Choosing a Real Estate Agent

[boykinlp]

I have a lot that is about 1.5 acres that I want to sell. It is on a 15 acre pond. I haven’t bought or sold any real estate in over 30 years, and my friends and family are basically the same. BTW, I don’t want to do it by owner. So, how do I choose a Real Estate Agent with getting a referral from someone I know? When I look up the different companies, they all have a lot of agents, and most still look wet behind the ears. For all I know, maybe if I choose a company, they will just assign me one……probably the one with the least sales….just to give them an opportunity.

For those in the know, what advice can you give me? Thanks, in advance, for any suggestions.
Larry

 

[mchom]

A few thoughts

I’m no expert. You are wise to be cautious as a poor agent can waste time and once a contract is signed it’s difficult to undo if your are not pleased with agent. I would interview several agents/brokers that seem to be well known / established in your area for starters. Create a list of questions beforehand. Take your time and talk to as many as you feel you need to. Try to find agents / brokers than seem to list acreage and undeveloped lots. I believe your property is undeveloped yes?
I think once you have at least talked to a few agents you will be more comfortable moving forward.
Also, I would also search any reviews on line if available.
Don’t let anyone talk you into signing a contract until you feel very comfortable. Again I’m no expert but have sold a couple of homes and have dealt with agents I would not pick again.

 

[jeffrefrig]

Just pick the prettiest one.
My sis & BIL bought a house in Charleston. John's Island. She did it all from up here in PA. I'm not sure how they found her, maybe Marcia's friend that lives down there I'd assume. The lady was real good and found them a perfect house. That's a big state, but if you're from that area I could get a contact number. I really pray to the stars that I'll be moving this year away from the city. That sounds like a nice piece of property you have. Throw a 2 bedroom ranch & garage on it and I'd be hard-pressed not to buy it.

 

[Mercury]

When you do find an agent that you like, I would recommend that you don't sign anything longer than a 6-month listing agreement. Shorter is even better, but the agent will be reluctant to spend a lot of effort if it's too short. If you're not happy with his/her performance or lack there of, you'll be glad that you don't have to wait an entire year to re-list it.

Also, retain the right to sell it on your own without having to give the real estate agency its commission. You never know, an adjoining neighbor may just want to add some acreage and it would be best to approach your neighbors before signing a listing agreement.

Good luck.

 

[Bekeart]

GO SLOW - Land does not have a sell by date

This relates to Selecting an agent to List Your Property For Sale

First RESEARCH listings for similar properties in the same area.

Note which agents have very well done presentations of the properties.
You want the BEST for your listing.
Great images / Plenty of images / Well lit interior photos / All sides of the house / Exterior shots can show adjacent properties.
Well written detailed factual descriptions of the property.
You should choose from those who do the best presentations.

Presentation/Listing causes potential buyer to contact an agent for a showing.,

Google Maps can be your friend.
Can find details that the agent did not document.
e.g. One listing had no image of the listed garage or its location.
Google Street View - property was on a corner lot
Took Street View to the corner and down the side street.
BINGO! Garage door - built into the house - not separate structure.

A different listing - Google showed missing siding on a storage building - agents image showed the good side.


Give very little weight to the following when choosing.
Largest Office / Most Agents / Million Dollars Sold
e.g. McDonald's sells lots of coffee but does not sell the best.

Do not walk into a Brokers office without planning a choice of agent.
You have the right to choose your agent.
Otherwise you will be steered to the agent on Floor Duty that day.

Bekeart
I am an inactive licensed Real Estate Sales Person in Kentucky.
I have no financial interest in ths matter.

 

[Bekeart]

For Sale By Owner - Sometimes it works

You never know, an adjoining neighbor may just want to add some acreage and it would be best to approach your neighbors before signing a listing agreement.

For Sale By Owner - worked for me.
I had inherited farmland acreage in a distant state.
After share cropping it for several years decided to check about selling it myself.
Sent letters to adjacent land owners.
Expressed possible interest in selling.
One owner of adjacent land was interested.
Eventually we reached a Gentleman's Handshake agreement.
Paid for deed preparation.
We split the 6% commission that was not paid.

In general I would not recommend For Sale By Owner to deal with general public.

In general I do not look at For Sale By Owner.
Owner often wants Registered Magnum price for RG quality.

 

[DesertFox]

Previous bad experience with real estate agents here. Lower on totem pole than used car salesmen or attorneys IMOHO.

While there are most likely some good ones out there, the industry seems to breed greed, probably due to property values increasing out of thin air.

Certainly have lost out on potential earnings in that realm due to my attitude. Playing Monopoly, being a slum lord, dealing with tenants... not my cup of tea.

If I had property to sell, would try to go it on my own if at all possible.

 

[TX-Dennis]

I agree with what Bekeart said. Most folks who list for sale by owner have been turned down by realtors because they think their property is worth way more than it is. Thus, lots of folks are reluctant to look at such properties.

