Here is what to expect from a top professional:
1. Courtesy
With privileged athletes and rock stars as our role models, boorish behavior has become mainstream. I’m old school. I still believe in something called “professional conduct.” I don’t need a code of ethics or Dr. Phil to tell me how to conduct myself in my myriad of daily encounters with people.
You should expect, at minimum, that a true professional will always be well-mannered, polite, relaxed, patient, and empathetic. These are more than niceties; they are valuable assets that benefit the client. These attributes foster effective communication, which is the heart of better negotiation.
Don’t think twice, just be nice. Years ago, I heard a very popular real estate sales trainer say that the worst thing that people could think of you was that you were nice. I don’t agree, but then I’m a country boy and I was reared to be polite and considerate.
Courtesy extends to being on time, returning phone calls promptly, and fulfilling commitments.
2. Thorough needs analysis
Any professional will want to meet you in their offices for the purpose of an initial consultation. Among the reasons are to determine if your situation fits their expertise, to conduct a thorough analysis of your circumstances and options, and to make sure you fully understand the process.
3. Strategy
Once you understand what your options are, you can begin to form a plan for achieving the one best option for you and your circumstances. Your best option could be doing something entirely different than your original plan, or even nothing at all. The strategy is the step-by-step process of achieving your best option.
4. Advice and Counsel
It can be hard to appreciate the value here but, in my view, it’s probably of greatest value to the client. I once asked the agent representing the buyer of my listing, “What did you advise your client to do?”
His response was, “I don’t give my clients advice.”
In my view, he is worth less than full value.
5. Prior inspections
Most real estate professionals hate surprises. They understand that it is far better for the seller if all property defects are determined prior to bringing the property to market. Those defects will be discovered by the buyer’s inspection which is likely to trigger protracted and needlessly acrimonious renegotiation and often cancellation.
6. Comparable Market Analysis
The key to selling quickly for the highest possible price is to place the property in the marketplace at exactly the right price. If the price is too high, the best qualified buyers won’t get to see it because they’ll be looking at homes priced in their spending range. This is where your home should have been listed, in the first place.
Two sets of data help to determine what is known as current market value: what others have recently paid for nearby properties which posses similar attributes such as square footage and amenities, and what is currently available to compete for buyers.
7. Mortgage Review
Is there a prepayment penalty or are there other fees associated with paying off the mortgage at this time? A prepayment penalty is deductible but should also be reflected in the plan.
8. Title Review
You could have a lien on your property and never know about it until you go to sell. Considering that even a mistake will take time to unravel, this should be learned early in the listing period.
9. Estimate of Net Proceeds
When you list your home for sale, the only thing that matters to you is your net proceeds, not the selling price or the agent’s commission. You should expect that any professional real estate practitioner would provide you with a breakdown of all the known and anticipated costs associated with selling real estate.
10. Review Escrow Instructions
You should expect that your escrow instructions have been fully reviewed to make sure there are no surprises, and the instructions to the escrow company reflect the meeting of the minds of the parties. Usually, more than one party is contributing information to escrow and they don’t always get it right.
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