Yesterday, our reader ‘just some guy’ said,
“hiring the right (listing) agent also lets buyers know you are serious about selling.”
It’s true, and every decision a seller makes is telegraphing their motivation to sell.
What are buyers hoping to figure out?
- Is the list price in the right ballpark?
- Do the photos make a good first impression?
- Will the listing agent be helpful or a barrier to sale?
It is going to be more critical than ever to hire a great listing agent. Buyers will be deciding if they are going to hire their own buyer-agent, or go direct to the listing agent unrepresented (if they are assuming that going direct will make a difference in winning the property).
How are buyers going to figure it out?
1. If the buyers and/or their buyer-agent have been around for a while, they will recognize the successful listing agents – they have seen their signs around, and have probably seen some of their advertising too. Buyers will have a feel for the pricing accuracy of the listing agents they recognize. Sellers should hire the agents who have a good reputation among those in the buyer pool because buyers and buyer-agents want to work with a listing agent who is transparent and someone they feel good about.
2. But buyers aren’t going to bank on what they think might be a good reputation. In 2024, every buyer is going to check out the agents online. Listing agents with a good track record of sales on Zillow will help put the buyers’ fears at rest. The agents with 12 sales per year have something good to offer in this challenging environment.
Example: I mentioned the 5-offer bidding war last week. I look up the sales of the listing agent every time, and in this case she had six sales in the last 12 months. I knew right then that it would be trouble trying to win it, and after 2-3 days of not delivering the highest-and-best counter that she promised, I knew we were toast (she sold it to a neighbor instead).
The sales history on Zillow is the most revealing data point about any agent.
3. Some listing agents have a reputation for pricing high, and letting it ride. Check how long their listings take to sell – it will tell you a lot about the price accuracy of this new listing they are offering.
4. How is the listing agent going to handle unrepresented buyers? Call them on the phone and ask. Just getting the listing agent on the phone is a miracle these days, so if you get them to answer, you might have a good one.
I guarantee this – every agent will struggle with the ‘unrepresented buyer’ question for months to come. Many already refuse to do dual agency, and an unrepresented buyer is similar so some listing agents won’t have any solution, other than, ‘go find a buyer-agent and pay them’. The other agents who get giddy about ‘unrepresentation’ probably just want to take advantage of the situation. A good listing agent would cover a few of the good and bad points.
5. Is the seller offering concessions? How much? How your listing agent handles these two questions will determine if the buyers will have their own representation, or if you and the listing agent want to take a chance on unrepresentation being a viable solution when everyone in the realtor universe is throwing mountains of disclaimers at you.
Any listing agent who declares that the seller is offering a 2.5% concession will have a parade of buyers through the house. Not only does it fix the buyer’s representation issue, but it also tells them that the listing agent gets it about creating a win-win for all.
These are some of the biggest concerns for buyers, so sellers should hire their listing agent in direct relation to how well they handle these points above! Get Good Help!
Good stuff JTR