How to Choose a Seasoned Agent for Your Condo Sale
Key Takeaways:
- Selling your condo is a chance to maximize your equity, so you owe it to yourself to find the perfect listing agent.
- Searching for a listing agent is just as important as your home search, so make sure to meet with at least three candidates before making a decision.
- We’re telling you the must-ask questions to track down a listing agent—and now, you can put our team to the test when you list your home with us!
Condo Sellers, Don’t Settle For Second Best
Many sellers are under the impression that any listing agent can sell their condo instantly for the best possible price, but that’s simply not the case. Did you know that 77% of home sellers only contact one agent before listing their home or condo? When it comes to trusting someone with your biggest investment, it’s crucial to do plenty of research to find the right fit. And you should never settle for second, which is why we recommend meeting with at least three agents before making your decision. We’ve outlined some must-ask questions to help you track down the perfect listing agent!
What’s your marketing plan?
The best way to sell your condo is to expose it to as many prospective buyers as possible, which requires a strategic marketing plan. Ask potential agents about their specific marketing tactics, and you can even have them provide examples from past clients. Just listing it online and scheduling an open house shouldn’t be the extent of an agent’s marketing plan. As agents who have crafted masterful marketing plans ourselves, we have the data to target your home’s most likely buyers—and even more importantly, we know exactly how to reach them.
How long have you been working in real estate in my area?
Almost every agent can boast “decades of combined experience” when it comes to their team’s time working in the real estate industry, but what about selling properties in your specific area? Real estate isn’t the same everywhere, which is why you should choose an agent who is local to your area. This way, you can be confident knowing that your condo will be competitively listed in comparison to other properties in the area. And if your agent happens to also work with buyers in the area, then they may be able to direct them to your listing!
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How many active clients do you work with at one time?
One of the most important things to analyze about your potential agent is their availability. When asking about an agent’s active clients, you want their answer to fall within a sweet spot range. Not having many clients can be a red flag, while trying to sell too many properties at once may mean they can’t provide the personalized experience that you deserve. Working with around 10 to 15 clients at once is pretty standard and should still allow for plenty of one-on-one time between you and your potential agent.
Tell me more about your pricing strategies
As a seller, you want to choose an agent who can deliver a top-dollar home sale. A seasoned agent can determine the value of your condo in a snap. During your first meeting, go ahead and give them details about your property and ask them for a competitive list price. By doing this, you’ll be able to gauge the agent’s pricing expertise on the spot and ensure they give you a realistic amount. A qualified agent will take into consideration other recently sold condos in the area and ask about any renovations you’ve completed.
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And finally…what’s your specialty?
While many listing agents have ample experience across the board, many also specialize in certain types of real estate. Whether it be new construction or luxury properties, it’s crucial to see whether an agent’s specific skill set aligns with the features of your condo. And don’t be shy about requesting a sold portfolio, this way, you can see if any of the agent’s sold listings are similar to your property.
Use Our Local Expertise: List Your Condo With Us
When it comes to selling your condo, choosing the right agent matters more than you think. We have a wealth of cutting-edge seller resources, in addition to our unparalleled passion for earning our clients top dollar on their home sales. We’ve clued you in on all the tough questions to ask, and we’re more than ready to share our expertise with you! Work with one of our professionals at The Bouma Group, Realtors, contact us today at 734-761-3060 or info@bouma.com.
These 4 Negotiating Tips Can Help You Sell for Top Dollar
Receiving your first offer is one of the most exciting parts of selling your condo or home. And while it might seem like the hard work is finally over, the negotiation process is actually just getting started.
Even in a seller’s market, negotiating with a buyer can require quite a bit of time, skill, and guidance from your agent. However, with the right strategies, you can remain in the driver’s seat and maximize your profits.
Here’s How to Negotiate with Potential Buyers
When buyers submit an offer, they’re trying to get the best possible price, secure specific contingencies and financing, and close on their ideal timeline. As a seller, you’ll want to take their needs into consideration—but that doesn’t mean you have to give in to every concession.
Ready to hone your negotiation skills? Here are four easy tips to help you leverage a deal that gets you the price you want while keeping your buyer happy.
Review every offer with your agent
Even if you have some selling experience, it can be hard to decipher all the elements of an offer. Most offers are just a small part of a purchase and sale agreement, which includes everything from price to contingencies to deadlines, so it’s important to review every detail with your agent.
While it might be tempting to decline any offers below your asking price, you still want to consider the bigger picture. It may be worth sacrificing some equity for fewer contingencies or a cash deal. Your agent can guide you through the pros and cons of each offer, as well as answer any questions.
Don’t compromise on your must-haves
Fortunately, low inventory and rising prices have given sellers a distinct advantage in today’s market. That means you probably won’t have to give up a lot of your must-haves—like a certain price or closing date—to secure your sale.
