Step 1: Hire a REALTOR
Many homeowners begin the process of selling their property by browsing websites like Realtor.com, Zillow, Redfin, or Trulia to check the selling price of similar properties in their neighborhood. This helps them to get an idea about the current value of their home. However, it's important to keep in mind that relying solely on these websites may not always provide an accurate estimate of your home's value.
Please keep in mind that the information on online real estate sites may not be entirely accurate. This is because some listings that were never listed in the MLS, such as pocket listings or For Sale By Owners, may not appear. Additionally, the information on these sites is sometimes not updated in a timely manner and can be out of date. For example, a property may still be shown as active on Zillow even if it sold nine months ago. Another issue is that many properties do not list their square footage, making it difficult to compare similar-sized homes. Finally, online sites cannot account for the condition of a property and how it affects its value.
Therefore, when buying a home, the first step is interviewing Realtors and asking for a CMA (comparable market analysis).
1. Find a Realtor
So, how do you find and choose a REALTOR? Hopefully, you will contact me, Jeni Hamilton with RE/MAX Results, at (763)498-4269 or realtorjensellsmn@gmail.com. Then, we can meet at your home to discuss the selling process and see if we are a good fit for each other. Not all REALTORS are suitable for all people. You need to find a REALTOR who is good at their job and someone you like and can talk to because you will spend a lot of time with them throughout the home-selling process. It's important to find a REALTOR who is not only skilled but also someone you like and trust, as they will be handling a significant part of your financial future. You can start by asking your friends and family for referrals. After that, you can contact those Realtors and set up initial phone screenings with them. Keep an eye out for how quickly each REALTOR responds to your initial phone call or email. A good REALTOR should get back to you within 24 hours; if they don't, it's a bad sign. In this business, things move quickly, and deals can be lost if your REALTOR responds slowly on your behalf to showing requests, offers, inspection negotiations, and other matters.
2. Initial Phone Screening
During the initial phone screening, utilize these questions to screen the REALTOR:
- What areas do you work in?
- What types of homes do you have experience selling?
- Are you a full-time REALTOR?
- How long have you been in real estate?
- What qualities differentiate you from other REALTORS?
- Do you have reviews I can look at and references I can reach out to?
Be prepared for the REALTOR to ask questions about your home, such as how much you owe on your mortgage, if any repairs are needed, and if any updates have been done, as they need this information to do an accurate Comparative Market Analysis (CMA).
3. Meet In Person and Review the CMA
You will go over the CMA when you meet with the REALTOR in person. Ask them not only what they think your home is worth, but what the average days on market (i.e. the number of days from when your home goes on the market until you have an accepted contract) is in your area. If the REALTOR doesn't know this, move on. The REALTOR should have a net sheet also known as Estimate of Proceeds showing what they charge, how much the closing costs will be, and what approximately you'll net if you sell your home for X price. Lastly, trust your gut.
4. Sign the paperwork
Once you have found your REALTOR, plan on signing an exclusive listing agreement. This agreement means you are exclusively working with this REALTOR, and it ensures your REALTOR will keep your information confidential and work in your best interest. Most importantly, be honest with your REALTOR. Tell them if you need to sell your home for a certain amount of money or in a specific time frame. Only when REALTORS have a complete picture can they come up with the best strategy to fit your situation.
If you have any questions about finding a REALTOR, please reach out.
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