I thought everyone knew several real estate salespeople. I'm acquainted with a number of them. Only one of them I would actually use, though. Since you don't know any, check google and yelp reviews. Sometimes you can find good insights there. And, as previously mentioned, look at their other listings.

Pay attention to "days on market" for their listings as well. Some just want to list properties, but don't want to do any work to actually sell it. In fact, one I know brags that he NEVER shows a property. Just lists them and collects his half of the commission when somebody else sells it.

 

[oink]

I'm an inactive licensed, Florida real estate agent. I've turned this over to my wife to answer, who is a Broker, and has been an active Realtor for 38+ years. She's got too many Realtor designations for me to keep up with, but she's a straight shooter, tell it like it is person. Her answer is below.

You definitely want to talk to more than one Realtor, and you want to make sure you use a Realtor. Everyone who sells real estate is a real estate agent, but NOT all are Realtors. Realtors have to abide by a Code of Ethics. If you have a complaint, there are options available to you.

The best place to start looking for a Realtor is among your friends. Who did they use, were they happy and why. Outside of that, I would go to Find a CRS. CRS stands for Certified Residential Specialist, a designation only about three percent of Realtors nationwide have. If you want the best of the best, that's the ideal place to start, and the search is available to the public. It's one of about seven national and international designations I have. This one has to be renewed yearly with coursework to keep it, and it's not an easy designation to initially obtain. Once on that website you can search by city and state, and read bios of the agents plus it has contact information for them. Many agents will also list their specialties...i.e. vacant land, acreage, luxury homes and what specific communities or counties they serve.

Concerning online reviews, don't believe everything you read. I'd rather work with a Realtor who has four to 20 reviews, than one with 80 plus. In this day and age, I've heard many woes of paid reviews.

I'd also suggest doing a bit of research on your own. I'm not a fan of Zillow, but compare the estimated value they give you with what your county tax rolls say the property is worth. Look at your latest tax bill and it will at least give you assessed value, while many will tell you estimated market value before talking with Realtors and reviewing their comparable market analysis (CMA) reports. You also want to know how your property is going to be marketed/advertised. Does the Realtor provide updates on market activity?

You also want someone you feel comfortable working with...that personal relationship where you feel you "click". Just keep in mind too that anyone can tell you they can list it for X price, but can they sell it for that price? You don't want to have to keep lowering the price.

Depending on the market place, many areas experienced a slow down in sales because of interest rates that nearly shot up to 9 percent, now in the low to mid 6s depending on credit. So how long a property has been on the market (called DOM) may not be as signficant nor how many listings a Realtor has. Some areas shut down, some slowed to a crawl, and others moved back to a market where it takes nearly five to six months for a property to move. Lastly, is the Realtor you select going to be the one in contact with you all the time or is it going to be a team member, and you only see the iinitial Realtor again at the closing table? Hope that helps. Diana

 

[boykinlp]

Thanks for the advice……ALL.

mchom, my lot is undeveloped. Because of health concerns and other life issues, I hadn’t even been to the property in 6-7 years even though it is only about 20 miles away.

jeffrefrig, thanks for the offer, but I am at the other end of the state from Charleston.

Mercury, thanks for the advice on listing length and retaining the right to sell it myself. As far as my “neighbors” go, I actually had the one on the right side of my property contact me a couple of years ago. He had just bought the 2 lots on my right with plans to build within a year. He wanted to know if I was interested in selling mine so he would have that much larger section. His newly purchased 2 lots only have about 60 feet of waterfront, and is at the right end of the pond. Mine has 175 feet of waterfront and has deeper water. At that time I hadn’t given selling any thought, but told him I would sell if the price was right. The fair market value of his lots was $10 thousand each, but he got them for $15 thousand. The fair market value for mine is $33 thousand. He said “Well, my wife & I hope that our definition of "the right price" is the same as yours” and offered $15 thousand!

On my side of the pond, there were 6 original lots. The first 2 bought by the above neighbor were combined. Then you have mine. On the other side of me, the neighbor bought and combined the next 3 lots. So basically, there are 3 owners, and my lot is the last buildable one. My best opportunity would be to sell it to the neighbor on the other side of me with 3 lots already, so before I get an agent, I will definitely contact them and offer it to them first.

Bekeart, since my lot is undeveloped, I would guess marketing it might be pretty straightforward. I specifically waited until this time of year to choose to sell because, since the lot is completely wooded, it is difficult to see from one end to the other. I wanted the leaves to be off the trees so you could see through them better. But, one thing that I have seen and definitely want, is some aerial pictures from a drone. I think that they would show things better.

oink, please thank Diana for her advice for me. I will look for a Realtor, and see if the Realtor I select is going to be the one in contact with me all the time, or is it going to be a team member.