New Agent Fresh Start
So you hired an agent to sell your property and it didn’t work out. End your frustration with the home selling process. Understand why your property didn't sell. Discover your options. Find your solutions. Hire a New Agent who will sell it this time.
Why Didn't My Property Sell?
You were listed with an agent on the open market, but they didn’t get it sold. You may have received offers, or even accepted offers. However in the end, it didn’t close. Tom has been re-listing and selling properties that other agents haven’t been able to for over 25 years now. He has identified the 12 major reasons why. Look over this list and see which ones apply to your situation.
1. Your last agent wasn’t a very good negotiator. If you received offers, but didn’t get any accepted, this could very well have been your problem. A good Real Estate negotiator, typically has years of experience. In addition, they know how to keep the conversation going with the buyer’s agent.
2. Your old agent wasn’t a very good salesperson. A good agent always knows how to encourage the buyer’s agent to bring an offer.
3. The agent you hired didn’t follow up with showings. Your agent needs to take full control of all showings. All showings need to go through your agent. That way he/she can follow up with the buyer’s agent. If the property isn’t selling, you need to know why in real time.
4. The agent you hired put the listing on Auto-Pilot, or handed it off to someone else. This is very common. The agent you hired sounded and looked super sharp. Then once the listing was taken, they either assumed it was going to sell itself, or gave it to one of their “assistants.”
5. The agent mis-read the market. Any agent can sell in a super over-heated up market. But properties still sell in flat, down, or even crashing markets. This time hire an agent that knows how to read the market so you can make the necessary timely adjustments necessary to sell.
6. Pricing was incorrect. The agent recommended a price that was too high for the market. Or sometimes, you, the seller, are in denial about the realities of the market.
7. Changes that needed to be made, were not made. If your pricing and marketing are going to work, most likely they will work within the first 30 days. Every 30 days, if not sold, adjustments to the marketing strategy need to be made.
8. Property was hard to show. Playing “Hard to Get”, isn’t a wise move when trying to sell a house. The most motivated buyers are in a hurry. Often times, they will buy the first home they see that meets their criteria.
9. The property was not always in show ready condition. There is a reason why professional home sellers, like builders, have their properties staged and perfect. It is because buyers don’t necessarily use logic when deciding on which home to purchase. They use emotions. Stimulate their emotions.
10. The marketing attracted the wrong buyers. Your property is NOT for everybody. It is for somebody special. Hire an agent who can identify what type(s) of buyers are the best match for yours.
11. Current Market Conditions: All 10 items listed above you CAN change. This one you can’t. The only solution is a very hard one. You must be more attractive on price.
12. Property is dated or in poor condition: This one too, is also very hard to fix. Because it takes time and money. Sometimes it is better to take the property off the market and deal with the issues that need addressed. Other times it is best to “as is” the property and adjust the price. Many times, the best course of action is to address the easy, quick, and inexpensive items only. Consult with an experienced agent on this to determine the best course of action.
You need a Fresh Start. You need a second opinion. You need to make some changes.
Take Action. Make the change.
1. Why do you need a new agent?
You may have hired the agent who sold you the house, a friend, family member, neighborhood expert, top agent from a big team, or a referral from a friend. But at the end of the day, it didn’t work out. In many cases, you probably still like your old agent. But this isn’t about them, it is about you. That’s why you need a new agent. You need a fresh start.
2. Should you hire an agent who specializes in your situation?
Back in 1994 when Tom was finishing up his first year in real estate, he sold a grand total of just 3 houses. His broker told him that he had great potential, but his first year was a bust. He was instructed to identify just 1 potential source of listing leads and focus on that. Two weeks later he told his Broker that he would concentrate on re-listing homes that other agents couldn’t sell. The rest is history. Since then, Tom has relisted and sold over 275 properties that were listed with another agent(s), first. This is what he has been doing for 25 years. This is what he does. This is what he is good at.
3. Are you still considering rehiring your old agent?
There is nothing wrong with doing this. However, do not relist with your old agent until you get a second or third opinion first! Interview at least one other agent first, then hire the best person for the job.
4. Why didn’t your property sell?
Getting your home sold this time requires that you hire an agent who can find the answer to that question. Agents that specialize in being the second or third agent hired are extremely knowledgeable in this area. Any agent can sell a property that is easy to sell, it takes a special agent to figure out the problem first, then identify a solution.
5. Is keeping the property off the market for a while a good idea?
It could be. But then again, it could be the worst idea. It all depends upon your individual situation. Your urgency to sell, time of year, state of the market, or if some fix up is needed, all factor into your answer to this question. Get a second opinion from a new agent on this.
