What makes Realtors® different from each other? Part 1
What differences make a difference when it comes to deciding on a Realtor® to list and sell your home? This question is maybe the single biggest question homeowners must tackle on their own when deciding upon a Realtor. The surprising part is that most homeowners don’t even consciously realize this is the proverbial $64,000 question but, make no mistake, it is. For many of you, you find the question so daunting that rather than tackle it head on, you look for the easiest way out and end up working with the first Realtor you meet. I know this to be true because according to the National Association of Realtors (NAR) 2018 Profile of Home Buyers and Sellers, “Seventy-five percent (75%) of recent sellers contacted only one agent …. to sell their home.”
With that being said, my first difference that makes a difference that I want to highlight isn’t the Realtor® at all, it’s you, the homeowner. As a Realtor®, I know that for many of you, the home is your single largest individual investment. Yet, to say such, doesn’t really go far enough to describe your home selling situation. You also have to include the fact that for many of you, the home is your only source of savings. According to a myriad of websites like, Forbes, CNBC, NYPost, USA Today, Marketwatch and others, in 2018, somewhere between 65-70% of Americans don’t have more than $1,000 in savings. However, once again, saying the home is your largest financial investment and your only savings isn’t truly an accurate picture of your home selling health because you still need to go a bit further. For the majority of you, we need to also say, the home is your only source for retirement income. According to those many websites I previously listed, 76% of you have less than $5,000 in retirement savings. Nowhere near where you need to be to actually retire. If all of this isn’t bad enough, finally we need to acknowledge the fact that on average, nearly 80% of Americans are holding somewhere between $30-$50,000.00 in debt. With all of this being said, for the majority of you, the home represents your…
#1: Largest financial investment,
#2: Your only real savings,
#3: Your only measurable retirement and,
#4: Your ability to pay off debt.
I’m making this point to highlight the fact that many of you considering selling your home are coming into the situation under remarkable stress. Needless to say, you are frantic and panicked and couple this with the overwhelming amount of information, laws, regulations and selling process, it’s no wonder 75% of you will simply work with the first agent you meet. It’s just easier that way. The truly scary part of all of this is, this knowledge is actively used against many of you by unethical, immoral agents.
Many homeowners want to believe their home is a small gold mine. This is because the home is the lion’s share of the economic health of the family. Many of you reading this article can relate because you find yourself in the very situation I’m describing. You don’t have any retirement to speak of and savings is just as meager, you’re living paycheck to paycheck and any disaster could put you and your family on the road to ruin. The only saving grace you have is that, you are sitting on equity in your home and as such, the home’s equity forms the only foundation you have to economic security. Essentially, all your nest eggs are in one basket and you not only want the home equity to be a small gold mine but, need it to be without exception. This is exactly where a self-serving immoral real estate agent wants to find you.
“Buying the Listing” involves winning your business by telling you that they can sell your home for more than anyone else can. Of course, such promises are all the bait this agent needs to reel you in for the previous reason we outlined in the above paragraphs. This deceitful agent has no real interest in selling your home because he knows it’s overpriced but, that’s not his goal. His goal is to use your listing to generate lead traffic from his sign, syndication, radius mailing and other marketing he may do. Having a presence in your neighborhood allows him to market his services to your neighbors by touting the fact, you trusted him to list your home and they should too. It’s called Social Proof Marketing Psychology and make no mistake, it works.
At the end of the day, he may end up burning his bridge with you but, in his mind, that’s the price for getting his foot in the neighborhood’s door. The fact is, he may never sell your home and that’s ok. Your home may end up on the market for longer than expected or, you constantly had to do price drop, after price drop however, as his sacrificial lamb that’s to be expected. He’s more than willing to overprice your home and never sell it for the multiple closed transactions and sales leads, he generated directly off your listing. He will play on your fears and economic situation and you will be just another victim of something we call, “Buying the Listing”.
What you can do to avoid working with one of these unethical agents is to interview more than 1 agent. By interviewing at least 3 agents, from 3 different brokerages, you can get a good idea of the true value of your home based on the average and median prices these 3 different agents suggested to you. At that point, you can easily tell, which agent is blowing smoke and which agents are truly interested in selling your home. I know it’s not the easiest thing to do but, make no mistake, you owe it to yourself and your families financial health to make the right decision on which Realtor to use.