proper exposure, and/or sloppy follow-up. If your agent doesn’t possess the negotiating skills necessary to get you top dollar, you’ll end up settling for less. And if your agent can’t get you proper exposure, your odds that the right buyer will see your home diminish dramatically. Finally, without an effective system for follow-up, an agent can’t ensure that you’re getting the best price, because potential buyers are being ignored or forgotten, and consequently passing up your property for others.
A pushy, confrontational agent is especially problematic. Real estate is an interpersonal field, so an agent with a bad reputation is avoided by fellow agents. That’s bad news for his or her clients. Don’t miss out on opportunities to sell to qualified buyers, purely because those buyers or buyers’ agents don’t like working with yours.
2. You got into liability or legal issues.
A qualified agent understands the balance of honesty and confidentiality. The process of a property sale involves privileged details, and an agent who discloses information improperly or unlawfully can get themselves into trouble. More importantly, this kind of agent can get you, the seller, into trouble.
The last thing you want is a liability issue. Make sure you hire an agent with a comprehensive understanding of the contracts involved in your sale and the use of proper disclosure. A skilled agent will communicate carefully to other agents and consumers, in a way that protects your financial best interests.
Make sure the agent has a Rolodex of excellent real estate attorneys they can go to when they have questions or when something that they had not dealt with in the past comes up. In most cases, a great agent can get questions answered without any cost to you.
3. You wasted time and missed out on the right market.
Timing is everything! You can miss out on the right market if you list with the wrong agent. Especially in the current low-inventory market. You may list your home only to find that your agent’s failure in the previously mentioned listing practices prevents you from getting a satisfactory offer.
Unfortunately too often, we’ve seen sellers put a house on the market and wait 4-5 months for an offer that never comes because they listed with a sub-par agent. By the time they separate from this agent and hire a new one, the market has changed. The favorable market in which they could’ve sold their home for a great price has been replaced with an unfavorable one, and they’ve missed their window to get the most from the sale.
Thanks for reading this article! I’d love to hear from you and answer any questions you may have.
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We understand that most people know a real estate agent or have a friend or family member in the business. If we can’t be your first choice because of a relationship then we want to earn the right to be your plan B or possible future business. If your home is currently listed with an agent then please disregard this message.