1 – They’re your friend and you don’t want it to be awkward at parties. You know that business and friendship don’t mix,right? So why risk the sale of the largest asset you own AND your friendship? Is your friend truly the best person to sell your house? Never hire someone you aren’t prepared to fire and never risk a friendship. One of our best friends recently sold his house – and we were more than happy to refer him to a top agent who works in his area. Friendship safe. House sold. If your friend is truly your friend, they’ll understand – any seasoned agent knows the dangers of working with friends (it’s not actually that much fun for us either).
2- They’re a new agent and you want to give them a chance. Great idea! You can also get your hair cut or get your bikini area waxed by students at most esthetician schools and dental schools are always looking for volunteers to practice their root canals on. Enjoy!
3 – They told you that the top agents are too busy for you and you won’t get any attention. This is a common refrain from agents who aren’t selling a lot of houses. Truth: top agents have proven systems, staff and experience to provide a seamless experience to their Sellers. They aren’t learning as they go, they have support staff to handle the details so they can focus on selling your home and they have the budgets to invest in photography, video and staging. There’s a reason they’ve become top agents.
4. They told you your house was worth more than the other agent did. This is a common tactic that agents use to get a listing. They give you some pie-in-the-sky number to get your hopes up. You get excited so you list your house with them. It sits on the market. You reduce the price. It sits on the market. You reduce the price again. It finally sells at less than what the market value was in the beginning. Truth: the longer a property stays on the market, the lower a price it will get. Second Truth: agents don’t decide what your house is worth – the market does. We sometimes lose listings because people don’t like how much we tell them their house is worth – 90 days later, when it sells for what we estimated (or less), they believe us. More than one has come back to us saying they wished they’d listened and listed with us.
5. They offered the lowest commission. If someone offered you money, would you take $2,000 instead of $10,000 or $20,000? I didn’t think so. Low commission comes at a price and that price is photography, staging, marketing and experience. There’s no doubt that photography, staging, marketing and experience impact the final sale price of your home. So while saving $2,000 on commission seems like a good idea today, will it seem like a good idea when your home sells for $10,000 less than it could have? I didn’t think so.
6. Your mom knows a guy in Mississauga who can sell your Toronto property. If they work in Mississauga and are willing to take on selling your Toronto property, be very suspicious. They don’t likely know the market or the expectations of Toronto Buyers. If they aren’t living and breathing the Toronto real estate market every day, how could they possibly be the best person for the job? We’ve picked up more than a few deals for our Buyers because the listing agent was from out-of-town.
7. They said their listings sold for 103.1% of asking last year. Statistics can be manipulated – and real estate agents are pros at it. I’ve seen agents tout these statistics but neglect to mention the fact that they only sold 2 listings last year – which of course, makes that stat irrelevant. If an agent isn’t giving you full statistics (# of homes sold, % of original asking price, #days on the market, % of buyers vs sellers) – they’re likely hiding something.
8. Their business card/website/car wrap says they’re the #1 agent and they are part of the Chairman’s/President’s Club. Look for the asterisk – they’re probably the #1 agent in their brokerage or in their office, or it’s based on a manipulated or old statistic. And don’t fall for the phony awards most brokerages give out either. When I was in the fourth grade, I got a ribbon for coming in 23rd in a road race. There were 23 runners.
9. They sell the most homes in my neighbourhood. This might be a valid reason to hire an agent…but there are lots of agents out there who get listings because they out-postcard and out-billboard everyone else. Get the facts, find out what services they include and who you’ll actually be dealing with on a day-to-day basis. Just because someone has been in the business for 40 years in your neighbourhood doesn’t mean they are the best or most innovative at selling in today’s market. [NB: there are some fabulous neighbourhood agents and agents who’ve been in the biz for a long time who have adapted to today’s marketplace- nothing wrong with hiring them!].
10. They have the cutest dog in their photos. Present company excepted – the BREL dogs are pretty awesome – we’d be happy to send you some pics.
If you’re thinking of selling your Toronto house or condo, we’d love help! Call, email or text us anytime.