WHAT BRINGS ABOUT THE SALE OF A PROPERTY: A property sells (or doesnâ€™t) predicated upon the price and exposure of the property. Throughout Trulia, and â€œHow to Sell a Propertyâ€ guides, you will hear â€œPrice, Promotion, and Condition.â€ Another version of the same is â€œPrice, Presentation, and Condition.â€ You will also hear â€œPrice, Product, and Promotionâ€ taught in Marketing 101 courses across the country.
PRODUCT (THE PROPERTY): Your job, as seller, is to make the property (the product) as appealing to buyers as possible. In general, that means, sparkling clean, decluttered, and perhaps painting, staging. Your Realtor will provide specific advice and his/her judgement can be invaluable. This comes from experience and good eye and feel for the business. This is an individual trait and found in small or large shops. A large shop wonâ€™t make your property better or worse.
PRICE: Your Realtor will provide pricing opinions and advice. Ultimately, the seller sets the sale price. If a seller insists on too high of a price, a Realtor may decline the listing. An overpriced listing is easier to slide into a large shop, since it is much harder for the broker manager to monitor. A large shop, nor a small shop can sell an overpriced listing. Right pricing is a critical component to achieving a sale. The size of the brokerage firm can do nothing to compensate for an overpriced property. The market will reject it, regardless of who has the listing.
EXPOSURE: I use the term exposure over marketing, since selling a property encompasses responsibilities of both the broker/agent and the seller. The broker/agent must market to the public and to the other agents who can bring their buyers. The seller must make the home readily available, easy to show, and keep the home show ready.
WHO CAN EXPOSE (MARKET) THE PROPERTY BETTER AND WHY: Not all large shops do it better; not all small shops do it better. If exposure to the public at large was unimportant, we would not have seen the explosion of real estate data on the internet. If exposure to the 50 agents within the local office were key, the industry would not have taken the path it has over the last 5 years. As a seller, you need to be everywhere your potential buyer might be. Many buyers, whether they have an agent or not, are aggressively searching the internet. I place minimal value of how many agents are in the office of the lister. I place much more value on the listers ability to bring exposure of your property to all prospective buyers and all buyer agents out there, regardless of what company they work.
When choosing a representative to sell your property, probe extensively for their commitment and understanding of marketing your property on the internet since this is where your buyer is likely to be looking. Small shop/large shop aside.....Is your property going to be on the internet? Where? Who gets it there? How is it monitored for accuracy? (In our small shop, we maintain staff who upload listings to multiple real estate sites, monitor these daily and generate stat reports for agents to take to clients.) You also need to cross market to other brokers and agents in the community. You want the hands-on market buzz that comes from networking.
Who will do the marketing brochures, take photos, build virtual tours, and do floor plans? In our small shop, we have a trained draftsperson who draws our floor plans, a photographer who shoots our virtual tours, a marketing support staff person in our local office who creates professionally bound brochures within 1 day, and a IT/Web designer who can create a single property site within a day. (I am not in your area, and this is not a solicitation, but gives you an idea of things you can inquire about . The who, why and how of supporting your listing.)
Some large companies provide very little in terms of support for their agents. Agents sometimes do little more than rent a desk at large company and provide all of their own services to clients. There is nothing wrong with this; some agents do quite well at providing all of these services. You job in hiring is to know all will get done, and done well. My point is that a large name with a number of agents does not dictate who and where your services will originate. Choose the best for the job; large or small shop....there are great pros at both.
Ask yourself this question. Do you get better service at Wal-Mart or do you get better service at a boutique?
Sure Wal-Mart is cheap and you can even check yourself out and never talk to an employee (except the retired greeter guy) but when you decide to sell one of your biggest investments I think you owe it to yourself to get good service. Chances are that a smaller company will get the job done with great service and when you call the office your agent will be close by.
Big companies are no more likely to find a buyer than a small company.
The home will sell by exposure. Exposure through the MLS and exposure through the internet.
Print ads are 99% dead. Don't coun't on this type of exposure.
Price it right and list with someone who will have your best interest at heart and be prepared to hang in there for the long run.
It's the market we are in. Big or small company doesn't matter.
You still should get more than one realtor to give you a proposal on listing your home. You should evaluate the proposal. Evaluate the agents' website and marketing materials. Go to some open houses and see how these realtors run them. (You are there to evaluate the realtor. If the home is comparable to yours, you might learn something there, too.)
I personally have no bias twds a large or small firm. I believe that the individual realtor is overwhelmingly the "make it or break it" point.
Recently when I evaluated realtors, I noticed that some firms did a better job with their web sites than others. That was impt to me. However, some of the larger ones, while very nicely done, had standard templates that kinda seemed all the same to me. I didn't think that would help my house stand out.. That is just one example of how I did my analysis.
You need to review this as if your friend was not your friend. If it's close, then give it to your friend becuse you are comfortable with them. But if another realtor gives you a much more professional, believable proposal, then I would give it to them. Personally, I don't care if the firm is big or small.
Most brand name brokerages will hire anybody with a license. It doesnt cost them money and only increases the likleyhood that they will take a cut of another agents money.
There are great agents in large and small firms, but I am only suggesting you base your decisions on the person you are doing business with, not the logo next to the name.
Reviewing your profile it appears that your home is already listed.
Let me ask you: Who manages your investments? A large stock brokerage or a small one?
Who helps you with your taxes? Sole proprietor or big company CPA firm?
You probably know the answer but just want confirmation, right?
You don't hire an "office". You hire a person, hopefully a real estate professional who is a member of the National Association of Realtors for starters.
Second you hire someone who has a marketing plan, and shows you how they are not only going to implement it, but how they are going to keep you in the loop.
Third, you hired someone that has proven negotiation skills.
According to the 2007 CAR Buyer survey, over 85% of buyers first saw the home they purchased with a Realtor...so how well your Realtor markets to other Realtors is key.
In a nutshell, you hire a person, not a company...regardless of what you see on TV. Just to make my point (and toot my own horn),. Keller Williams spends ZERO dollars and nationa advertising, yet was ranked FIFTH in consumer awareness. Is it a coincidence that we are also FIFTH in size...and the fastest growing RE company?
No, it's not.
Consumers (CAR stats prove this), don't care about your Realtor's affiliation. Because they are hiring a person, not a company. So any size company is fine....
Visit http://www.kw.com,. go to press releases......
My suggestion would be to interview three Realtors (your friend being one of them) to determine what they will do to get your property sold, their track record of sales and who you feel comfortable with. Do not select a Realtor based on their price or commission. Good luck.
Try to get the best price first and then if your needs change, then go to plan b.