How to select a good listing/buying agent? (sales, credit)

[FueledByBlueBell]

No, not looking for volunteers, but wanting to know how to know who is a good realtor for listing my house and then using to buy a new house? I know there are those lists of "top agents" where they've won awards for something but not sure if this is criteria I should be interested in. Would love to hear various perspectives on this. Thanks!

[mm57553]

Get referrals from friends. They will offer honest opinions. Often times the most "successful" agent isn't the best. A lot of those agents carry so many listings that they can't really devote much personal time to any one of them, so you will see and talk to their assistants more than them.

Once you get some recommendations, have 2 or three come to your house to do a listing presentation. They will show you what other houses in the area have sold for (comps), what they think yours should be listed for, what kind of marketing they plan on doing, and maybe suggest things you can do (like paint over a bright orange room or declutter) to help get the house ready. They won't charge you for this, and most realtors are happy to do this. Then choose the one you like best. And the best ones are the honest ones, not the ones who tell you what to hear. The agent that says they think your house should sell for $60,000 more than the others is either an idiot or just saying that to get the listing - I guarantee they will recommend a price reduction after the papers are signed.

Also, I am not a huge fan of open houses, so I would avaoid agents who suggest doing lots of them. I have never known of a house that sold as a result of an open house. They are really more of an opportunity for the agent to get more business. Open houses tend to attract nosy neighbors and people unqualified to buy it in the first place. Anyone truly interested and qualified will look at it with their Realtor. It's also a good chance for theives to come check out your house, your stuff, and your security system and then come back and rob you later. NOTE - the exception to this rule is an open house for other realtors to look (also called caravans, since they look at many houses during the same time). They are professionals who know of people looking to buy and they are a great source of feedback. So if you still don't think you have much clutter, but 25 other realtors say you do, you might be wrong.

Good luck! It's a tough time to be selling a house, but a great time to buy one.

[lemonlime]

I bought the house I am living as a result of an open house. We were thinking of getting something bigger and went to check out a couple of houses in different neighborhoods during open houses and I loved this one. So it can happen. But I agree that most houses are NOT sold as a result of open houses.

[Exiled Texan]

Interview at least 3.

I disagree about open houses. As a buyer, I really prefer them. As a recent seller, I think they drum up interest. Yes, you get a lot of gawkers, but you also get diligent buyers who want to see lots of properties but don't want to bug their buyer's agent too much.

I hate to say this, but marketing and advertising is what it is. You should expect a full internet presence. But, the price and quality of the home will sell the house. A bad agent can hinder a home sale by not being available and responsive, but a GREAT agent can't sell an overpriced home.

I'm shocked at how much is sitting on the market right now. Unfortunately for some, I don't think properties above 400K will start moving until they are closer to 2005 comps. It's going to take sellers some time to adjust to that fact and inventory will build.

If you need to sell, price aggressively. There are buyers circling right now, looking for bargains and/or the perfect fit.

[Exiled Texan]

I will say that agents add most of their value in the negotiation and closing part of the deal. I'd go for one that seems organized, familiar with all the moving parts and has great business acumen.

Sometimes the super stars with lots of listings don't have a lot of time for you. Make sure they can give your listing the attention it deserves. Also, someone that has a business partner would be great too.

[crux]

Make sure they have a strong web presence across multiple sources. If they just post to realtor.com and wiat for leads you might get peeved.

[CATXTransplant]

As an agent, I couldn't agree more with the PP's. Most of those "top" agents are more interested in their ego than actually selling your home. They take as many listings as possible. They consider it a numbers game - knowing that the more they list, a portion will close. I would pick someone who preferably lives in or very near to your neighborhood of interest (either buying or selling) or can show that they have listed/closed at least 5 in the neighborhood. I also recommend interviewing 3 agents. Also, in this market, I can't stress the importance of experience. I know people need to get their start somewhere, but this is not the time to gamble on a green agent. I also suggest checking any agent out on the TREC website TREC Licensee Info Search

to make sure their license has never been suspended or revoked and that they have never had any complaints against them. I do consulting work - helping people out of the area find agents and this is one thing I do: I call them and pose as a buyer calling off an ad (internet, etc...). I see how knowledgeable they are about the home/area, etc... That tells me a lot.

I hope that helps. Good luck with your search! I don't know what price range you're in but things in the 1st time buyer range have really picked up - people want that tax credit and low rates! I've actually had buyers lose out on homes (under $300K) becuse of multiple ofers. I haven't seen that in years!

[dragonfennel]

I also disagree about open houses. When we bought our current house, we went to see it mid-week with our realtor and then went back for the open house that weekend and brought friends along to get their opinion, too. It was nice to be able to do that. We put in an offer right afterward.

That said, I think the point about not depending on open houses as a pillar of your sales strategy is probably a good one.

I know a fantastic agent, btw. If you want to PM me, I'd be glad to share.

[LoveATX]

Use an agent that will do both at a discounted rate. Say for example list yours for one and help you find the other for one. Forget paying the usual 3 and 3. There is a ton of great agents that will do that. Dont be fooled by the, "you get what you pay for" line. PM me if you want a name.

[austin-steve]

I agree with a lot of the above advice. Definitely interview at least three agents.

I'd add that in this type of market, and depending on the price range of your home, it would be foolish to even consider an agent who doesn't have a solid track record the past two years of getting his/her listings sold. More than half of the listings that leave the MLS each month or Expired/Withdrawn. Most are over priced and under prepared. You don't want yours to be just another listing the sits there, and a really good agent will make sure that doesn't happen. Ask the agents you interview to bring a printout of their past two year's MLS sales activity for homes listed, including all the expired and withdrawn. That's going to seriously weed out a bunch of them right up front. But you don't need an unsuccessful agent hoping to get lucky with your listing, you want one who gets results, and the MLS history contains their true resume.

On the buy side, it depends on whether or not your new home and area fall into the listing agent's area of expertise. Hopefully so, because most do have a "move-up" program where you get a discount on the second transaction.

This is a good market in which to move up. You'll get a bigger discount on a more expensive home than you have to give on selling the cheaper home.

Good luck.

Steve