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July 27, 2010

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Richard C Denis

After 40 years as a broker, Jim, let me correct number 5 and amend number 9 for you:

The "tail" you refer to in number 5 DOES disappear when another member of the MLS re-lists the property for sale. At least that is the way it is here in California.

Number 9 has all kinds of case law that dictates the seller must pay a commission EVEN IF THE TRANSACTION DOES NOT SEE A CLOSING TABLE. A ready, willing and able buyer can be aced out of the purchase when the seller and/or his agent has a "better" buyer who is ready, willing and able to buy the property. Just because the seller thinks he can get a better price from another buyer, does not mean he can squirm out of the deal. Yes, he can if he wants to pay THE commission to the first buyer's broker (the listing agent will probably go along with what the seller wants). I am sure you have done your research on this topic and know to what I am referring. You probably should extend this topic in your answer. Right?

Jay Groccia

According to the National Association of REALTORS (NAR), nearly 100% of home buyers first see the house they buy ONLINE. So the questions you need to ask your agent are things like:
Are you getting an ENHANCED LISTING on REALTOR.com - if the answer is no, RUN away from that agent.
Do you have a website? Facebook or twitter account? If they have limited online presence, you're sunk.

Who is photographing my house? If your agent pulls a little camera out of her purse, you'll be dropping the price, dropping the price, and still asking, "why isn't anyone coming to see the house?" - Demand professional photography. Expect to budget 1/10% of the listing price (if your home is going on the market for $500,000, plan to spend $500)

Are you also going to use a single property website for the house?

See the pattern here? Your online presentation of the house is the single most important thing you can do to sell your house. I've seen many homes where people have spent lots of time, energy, and money staging a home only to have it represented online with photography that's so poor that people can't even tell what's in the room.

This is probably your biggest personal asset. Shouldn't you make it look like a dream home? It might not be yours, but it is to the person that will buy it.

Jim Randel

All great points, Jay. You are absolutely right regarding ONLINE PRESENCE. I will amend my list in the future and reference your suggestions. Thank you.

Jim Randel

Richard, your points are well taken.

As to #5, the language voiding the 'tail' when a new listing is signed needs to be in the Listing Agreement. It is in most forms I have seen, but not all.

As to #9, I am trying to avoid litigation over what is a "ready, willing and able" buyer. When I am a seller, I do not want a broker claiming I owe him or her a commission until a sale occurs. I definitely understand your point about a seller who squirms out of a deal, but I am writing my questions from the seller's point of view and presuming some level of integrity. As a broker, I understand not wanting to give up that language. Thanks for your insightful comments!

Green Bay Real Estate

Richard,

The thing that I love about this list is that it's so tell it like it is. Your approach would scare away quite a few Realtors but the good ones can handle this and should bring up the majority of the things on this list if you know that you are up against other agents. I'm going to have my complete analysis tomorrow on my blog. I believe that your post is that good that it needs to be referenced on my site. Keep up the great work I love your style!

Jim Randel

Hi Green Bay.... thanks for your comment! i look forward to reading your post. warm regards, Jim Randel

Account Deleted

All the ten points are just great and very useful. This is very nice information to have with me. I’m glad that I found your post. Make sure to have a reputed agent for either buying or selling of your house.

Jim Randel

Thanks so much for reading Tristen! :)

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