These few brief hints, in today's fast-paced world, may save you several thousand dollars if you are buying or selling today.
- Insist on a written quote;
- Maximum 90 Days;
- Focus on today's price;
- Accept the best offer; and
- Don't pay or sign anything.
1. Insist on a Written Quote
When an agent quotes you a likely selling price, get the quote in writing with a clear condition that if your home sells below the price quoted by the agent, you do not have to pay the agent.
Sure, if the market price genuinely falls and you believe the agent has made an honest mistake, you can decide whether or not you wish to pay a commission.
However, by insisting on a written quote and a condition on the commission, you are only doing what you would do if you dealt with any other professional person.
You would ask two question of a professional service provider:
- First, What are you going to do for me (the price)? and;
- Second, what are you going to charge?
2. Maximum 90 Days
If you sign up with an agent, put a limit on the time that you are 'tied' to that agent. The longest time should be 90 days. Some sellers insist on a maximum of 30 days. You do not want to be stuck with an agent you don't like. If you like the agent, you can always extend the agent's time when the period expires.
Putting a time limit on a selling agreement gives you control over the agent, not the other way around.
3. Focus on Today's Price
Yesterday's price is gone. Sure, the price you can get today may be less than you could have got yesterday. However, tomorrow the price could be lower than the price you can get today.
Too many sellers today are costing themselves a lot of money because they are holding out for a price that is no longer achievable. The longer you wait, the lower your price can become.
4. Accept The Best Offer
When you are selling a property, you need the best price available in today's market. Do not confuse the price you want with the best price available.
Unless you are willing to take the BEST offer in today's market, don't even put your property for sale.
5. Don't Pay Or Sign Anything
No matter how tempted you may be or how much pressure is placed upon you, never pay any money to any agent for any reason until your home is sold and you are satisfied.
And, be careful that the agent's selling agreement does not have a fine print clause which requires you to pay advertising expenses if your property is not sold or if you change agents.
Finally, do NOT sign any contracts to sell your property until you speak with your own personally chosen legal advisor.
