Put Your Real Estate Agent to the Test
by
Elizabeth Razzi
FOR SELLERS
You are perfectly
entitled to bluntly ask agents: "What do you bring to
the deal?" Sellers routinely ask agents to justify
their 6% to 7% commissions. "They'll say, 'Don't
charge me for a Cadillac and give me a Chevy,'" he
says. Get the Cadillac.
- Demand that
your home be posted on the multiple listing
service within 24 to 48 hours. This prevents the
agent from "pocketing" the listing -- limiting it
for a few days to agents working for his or her own
brokerage. An in-house sale doubles the broker's
commission, but does nothing for you. Get a copy of
the printout to check for errors (and to be sure the
listing has been posted).
- Demand a
photo listing on the Internet ASAP. Many
buyers start their search on the Web. Ask
prospective agents which sites they use.
Realtor.com is the largest, but its main
competitor, MSN's
House & Home, draws eyeballs, too. Some brokers
cut deals for exclusive postings on a single site,
but for you, the broader the exposure, the better.
- Demand to
see all offers when they are made. Make
sure your agent doesn't delay consideration until a
certain date (hoping to spark a bidding war), or
hold back an offer while you consider an earlier
one. The Realtors' code of ethics says that agents
should present offers promptly. Hold them to it.
FOR BUYERS
Yes, you need an agent,
too, and you deserve one who will negotiate
aggressively on your behalf. Remember that the
seller's agent is obligated to help the seller get as
much out of the deal as possible. The agent will be
thrilled to work for you, too, but his or her first
allegiance is to the seller, and the agent must pass
on any tidbits you let slip -- such as the top dollar
you're willing to pay. So, sign up a top-notch buyer's
agent and then:
- Demand
attention. You want an agent who is eager
to e-mail or phone you about new listings --
immediately. You can't dawdle.
- Demand a
look at expired listings. Your agent should
check to see whether the owners are just taking a
breather from marketing. They might jump at your
midwinter offer.
- Demand quick
action on your offer. An agent who presents
your offer after returning from a weekend away could
cost you the house.
