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Even if I'm not ready to sell, or don't plan to for a while?
What is the etiquette or right thing to do with something like this?
And would I be obligated to "hire" one of the 3 agents when the time comes to sell (assuming I think they would do a good job).
A good agent would not hesitate to stop over for an hour or two. It is just one means of outreach to show the ability to provide value.
But.....
Don't focus on getting the highest price. Focus on getting the most for your investment.
I routinely tell people, "Don't do that. We will sell your house, and you will only get 20%, 30%, or even less back. Yes, in this market, people are routinely buying homes with significant compromises at high prices."
Don't spend $10,000 to get $5,000 back if your home will sell without the expense!
Having said all that... If you have leaks, mold and crud, dysfunctional systems, much of that should be attended to.
A good agent would not hesitate to stop over for an hour or two. It is just one means of outreach to show the ability to provide value.
But.....
Don't focus on getting the highest price. Focus on getting the most for your investment.
I routinely tell people, "Don't do that. We will sell your house, and you will only get 20%, 30%, or even less back. Yes, in this market, people are routinely buying homes with significant compromises at high prices."
Don't spend $10,000 to get $5,000 back if your home will sell without the expense!
Having said all that... If you have leaks, mold and crud, dysfunctional systems, much of that should be attended to.
My thoughts exactly. I would just add that if you're thinking of renovating a bathroom or a kitchen do it because you plan on living in the house for the next 5 years or so and will be enjoying it. Don't renovate because you think it's going to send your home's value through the roof. To paraphrase what Mike J said . . . most home improvements cost more money to implement than they return in added value.
You have to know they are looking for a listing. What do you think will happen if you tell them up front that you aren't ready to sell and don't plan to for a while but they are welcome to come over and give you advice with no guarantee that they'll ever get the listing?
I think you will have 3 no-shows.
I wouldn't bet on it. They are hungry for listings. They would probably clean her house just to get a foot in the door....and try to talk her/him into selling NOW.
One top notch agent is all you need. Easy enough to find if you know where to look. An agent that sells a lot of properties, and that offers staging advice/investment knowledge will have a good pulse on both buyer expectations and RoI for work.
But you are right, there are too many subpar agents in the business. I'd fix it if I could.
Finding one top notch agent is harder than it looks. So far this spring, one agent I talked to was drunk or high, another one keeps sending emails, repeatedly asking ‘sold your house yet’? No listening skills whatsoever. Another promised to send property listings and nothing.
If you’d care to share tips on how to find competitive and competent agents, you’d make some people on CD very happy. In your business, the skin in the game is always on the buyer or seller, never the agent.
Finding one top notch agent is harder than it looks. So far this spring, one agent I talked to was drunk or high, another one keeps sending emails, repeatedly asking ‘sold your house yet’? No listening skills whatsoever. Another promised to send property listings and nothing.
If you’d care to share tips on how to find competitive and competent agents, you’d make some people on CD very happy. In your business, the skin in the game is always on the buyer or seller, never the agent.
Top listing agents and top buyer agents are different categories. What I look for when sending a referral in no particular order:
1-Experience: I want someone with good experience but not too busy to handle a new client. I can look at number of closed transactions on zillow. Not great but better than anything else out there. I like someone that has a roughly 50/50 buyer and listing split.
2-Customer Service: If the agent has a team I'd like to know who's going to be working the file. One agent can only handle about 36 transactions a year, tops, without good support, and that's if they are really efficient. It's great to do a lot of business but some of my worst transactions are with busy, disorganized agents that never answer their phone. So I like to know systesm and support they have in place.
3-Relevant knowledge: Read their profile and designations on their bios. Designations and CE can help here, but more importantly I want working knowledge. In your case, OP, I'd want someone that works with investors that flip houses and/or owns some rentals and flips personally. Like MJ, said earlier, I'm looking for return more than anything if I'm getting a house ready to sell. Maybe it's better to keep your existing floor and have carpet put down when you're ready to sell?
I see plenty of people that have over-imrpoved. For example, no reason to install a high end wood floor if carpet gets the best return.
Sometimes advice from agents is good, sometimes it isn't. The person who really knows what sells and the most economical way to get top dollar for your house is the local successful flipper.
Unfortunately, he isn't going to come out and give you a business plan for free. If you really want to put the effort in to learn, try going to the local landlord's association meeting and ask around. You might be able to find someone who is willing to help you out for a hundred bucks or maybe a free lunch. A lot of real estate investor types are helpful people as long as they don't feel that you are trying to take advantage.
Maybe you could take the time to join a real estate investor's forum and listen to what they are discussing about remodeling to sell.
But for sure, you could get a real estate agent out to take a look and give advice.
I think the problem with remodeling now for sale several years in the future is that tastes change. What the public wants for color and for flooring and for kitchen appliances is going to change. So my best advice is to remodel for yourself. What would give you pleasure to be living with? As long as your heart's desire isn't purple floor tile whatever it is should be good for resale value. ... and who knows, maybe in 5 years purple floor tile will be the latest greatest fad, just don't gamble on it.
Last edited by oregonwoodsmoke; 07-09-2021 at 10:32 AM..
......And would I be obligated to "hire" one of the 3 agents when the time comes to sell (assuming I think they would do a good job).
If they are helpful and you get along well with them why would you not hire one of them?
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