6. What are the 3 most important characteristics your new agent must have?
Experience, Competence and Honesty. You want an agent who has the experience necessary to anticipate any and all challenges. In addition, you want an agent who knows what they are doing and gives the best possible advice, don’t you? Lastly, you need an honest agent that you can trust to constantly look out for you best interests.
Don’t commit the 9 Common Mistakes Home Sellers make when hiring an agent.
So you are leaning towards getting a Fresh Start and hiring a New Agent. This time you are going to get it right and hire an agent who will get the job done. Everyone makes mistakes. That is OK, as long as you learn from them.
1. They hired the agent who sold them the house. This is a person you know and trust, so it seems like a wise choice. However, the set of skills necessary to be a good buyer’s agent is different than the skill set required to be a good listing agent. Many agents are good at both. But often your awesome buyer’s agent didn’t perform so well trying to sell your home.
2. They hired the “Neighborhood Agent.” Just because the agent lives in the neighborhood, doesn’t mean they are the best choice. Top agents are like championship sports teams, they play well on the road. Look at the total package, not just the location of the agent.
3. They hired a family member or a friend. You need to do what is best for YOU. It is very hard sometimes for a person close to you to give the strong advice you need to get this property sold.
4. They hired the agent who agreed to list at the highest price. This is called “buying the listing”. It never works. Why? Because buyers aren’t stupid. Buyers, not agents set the values in the marketplace.
5. The hired an agent who is the head of a “Big Team”. There is nothing wrong with hiring an agent who have big teams. Many are very good agents. What some home sellers have discovered is that many times the lead agent who signs the listing goes on to doing what they do best, which is to secure additional listings. You become a “number”, who gets serviced by the “B” team of assistants.
6. They hired someone based upon their commission rate. It is what you NET that is most important. Typically, cut-rate agents are not very good negotiators, and they sell your property for less than a top negotiator would sell it for. Yes, commission rates are something to consider, just don’t make it your only criteria in selecting your new agent.
7. They hired an agent that was referred to them. It is OK, to hire someone who was referred to you. But the person who did the referring might have had a different circumstance than you. What worked for them didn’t work for you. A better way to approach this is to interview 2-3 agents, including the one the was referred to you. Then pick the one who you think is the best match for YOU.
8. They hired an inexperienced agent. Real estate is one of the few professions where you don’t have to pay more for experience. So why would you hire someone who is still learning on the job? “Experience is the best teacher.” Agents with 20 years or more in the business have experienced the market up’s and down’s, seen of lot of potential disasters, and learned from them. In addition, they don’t let the “drama” associated with a real estate transaction, stand in the way of the goal, which is a smooth transaction, that closes on time.
9. They relist with the same agent. When asked why, sellers will say. “I like them." "They are trying really hard." “I don’t want to take the time to interview new agents.” These are all nice reasons why you don’t want to change. But most of the time you NEED to change. Do the same thing and you will likely the get the same result? Try this: Interview 1 or 2 new agents, then compare them to the old agent. Then hire the best one moving forward. Typically, getting a Fresh Start with a New Agent is your best move.
Consider These 7 Facts About Tom Foster
1. 25 years of experience. Why is this important? There can be a multitude of problems and challenges in a real estate transaction. If you hire an agent who has seen these issues firsthand in the past, they are equipped to handle them pro-actively.
2. Superior market knowledge. The market is always changing. You need to hire an agent who understands not only the current market, but more importantly, the trends. Predicting short-term trends are critical to positioning the property to sell quickly and at the highest possible price. In addition, you need to be informed about the market with weekly updates
3. Savvy and Experienced Negotiating Skills. Just putting together a deal isn’t the goal. The goal is to put together a deal that stays together with the best possible terms. This is the area where a weak agent will cost you big bucks.
4. # 1 Company-Remax. The agent you hire is more important than the company they work for. However, some companies have a higher standard. Remax hires seasoned professionals. Agents who fall short of the Remax standard, don’t last long. Tom has been part of the Remax team since 1999.
5. Timely and Regular Communication: Over the course of his career, Tom has discovered that the #1 frustration that sellers have with agents is a lack of communication. You will always be in the loop, via the way you wish to be communicated with. Phone, text, email, or in person. Your choice.
6. The latest marketing techniques: The way real estate was sold 20, 10, even 5 years ago is different than today. Only the agents that innovate with the times remain in the business. Today’s buyers like Visual tours: Your listing will have 2 different types of visual tours. One Automatic Tour that features the property and the neighborhood, and one 3-D tour: 3-D tours are the new open house. It is like you are there.
7. Competitive Commission Rate: Hiring an agent with superior market knowledge, savvy and aggressive negotiating skills, will put more $ in your pocket than the commission rate you pay. However, it would be nice to save a little bit here too, wouldn’t?
1. Answer all of your questions.
2. Discover the reasons why the property didn’t sell.
3. Propose the solutions necessary to get the property sold.