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Choosing A Realtor.

The boom of the Internet has resulted in more information available to the general public than ever before.  This is especially true of Real Estate.  If you are looking for it, there is probably a listing somewhere on one of the many MLS Viewing sites somewhere in cyberspace.  Counties, like Loudoun County, offer online access to their plats, maps, and certain portions of the tax record. With all this information available many consumers are asking about the necessity of going through a Realtor when buying or selling property.

Admittedly, 6 percent of a median priced home in Loudoun County equates to approximately a $30,000.00 dollar commission.  That is quite a bit of money for someone who lists the property and then sits back, letting multiple listings do the marketing.  When the market was hot, that is about all it took.  Houses were on the market 20 – 30 days.  A lot of Folks made a lot of money.  The question arises then, what should you expect for this very expensive service?  The National Board of Realtors provides this list on their website (http://www.realtor.com) as some of the services you can expect your realtor to do:

• Walking through the process of selling your home from beginning to end
• Providing comparable information about the prices for which other properties have sold and analyzing data for you to gain a true comparison
• Supplying information regarding local customs and regulations you may want to Consider
• Sharing information about your home through the Multiple Listing Service and on the Internet
• Placing advertisements for your home
• Fielding phone calls
• "Qualifying" potential buyers to make sure they would be financially able to buy your property
• Negotiating the sales contract
• Alerting you to potential risks
• Complying with the disclosures required by law
• Providing you with an estimate of the closing costs you will incur
• Helping you prepare for a smooth closing of the transaction.

Many Realtors do all the above, and often much more. They can provide a list of CONTACTS that will help move your house sooner, like Home Stagers, Handymen, Landscapers, and so forth. They can potentially spend many hours marketing your home, especially in the current housing market here in Loudoun County, where the average number of days a home is on the market is close to 120 days.

Most of the Realtors working today have had extensive training and offer expertise combined with ethics and represent themselves very well. That being the case, how do you decide on which Realtor to go with. There is of course the Ford/Chevy mentality where you select the Realtor based on the Agency he/she works for.  However, with the multiple listing service active in our area, any listed home is available to all Realtors, and to all potential buyers that Realtor may represent, regardless of the Agency involved.

The first element in this decision process is to find a Realtor that is compatible with you!  Find someone you can work with.  Ask friends or neighbors for recommendations. Look in the papers, or on sold signs, and check for a Realtor’s Web Site to see what that Realtor offers.  

The second element is to meet with the Realtor, you should not feel pushed or controlled in your discussions. Do your personalities match, do you like this person, can you work together.  Yet, remember, all Realtors are ultimately SALES PEOPLE.  Ask questions.  Find out if your property is going to be advertised in newspapers.  Is it going to be showcased on any Web sites.  How many open houses will the Realtor hold, and does the Realtor have a Marketing plan.-- Given the recent HOT market Loudoun had from 2003 to 2005, be wary of the Realtor who claims ‘X number ‘of houses sold, or ‘Millions of Dollars in Real Estate Sold’.  In the Loudoun Market were the median sales price of a house is close to $500,000.00, it does not take many homes to reach a high dollar track record.--  A better question might be,  ‘How many houses have you listed this year, and how many of them sold?’. Also, many Realtors will provide references if asked.  It is courtesy however, to ask the Realtor if it is okay to contact someone who has that Realtor’s FOR SALE sign on their property. (Maybe a house that has been setting for a while….) .

Finally, is the Realtor telling you what you want to hear just to get your business, or have they dished out some ‘TOUGH LOVE’, and told you things that were not what you expected to hear.  Like your expected price is too high, or, your house needs some work.  Did they recommend changes? Did they suggest your house could benefit from Staging? (What is Staging? Click here!). Still, at the end of the day, it comes down to you. Do you feel their suggestions are based on fact, did the Realtor do their HOME work and show up with comparative listings showing what houses are currently listed/selling for in your area?-------  If so,then perhaps you have found your Realtor.  Take your time, and if you need it, request the Realtor give you a day or so to decide.  The market in Loudoun County is going to be quite competitive for some time, and you want to make the best decision you can.