The time has come to list your house “For Sale”. You have completed your punch list of things to do to prepare the house for sale, including a fresh coat of paint, some new landscape and fixing that annoying leaky faucet. Here is where we begin to hit critical mass. Do you look at your home from the eyes of a potential seller or a proud homeowner?

How you answer could cost you thousands of dollars.

I will go ahead and answer the question, you are the proud homeowner! You have worked hard to maintain your property and undoubtedly yours is much nicer than the one down the street that is for sale. How do I know this? It’s repeated quite often.

You consider yourself to be a savvy home seller. You have read various articles on the procedure, attended a few open houses and are now ready to hear why you should hire the neighborhood expert to sell your home. The newspaper articles recommend you speak to three real estate agents. You have an idea of what you think your house is worth and are hopeful that one of the prospective agents will confirm your belief.

What do most people look for when they speak with an agent?

They look for the one that will quote them the highest market price and convince them if they list with them, it’s a done deal.

What should you look for during a listing presentation?

1. Experience - How many homes has your agent sold? Can they explain the listing agreement to you, or explain the intricacies of the purchase agreement? Or do they rely on their Broker for all of their advice?

2. Don’t be romanced by the big name company - the agreement to sell your house is going to be dependent upon your agent’s own ability and motivation. Your agent will spend his or her own money to market the house, the company they work for will not spend a dime.

3. Justify - make the agent justify to you how they came up with the recommended price for your house. If the price is higher than most of the comps, why is your house worth this price?

4. How long will it take to sell - this can be a subjective answer, however there is data available to provide you with an answer. By looking at days on market or absorption rates, you can get an idea of what to expect.

Don’t choose the highest price by default.

I have seen home sellers sign a listing agreement for up to six months at an inflated price, only to have the agent recommend a price reduction four weeks into the agreement. It boils down to “tell em what they want to hear”. Anything to get your business.

In the next article we will look at different strategies available to you to sell your house.