Buying and Selling Real Estate

starts off as a logical, thought process but more often ends up being run by emotions. You want to pick the best agent who knows the market and has lots of experience and references, but then rely upon your emotions when it comes time to make a choice. This is normal. After all, we are human. As such, we are doomed to repeat making decisions based upon "how you feel" versus based upon "what makes sense". When you are interviewing REALTORS to find the best one to represent you, your natural inclination will be to go with the one you like, the one with whom you "click". This kind of behavior might cost you thousands of dollars! Consequently, you must not let your need to "feel good" govern your decision making. Here is a real-life example of what you should avoid doing...

You interview two agents. The first one bounces into the room with excitement, oohing and aahing about your home. You talk some and are enthralled by the enthusiasm exhibited. The suggested list price is right where you think it should be. The next agent arrives. This one is quiet, contemplative. You have a sober chat about the market and go over a pricing strategy. Now, which broker would you choose?

Although the seller appreciated the sober approach and agreed with everything said, the seller felt as though the "click" was between the enthusiastic broker because the broker's excitement might translate into better marketing, such that buyers might be swept up in the same interest/excitement the broker has and buy the property. This makes sense, right? You get someone oozing enthusiasm for your property and who agrees with you on where to price it. 

Well, a thoughtful seller would have asked exactly how the brokers would go about marketing. Maybe even ask to see something that they have on the market or have recently sold to be able to compare marketing plans. As it turns out, I already had a passing acquaintance with this seller and chose a sober approach, focusing upon the real estate market and the economy instead of putting on airs. 

The end result: the home should have sold within two weeks. It didn't. It is a small condo and so there are only so many photos you can take of it. The enthusiastic broker took 7 interior shots and 3 exterior and one of the common area in the building. I would have taken 10-12 interior shots, 4-6 exterior shots, and 10-15 of the building and its amenities. I would also have created the unit's own web site to showcase the property in its best light versus confining my marketing to posting it in the MLS. The enthusiastic broker did not take the time to measure the unit or to provide a floor plan. Sadly, this "enthusiastic" broker is providing sub marketing for such a great property. We shall see just how long it takes and how many price adjustments will be required before it sells.