FAQ for Sellers

1. Why is it so important to be listed in the MLS?

The vast majority of serious buyers are working with a buyer’s agent to help them identify homes to consider for purchase. Even buyers that are looking on their own are usually searching for homes through a website ‘Search the MLS’ feature which can be found on almost every real estate agent’s website. Additionally, many buyers look for homes on Realtor.com and only MLS listed homes can be found there.

If you opt to sell on your own (FSBO), you won’t be listed in the MLS. There are websites that advertise FSBO listings, but your home will only be seen by a small percentage of the buyers looking for a home. The best way to get the highest price for your home and to sell quickly is to have it exposed to all of the buyers in the market.

2. Why should I pay for a full service real estate agent? Isn’t a ‘MLS only’ discounted listing just as effective?

Selling a home for the highest possible price takes more than simply placing it into the MLS. Buyers have gotten very good at looking at MLS listings online and screening out the homes that they decide not to even go see. Most ‘MLS only’ listings lack good pictures, extensive room size information and marketing remarks which highlight the best features of the home.

In addition, most buyer’s agents prefer to deal with a listing agent. If they see that they have to deal directly with the seller to schedule showings and possibly even for contract negotiations, that house is likely to get eliminated from their home tours. If they do consider showing it, the house will usually go to the bottom of the stack and it will only be shown if nothing else is acceptable to the buyer.

Ask any ‘MLS only’ seller how many showings they have had, and then ask a nearby neighbor that is listed with a full service agent how many showings they have received. I expect you’ll find a difference between the two unless the homes are in an area of high demand with almost no inventory.

Honest feedback from agents that have shown your house is also critical in understanding how buyers are reacting to your home. Without this information, sellers are unable to make changes to make the house more appealing or to adjust the price to so that it is priced at a level where it will sell.

Rarely do buyer’s agents feel comfortable telling a seller directly what they don’t like about the house. I use a full service showing service which not only handles showing appointments professionally, but also allows me to obtain important feedback via a customized email feedback survey.

3. How much commission do you charge to list a home?

Each home listing is individually evaluated to determine what will be needed to market the home, the estimated time it will take to sell and the home’s price range. After touring a home and reviewing the market data, I will be happy to discuss my commission rates.

In addition, I offer my clients a discount off of their commission rate if they refer a home seller to me and I obtain a listing from the referral. As soon as a listing agreement is signed by the referred sellers, I’ll discount my client’s commission as long as it occurs before their home sale has closed. More discounts are offered if a seller refers a  buyer to me who purchases a home while their home is still listed, or if I obtain buyer or listing business directly from the sign in my client’s front yard.

My business is built upon referrals, and I’m happy to pass on some savings to my clients that help me connect with new clients.

4. How long does it normally take to sell a home?

My goal is to sell my clients’ homes as quickly as possible. The length of time it takes to sell depends on the market conditions in the neighborhood and surrounding areas. Pricing a home appropriately and preparing a home to show at its best also has a huge impact on the time it takes to sell a home.

When I meet with potential clients about listing their home, I provide them with information about the time I estimate it will take to sell their home.

My prior record speaks for itself. In 2008 and 2009, during the down housing market, 70% of my listings got a contract in 60 days or less (with over 50% selling in 30 days or less).

Statistics based on closed sales between 1/1/2008 and 7/18/2009.

5. Where do you advertise your home listings?

Recent research by the National Association of Realtors determined that 84% of home buyers are now primarily searching for homes on the internet. As a result, my homes are marketed all over the internet including upgraded Realtor.com listings, craigslist, backpage, Trulia, Yahoo homes and many other websites. My listings are also displayed on EVERY real estate company & agent website in the St. Louis region that offers an MLS search on their website.

6. Do you place newspaper ads? What about advertising on local TV shows?

Research has shown that newspaper ads and TV shows do not sell homes. Many agents will offer to advertise in newspapers in an attempt to appease sellers, or will offer television advertising to come across as having an impressive tool that isn’t available to other agents.

The reality is that advertising should be about what gets results, and not simply a bullet point on a listing presentation in order to win over sellers and obtain listings. My listings get maximum exposure in the places that buyers are looking.

7. Do you hold open houses? Agent open house tours?

Only 3% of homes sell through an open house.

As a successful busy agent, I spend my time taking steps to help sell my listings.  Real estate agents know that open houses don’t sell homes, but they do them because they think sellers expect them. Instead of sitting at a house for 2 hours hoping someone will stop by, only to discover that the visitors are curious neighbors and people that aren’t ready to purchase yet, I spend those same hours promoting their home on social media and internet websites and identifying real estate agents that are actively working with buyers in the target area.

Agent open houses are even less effective than regular open houses. Agents have full access to the MLS and only make money when they sell a home. If an agent is working with a buyer and a home comes on the market that might work for that buyer, you can be assured that the agent will get their buyer to that home.

Years ago when agents had to drive by other real estate offices to pick up house keys for each showing, agent open houses were much more effective. Since website photos weren’t available and it was inconvenient to preview homes, agent open houses made it easy for an agent to check out new listings to see if they might be a good fit for a client.

Now, agent open houses are primarily social hours in which agents that have time to spare get a free lunch and visit with their colleagues in a seller’s kitchen. They often don’t even explore the entire home. Busy agents that have real buyers are out showing property. They don’t have time for agent open house tours.

8. Other than your online advertising, what else do you do to generate showings?

The best way to find a buyer for a house is to identify the real estate agents working with buyers in the area and price range.

I have multiple methods of identifying agents actively working with buyers that are looking at homes similar to my listings. I target agents working with Spin-off buyers, Move-up buyers, Relocation buyers and Track record agents that regularly work in the area.

Once inside the home, buyers will find color brochures that they can take with them which outline all of the features of the home along with color photos to refresh their memory hours later as they try to remember the little details.

I am also skilled at putting together an excellent resume for your home. Think of your MLS listing as your home’s resume. No matter how great a home is, if the resume is poorly written, no one will come see it.

9. I’m willing to do the work to find my own buyer. Are there any other reasons that I should hire a real estate agent?

When you put your home on the market, you are inviting strangers into your home. Safety of the occupants and of a seller’s possessions is a major concern. By hiring an agent, you can be assured that they people coming to see your home are prospective buyers working wth an agent rather than criminals trying to take advantage of a situation. In addition, the electronic lockbox that I provide for your home records the real estate agent’s ID when they access the home. If there is a problem, we have a way of knowing who unlocked the door.

In addition, selling a home takes more than simply finding a buyer. There are numerous steps that occur after a price has been negotiated in order for a home sale to actually close. If you don’t have an agent, there is no one working on your behalf to insure that all of the necessary steps are taken. No one likes for a deal to fall through, but it can have disastrous consequences if the seller has already moved out and made arrangements for a new home. My job as an agent is to do everything possible to prevent a home sale from not closing.

10. What are the most important factors in getting a home sold quickly, but for the price that I want?

In order for a home to sell at the highest possible price in the least amount of time, the home needs to be in excellent condition and needs to ’show’ well. As an agent that has worked with hundreds of buyers looking at thousands of homes, I can advise you on how a buyer is likely to react to your home. I can make suggestions on inexpensive changes that you can do to make your home as appealing as possible to home buyers.

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