Thursday Poll: Pick an Agent

In the last 12 to 18 months, the Internet has surpassed print advertising as the number one source of real estate marketing in many areas of the country.  Loudoun County is no exception.  The print ads in the local papers keep dwindling and the number of websites offering listings to search keeps growing.

And with that shift, there are many more online resources available for buyers and sellers of real estate to use in their search for a real estate agent.  However, these resources are not as obvious or informative as some of the sites that show properties for sale.  It takes a little more creativity and investigation to research a real estate agent.  Unfortunately a photo of an agent isn't going to tell you what you want to know the way a photo of a kitchen will.  And there is no single resource available that can give you answers to questions like expertise, marketing resources, neighborhood knowledge, negotiating skills, etc.

But there are ways to use the internet to get a better picture of an agent than "They have a nice sign" or "They helped by aunt and uncle find a house 6 years ago". 

So this weeks poll asks the question (multiple choice):

A lot of these choices are easy to use and can be very helpful in getting a better picture of an agent and their business.  Others, however, are a bit more elusive.  But there is a new website that will allow and agent to provide a wealth of information to prospective buyers and sellers.  Here is a link to my profile on this new site, clipREAL.com

Comments

[Cascades]

You forgot to include commission. After our less-than-pleasant experience selling our townhouse (two written offers, one verbal; the buyers with the last written offer backed out) we decided that our home is nice enough to sell itself and that a real estate agent is only incidental. We did more research than our agent, who charged a 5% commission (and made it sound like s/he was doing us a favor).

In fact, a house that went on the market on our street at the same time ours did sold in three weeks and they used a popular 4-4 1/2% commission agency (starts with "S"). You can bet we're gonna call that guy when we re-list in February.

[Danilo Bogdanovic]

We're talking about resources to help you find an agent, not what your criteria for finally choosing the agent are. Let's say you use an agency that charges a 4.5% commission, but has 100 agents - how will you decide which of the 100 agents (who all charge the same commission) you wish to work with?

Sorry you had a "less-than-pleasant" experience, but you should really chat with other sellers to see what the reality of this market is. Most sellers would love to get ANY offer on their property, let alone 2 or 3.

And if your home is nice enough to sell itself, then why are you going to relist it with an agent/broker?

[Tony Arko]

Cascades, in much the same way you read a post about online resources and offer "commissions" as a choice, your first agent probably told you to take the other offer but you chose the one that backed out. And now you blame the agent for something he/she could never control. Nice. My guess is you will use this awesome discount agent but get the same results as with the other agent.

[Cascades]

"Let's say you use an agency that charges a 4.5% commission, but has 100 agents - how will you decide which of the 100 agents (who all charge the same commission) you wish to work with?"

Assuming I decide to even go with an agent next time around (see below), I’d probably pick the one who sold the house down the street from mine. The agent did a good job with the pictures and presenting them on his web site, which, along with price and location, is what most buyers consider when deciding to even set foot inside a house.

"Sorry you had a "less-than-pleasant" experience, but you should really chat with other sellers to see what the reality of this market is. Most sellers would love to get ANY offer on their property, let alone 2 or 3."

That’s what our realtor told us. We know what’s out there and we can compete.

"And if your home is nice enough to sell itself, then why are you going to relist it with an agent/broker?"

You keep saying that enough and I might do it. The days of agents pulling listings for their clients to look at are over. Most, if not all, buyers look on the internet first and they tell their agent what they want to see, which is why good pictures, and therefore a good first impression, are important.

Our experience has gotten us thinking about a FSBO; we got a real education this past summer and most of the paperwork is boilerplate anyway. If we can get on the MLS, it might be a no-brainer. I’d love to pocket the extra $20K. Problem is, most people (agents even?) are psychologically biased against FSBOs. They’re just too “weird”.

"Cascades, in much the same way you read a post about online resources and offer "commissions" as a choice, your first agent probably told you to take the other offer but you chose the one that backed out."

The first offer (written) was below recent comps and would not have left us with enough to buy a SF (or so we thought). The second (verbal) was a joke. The third was about the same as the first, but came three weeks later, when some SF homes we were looking at were dropping their prices, and interest rates started dipping, so we felt we could accept it.

"And now you blame the agent for something he/she could never control. Nice."

I’m not blaming my agent for that. It was totally our decision. We had other issues with our agent that I won’t get into right now.

"My guess is you will use this awesome discount agent but get the same results as with the other agent."

Maybe, maybe not. If we get the same offer, fine. We’re paying down principle every month, so, six months from now, that’s to our advantage, plus we get to keep an extra $4K from a 1% reduction in commission.

Bottom line: I saw a house in our neighborhood, similar to ours, listed with a 4% agent that sold in three weeks. I could not justify to myself paying and extra $4K in commission for inferior service. That’s my point.

And sorry I misread your question.

[The Daniels Team]

It is definitely important to utilize as many resources as possible when finding a real estate agent to meet your needs. Commission should be one of the last reasons to make a decision. Look at online resources, referrals, and track record if possible.