Now Is Your Time, Sellers!
Welcome back to the Café Talk Blog!
Last week we spoke about how the real estate market is seeing historically low interest rates with promise of an increase as we look to the future. We can conclude that the current situation is beneficial to our Millennial first-time home buyers and families looking to downsize. We can also expect that with the rise in interest rates, prices will generally start to decrease — opening the doors for investors to jump back into the marketplace.
Who does this situation also benefit greatly? Sellers! In the Miami market, we have seen multiple offers being presented on homes again along with prices rising consistently in the last few years. These facts mean that buyers are really competing for great homes and Sellers are able to cash out on the equity that they have built up with their investment.
Since it is such a great time to sell in the Miami market, we’d like to bring you, Mr. or Mrs. Seller, what we think you should look for when interviewing agents to market your home:
Do they listen to you? It is important for an agent to have high communication skills. A big part of communicating well with you is listening to your needs. You need to make sure they are able to understand what you hope to get out of the transaction and what you expect from them. Once they understand your needs, you need to evaluate how efficiently they have worked them into their marketing plan to get your home sold.
Have they performed well in the past? A good indicator of an agent’s past performance is if they come with recommendations or if they were referred to you by a friend or family member. A good agent will always be able to give you their perspective on how the market is doing in your area and the quality of their services provided to individuals in your area. They will also be able to tell you “the numbers” such as how many transactions they have closed in the last year, what the average sale price is, and how many days those homes were on the market for.
Do they have a strong marketing plan? You want an agent that will be able to help you sell your home in a timely manner. You need to make sure your agent will be actively seeking prospective buyers to get your homes sold. Ask your agent how they will be handling prospecting and qualifying buyers for your home, if they plan to host open houses, and how they will be marketing your property online through various platforms such as the MLS and Social Media. Make sure they have worked your needs into their marketing plan.
However, we would like to point out an important perspective you should not consider:
Do not choose an agent because of the price the agent promises to sell your home at. Remember, the market in your neighborhood is what really determines the price at which your home will sell at. It is important to have an understanding of how your agent arrived at their market value estimate of your home.
Do not choose an agent because they’re offering a slightly discounted rate. Instead, consider what services the agent will bring to the table and how well the agent will be able to handle negotiations on your behalf when it comes time to consider offers brought to you.