How should I proceed with agent??

Question

Ivy Wang · Answer

The second may say she can list it for $325k because she just wants your listing. How much it can actually sell for depends on the market, so the third may actually be correct. It doesn't matter how much you list it at if price is the main concern. If there is a demand, it will go over asking. If it's priced too high, it will come down in negotiations. I would believe the third when they say you won't get $325k in your market.

As for the first not knowing her finishes... you're just nitpicking. In my opinion, finishes are not what sell a house. It's condition, sqft, lot size, area, and school district. Finishes are bonuses and add very little property value.

You could ask the first two agents if they would be willing to co-list the property. We do this in CA, so you may want to check with your state laws and regulations. Typically, I would advise to hire who you think will be the best at negotiating and getting sh*t done. But in this case, I'd honor the deceased wishes and hire the first regardless of how I feel.

Joe Gutmann · Answer

@Tim Wilkinson There are a lot of questions in there but I'll try to answer a few. I don't believe on the listing side there is really any reason to hire two agents, nor do I think any qualified agent would take that deal, but you never know.

Did the agent who closed 125 deals close them on the buyer side or listing side? How many of her deals closed at listing price, below, or above?  Did she personally close 125, was it her team or a similar situation? Has she closed any near your area or in similar markets? Who do YOU think will best help you and have you asked for any references? Will you and your father be fine down the road ignoring the letter from the grandfather/father and hiring whom you want to?

On the subject of the country girl, don't discount her because of your first impressions. she may be the one who knows your market best. There is a chance you are trying to improve your property above and beyond what your market can bear, but you need someone local to ask. You may have the correct finishes, and she could be wrong. You could ask her why your grandfather recommended her, maybe he respected her abilities and thought she was the best person for the job.

My best advice would go to a local REIA meeting and try to find people who sell a lot of homes in your area, and see what they have to say of those agents or if they have someone else to recommend. Check out on websites like realtor.com to see what has sold locally (or as close as you can get) to see what you come up with, and ask the agents to produce the comps that justify their listing amounts. Looking at the comps (if available) will best equip you to decide what to list it at.

Did you state 325k and the second one agreed, or is that the number that the agent came up with? I can't tell if she is a great salesperson and agreeing with you say to get the listing, or if she actually agrees. You will have to decide that, but some agents will agree to sell at your price knowing they will have to lower the price a few weeks down the road. I hope at least a little bit of that will help, it may raise more questions than the answers it provided.

Michael P. · Answer

Some might disagree but IMO listing agents do nothing other than put the on MLS.  I am a Broker so take it for what's it worth.

I would tell the second agent to bring her Original Listing Prices compared to Sales Price comparison.  She might promise the moon and delivery Hell.  I'd also want to know her DOM average.

You might run into owning the house for an extra 3-4 months as you priced too high, listing got stale, you had additional carrying and upkeep costs and end up netting less than the 299k you could have gotten in 1 week on market.

I would honor the deceased wishes and use Agent #1 personally, or hire a discount broker who will list for 1% or a flat fee.

Goodluck...

Malcolm Lawson · Answer

I would ask the agents what they are going to do for marketing.  For example are they going to take the photo's them selves or have a professional take them?  Aerial shots?  Paid facebook ads? Open Houses?  Video Walkthrough with the zillow app? Professional staging? These are the things that will make your home sell quickly and for more money.

Agent #2's team selling 125 homes really just means they have great lead generation.  There average days on market will tell you how accurately they price there homes and good they are at marketing.

Also, La Plata is not a great commute to DC.  It's well over an hour in traffic and further then buying a home in Waldorf or Brandywine so I wouldn't count on that adding to much value.

Deren Huang · Answer

@Tim Wilkinson

Most banks will only loan on the appraised price point, if you house doesn't appraise for 325k, some one has to come up with the cash in between, most likely the seller.

Tim Wilkinson · Answer

@Deren Huang you saying I should pay for my own?its possible. I think I can get it for about $400

Tim Wilkinson · Answer

@Joe Gutmann there are too many good points in there to count.

The second agent came up with it on her own. She is from A Waldorf brokerage and so is the first and third. It's the County seat.

I really think I've interviewed enough agents. I agree things are easier with one agent. Also, I ha e to get back to MA and my wife when I'm done with the rehab, so I really need to know they're working it.

Deren Huang · Answer

@Tim Wilkinson

You should also factor in the appraisal of the house, if you are pushing it.

Tim Wilkinson · Answer

I do not have listing versus actual, but DOM were good. However, inventory is historically low here. Many of the comps are old and they were homes that had updated kitchen and bath, but basic finishes for trim, doors, and floors.

This home will have hard wood, granite, new roof, deck, new kitchens, baths, windows and 3/4 acre of new grass and shrubs. They weren't comparable. I want to push the limits this close to DC.

How should I proceed with agent??

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