While it’s okay to drive a hard bargain, you don’t want to appear unreasonable to buyers. In some situations, it’s common courtesy to agree to certain contingencies (such as a home inspection), offer credits for repairs, or even pay a portion of their closing costs.
Make a clear counteroffer
If you receive an offer that isn’t quite what you want, you have a few options. Most sellers choose to respond with a counteroffer, which proposes modified terms that are more beneficial to them.
The biggest factor to consider is price—if a buyer offers less than you’re willing to accept, try countering with a more realistic number. However, you’ll also want to take financing, contingencies, and timing into account. For example, you may want to ask a buyer for a different closing date or say no to excessive contingencies, as they can slow down the transaction. Ultimately, the ball is in your court, so it’s worth weighing different options with your agent.
Don’t be afraid to say no
Generally, you should always submit a counteroffer to every reasonable offer. However, if it becomes clear that a buyer isn’t willing to budge on your deal-breakers, don’t be afraid to say no. It’s also best to automatically decline any lowball offers that are around 30% less than your list price.
While it may seem counterintuitive to turn down an offer, it’s not worth negotiating with someone who isn’t serious about your condo or home. And because the market is extremely competitive right now, it probably won’t take long to find a buyer who’s willing to pay the right price.
Thinking of Selling Your Condo or Home Soon?
If you’re looking for the right agent to guide you through the negotiation process, we’d love to lend a helping hand! Get in touch with us today at 734-761-3060 or info@bouma.com to learn the ins and outs of selling your condo or home—we’re always on hand to answer any questions you might have.
Why Selling Your Condo on Your Own in 2021 Is a Mistake
There are many benefits to working with a real estate professional when selling your house or condo. During challenging times, like what we face today, it becomes even more important to have an expert you trust to help guide you through the process. If you’re considering selling on your own, known in the industry as a For Sale By Owner (FSBO), it’s critical to consider the following items.
1. Your Safety Is a Priority
Your safety should always come first, and that’s more crucial than ever given the current health situation in our country. When you FSBO, it is incredibly difficult to control entry into your home. A real estate professional will have the proper protocols in place to protect not only your belongings, but your health and well-being too. From regulating the number of people in your home at one time to ensuring proper sanitization during and after a showing, and even facilitating virtual tours, real estate professionals are equipped to follow the latest industry standards recommended by the National Association of Realtors (NAR) to help protect you and your potential buyers.
2. A Powerful Online Strategy Is a Must to Attract a Buyer
Recent studies from NAR have shown that, even before COVID-19, the first step 43% of all buyers took when looking for a home or condo was to search online. Throughout the process, that number jumps to 97%. Today, those numbers have grown exponentially. Most real estate agents have developed a strong Internet and social media strategy to promote the sale of your condo.
3. There Are Too Many Negotiations
Here are just a few of the people you’ll need to negotiate with if you decide to FSBO:
- The buyer, who wants the best deal possible
- The buyer’s agent, who solely represents the best interest of the buyer
- The inspection company, which works for the buyer and will almost always find challenges with the house
- The appraiser, if there is a question of value
As part of their training, agents are taught how to negotiate every aspect of the real estate transaction and how to mediate the emotions felt by buyers looking to make what is probably the largest purchase of their lives.
4. You Won’t Know if Your Purchaser Is Qualified for a Mortgage
Securing a buyer is the first step. Making sure they can afford to buy it is just as important. As a FSBO, it’s almost impossible to be involved in the mortgage process of your buyer. A real estate professional is trained to ask the appropriate questions and, in most cases, will be intimately aware of the progress being made toward a purchaser’s mortgage commitment. You need someone who’s working with lenders every day to guarantee your buyer makes it to the closing table.
5. FSBOing Is Becoming More Difficult from a Legal Standpoint
The documentation involved in the selling process is growing dramatically as more and more disclosures and regulations become mandatory. In an increasingly litigious society, the agent acts as a third-party to help the seller avoid legal jeopardy. This is one of the major reasons why the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.
6. You Net More Money When Using an Agent
Many homeowners think they’ll save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save on the commission.
A study by Collateral Analytics revealed that FSBOs don’t actually save anything by forgoing the help of an agent. In some cases, the seller may even net less money from the sale. The study found the difference in price between a FSBO and an agent-listed home was an average of 6%. One of the main reasons for the price difference is effective exposure:
“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.”
The more buyers that view a home, the greater the chance a bidding war will take place, potentially driving the price higher, too.
Bottom Line
Listing on your own leaves you to manage the entire transaction by yourself. Why do that when you can hire an agent and still net the same amount of money? Before you decide to take on the challenge of selling your house or condo alone, let’s connect to discuss your options. Contact us today at 734-761-3060 or info@bouma.com, we’d love to talk with you about your move!