Home prices are falling, sales are stalling and buyers are calling for concessions.
As a growing number of housing markets shift into low gear, sellers are beginning to find their backs against the wall.
If there was ever a time to avoid the FSBO (for sale by owner) impulse, that time is now.
Good help really isn't hard to find, provided you take care to hire a real estate agent best suited for you, the market and the home you want to sell.
GMAC Real Estate supplied a list of tips for successful real estate agent selection and we asked agents from other companies and other real estate professionals to chime in with suggestions you may not always get.
It is not an exhaustive list, but ideas to get sellers pointed in the right direction.
Here's what they suggest:
"Consider using a REALTOR (a trademark used by members of the National Association of Realtors), not just a licensee, and you know you will be working with a professional who is taking their career selling real estate seriously and who adheres to a strict code of ethics," says Julie Ziemelis, spokeswoman for the Santa Cruz (CA) Association of Realtors.
While full-time status is generally accepted as a better deal than part-time status, especially when the market calls for that extra effort, there is some disagreement over the level of experience or accomplishment your agent should have.
"Avoid top producers for the same reason you avoid part-timers. They usually don't have the time it takes to provide individual services to a Mom-and-Pop seller, especially if they usually operate with a "team" of assistants," says Dane Hahn, broker owner of EXIT 11 Real Estate in, Stratham, NH.
While agents with less experience, clients and accomplishments can argue convincingly they've got more time for you and your listing, top producers will point to their accomplishments as a tangible you can bank on.
"In addition to finding a top agent, make sure that they have at least 10 years experience in the business. They have strategies and systems in place to sell property in any market. Newer agents have not experienced slow markets and do not adapt as well as older ones," says Mark K. Hicks. a real estate and mortgage broker with the Seabrooke Group in Campbell, CA.
Hicks goes on to explain how to separate the chaff from the wheat -- new or old -- with advice that can applied to selecting any agent.
"Have them show you their track record. Find out what they do to market homes in a slow market," said Hicks.
"I think it's important to get someone local and who knows the area and is close enough to easily service the listing, but I think narrowing it to the neighborhood may be going too far in that direction," Handy said.
"Before the Web, it was important to get a 'neighborhood expert' but more and more agents are working broader areas and growing their business other ways. I would suggest that the agent who farms the area could just as easily be a problem for the seller because he or she likely has listings in direct competition with the seller's home, whereas the non-farming agent would not have divided loyalties. I say interview both," Pope-Handy said.
"It's vital in a slowing market that you home is properly priced when you first put it on the market. Homes that are ideally priced right from the start sell more quickly, often with multiple offers. Homes that are overpriced sit on the market much longer and end up having price reductions," said Audrey Redmond, a mortgage advisor with Partners Mortgage in San Jose, CA.
"One of the biggest mistakes I see sellers making today is in allowing their listing to be 'bought' -- making their hiring decision based on which agent's estimated price is highest," said Stefan Walker, an associate broker with Alain Pinel Realtors in Los Gatos, CA.
"A history of more print advertising does not mean a particular agent is better at marketing. In fact, excellent marketing may not include any newspaper or magazine efforts, depending on the media available. Dollar for dollar, I am having better success with specialized signs, 800 numbers and specialty virtual tours than I am with newspapers," says Hicks.
Some suggest "Googling" prospective hires for some insight on their marketing efforts.
"Why? A real estate professional must market both himself or herself and the properties they sell. If the Google search turns up very little on an agent, there's a problem. Either the agent does not self-promote or does not have listings which effectively promoted on the Web. If the agent cannot promote himself or herself, how well will your home be marketed?"asks Mary Pope-Handy, a real estate agent with Intero Real Estate Services in Los Gatos, CA.
That means give and take.
"Be prepared to argue with your agent, but insist that the agent argue back. Fight over the price until you are both satisfied. Request the agent will let you out of the agreement with 30 days notice if things are not going well. Be prepared to pay for (special) advertising you ask for. Don't expect the agent to put your tract home in the Wall Street Journal unless you agree to pay the advertising bill," said Hahn.
