Real Estate in 2006 (For Sellers)

 Clearly the residential real estate market is a very different arena today than it has been over the past several years. For many sellers in 2005, marking up the asking price to never before seen levels and waiting for the offers to come in was a relatively simple and very profitable exercise. Selecting a real estate broker was for many, just as simple. With real estate inventories at all time lows and buyers abundant, it wasn't necessary to distinguish them as all seemed to be winners. Most sellers held the line when it came to negotiating with buyers and the role of the agent/broker was to list the property on MLS and handle the myriad of details.

As the playing field turns to a buyers market in many parts of the country, selecting the right real estate agent can make all the difference between liquidating a piece of residential property in a reasonable period of time or watching prices fall while your home languishes on the market. Wondering if there will ever be another showing of your home after the real estate agent caravan is not where you want to be.

Before signing a listing contract or extending an active one, the following points should be taken into consideration:

1. Work with a seasoned and experience real estate agent. Chances are you don't take investment advice from a rookie investment analyst so why would you work with an inexperienced agent when handling one of the largest single transactions you make in a lifetime? Ask the agent how many homes they have sold in the past 12 months, number of listings taken and number of listings sold.



2. Arrange appointments with at least 3 agents from different real estate brokerages to compare and contrast their approaches to marketing your home. Consider interviewing brokers with national coverage, regional brokers and brokers who are only local to your area.



3. Ask the agent(s) which MLS (Multiple Listing Service) your home will be listed on and whether there are more than one MLS in your area. If so, will your home be listed on all of them? It is key to gain the maximum exposure possible to the real estate agent base.



4. Find out what sort of advertising will be used, the size of ads, color/black & white and most importantly frequency and what newspapers, magazines and publications.



5. Ask about weekend and/or during the week open houses and their duration and frequency. Also ask who will be hosting the open houses. Busy listing agents often delegate the hosting of open houses to new agents.



6. Ask to see samples of the types of marketing materials that will be used. Booklets, CD ROMS, flyers and the like.



7. Find out how often you will be updated on showings, prospect/realtor feedback and open-houses.



8. Consider a 90 day listing contract to evaluate the effectiveness of the real estate agent/broker.



Lastly, depending on your individual situation, be realistic in pricing your home for sale. Determine the length of time you have to sell your property and your profit objectives carefully.

About the author:

Carol Lorenc & Richard Lorenc (http://www.homeinjacksonville.com) sell condos and single-family homes for Watson Realty Corp., and live in St. Augustine, Florida. The Lorenc's have lived and worked around the world in Asia, Europe and Latin America and specialize in working with real estate buyers.

 Richard A. Lorenc

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