Everyone has a first time. Fumbling around in the dark, not really knowing what you’re doing. Hoping, praying it’s not noticeable this is your first time!
At some point a successful part-time buyer’s agent will be asked to List a home. Ah, the horrors of success. What’s an agent going to say; no? For part-time agents, Listing homes for sale does change the financial equation, but it isn’t a deal killer. Critical for success is an Agent’s ability to access the situation they are about to face.
There is a huge difference between listing a $150K fixer-upper versus a listing of a $500K subdivision classic. Time and cost are two things an agent must consider. What does it cost to list a home? Depends on the house. The easiest way to determine cost is to copy what has been done before. Visit the neighborhood, see what kinds of signs are in the yards. Tour competitive listings, see the level of detail other agents are doing. Copy it. Will you need a virtual tour? Staging? Photography? Anything you need can be easily found.
How much time will be required? Remember, part-time agents have other jobs. In the case of the subdivision Listing, “time” isn’t much of a factor. It will sell. The fixer-upper on the other hand has the potential to be a huge sinkhole where time goes to die. Additionally, the low-end flip market has become very shark infested. Real investors, dumb investors, con men, HGTV wannabes, and dreamers all must be dealt with. Part-time agents can quickly find themselves out of their depth in terms of experience level.
Part-time agents should focus on the easy. Stick with family homes in suburbia, established condo buildings and small townhome communities. Leave the low end and specialty housing markets to those who work in that environment for a living.
Part-timers should also leave the Million-dollar market alone. The lure of a huge commission is certainly very tempting. But don’t do it. In the event a part timer lands a million-dollar listing, they would be better served by handing that listing off to someone who has listed million-dollar properties before. The good news is referring a million-dollar property will net the agent a nice referral from the agent they are giving their lead to. At the million-dollar level there is plenty of commission to go around.
Just remember, when that first Listing happens don’t panic. There are a lot of agents that will help you. Again, this is where software applications like SLACK come in very handy. At Wynd Realty our agent community is connected via SLACK. Agents can ask questions of each other, seek advice and team up.
The first thing an agent needs, aside from the completed Listing Agreement, is to have their Sellers complete a Seller’s disclosure statement. For everybody’s sake, always stress honesty on this form.
The first hurdle of a Listing agent is setting the price. Realty ads on TV will have you believe this process is somehow mystical and only their agents know the real inside secrets of high-end pricing. In truth, for the most part, everyone already knows the price. On TV, Sellers are made clueless; “We have no idea”? In fact, every Seller has a number in mind.
Sellers are not clueless. Optimistic, yes. Do they tend to inflate their own properties worth; sure. And herein lies the real challenge of setting price: agreement. As agent’s overall natural goal is to exceed their client’s expectations. This begins with price setting.
We live in a statistical world. Agents have access to tons of statistics. Dazzle your clients with data and presentation. Give them options. Set their expectation level at a price they are comfortable with and then do what you can to try and exceed that.
Once the property gets “listed” the fun will begin.
But, how do you sell? What do agents need to know? Well, Google it. There are literally tens of thousands of articles on the trade of selling. There is NOT a single sales situation anywhere that doesn’t already have tons of tricks, tips and advice online. Never forget, nothing an agent attempts to do is new. It’s all been done thousands of times before.
Our advice; rely on statistics and seek help from others.
To agents who land their first Listing. Don’t forget, your sign in the front yard greatly increases your chances of getting another Listing. Be prepared. At some point, you may have to re-evaluate your status as a part-time agent.