6 THINGS YOU MUST KNOW BEFORE BUYING OR SELLING A HOME!
1. Real Estate Agents are Trained to Sell YOU
They are not trained in Marketing and Advertising a home. They use memorized Scripts to overcome your objections and hesitations so they can get you to Buy or Sell with them. There are Scripts for Buyers and for Sellers. If you have some curiosity, google “best real estate scripts”, or go to www.mikeferry.com and look under Products/Complimentary Downloads. When you start hearing a bunch of these Scripted responses it may be time to look for a new agent, one that focuses on Educating You – not Selling You.
2. Real Estate Agents Don’t Sell Homes
Homes sell themselves to Buyers who have a desire for the specific features of the property including its location. Other things like schools, convenience, neighborhood environment, etc. can also be decision factors. Identifying your Home’s unique selling features then Marketing your Home to find the Right Buyer is the most important part of the Selling process, so make sure you understand how much money your agent is willing to spend for Marketing extras. Putting your home into the MLS will expose it on every major site and every agent does that. However, very few are willing to pay for Search Engine upgrades. Ask Agents to show you examples of the Marketing upgrades that they are paying for, which should not include Lead Generation services like Zillow Premier Agent, but should include Featured Property upgrades on ALL the major sites making your Home appear 3-10 times more frequently in Search Engine results.
3. Real Estate Agents make Illogical Statements
They hope to trigger your emotions. “I will sell your Home Fast for Top Dollar” is a good example. Finding the Right Buyer willing to pay you Top Dollar usually takes a longer time and more marketing costs. Selling a Home fast is not a good thing unless speed is your top priority, as Homes that sell quickly are probably underpriced. Don’t be coerced into lowering your price or accepting offers lower than you think your house is worth. Selling quickly works to the Agent’s advantage and Agents who brag about how quickly they sell Homes should be avoided if maximizing your Financial return is a priority.
4. The Internet has changed Everything
Old School techniques have no value. Information for Property Details, Taxes, Property and Area Sales History and Statistics, Neighborhoods, Schools, and just about anything you want to know is just a few clicks away. Much of the preliminary work of finding potential Homes has shifted from the Agent to a Do-It-Yourself mode for the Buyers. Old School Real Estate Agents who talk about their Buyer Pools and Realtor Networks are not focused on finding the Right Buyers for your Home. Those things are no longer effective. If Agents are not telling you about how their marketing extras produce Online Dominance on ALL the major Real Estate sites and Social Media then they may not be your best choice, regardless of how long they have been around, or how many homes they have sold.
5. Negotiation Skills are Very Important
But beware of the Agents who use those skills on their own clients, just to get a sale. The Art of Negotiation is all but dead in Real Estate. Agents now negotiate with the opposing Agent, not the opposing Principal (Buyer/Seller). This practice has evolved over time and is highly suspect. Having Agents “negotiate” an agreement that results in their own compensation, without an opportunity to negotiate directly with the opposing Principal, is more like bartering than negotiating. The goal of both Agents is to reach an agreement, but the ability to understand the thinking and ultimately influence the decisions of the opposing Principal is lost. Think about it from this perspective. If two Agents hammer out a compromise their next step is to Sell that agreement to their own client. If an Agent tells you about their negotiating skills, ask them to walk you through a negotiation they are proud of and be sure to note who they were negotiating with. You will be shocked by their response.
6. Your Most Important Financial Decisions
For most people, Real Estate decisions are probably the most important Financial Decisions you will ever make. So, look for a trained and experienced Business Professional that has Financial Expertise in addition to their Real Estate License, and can help you balance your Financial and Lifestyle goals. Most agents have no Investment training and cannot advise you in that regard. Likewise, they will not show you ways to accumulate properties over time that can become a steady source of income for you because they won’t make any money if you don’t sell. Knowing ALL your options is important! Find an Agent who will help you develop a long-term plan that will optimize your Financial and Lifestyle goals.
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