Sellers! What NOT to tell a Realtor
There are certain things that you should never tell an agent when you are interviewing Realtors to sell your home. That may sound a bit contrary, but let me offer some clarification.
Don't tell the Realtor that you have not hired yet that you are going to go with the agent that tells you they can get the highest price for your home, even if that's what you are thinking. There are a lot of unscrupulous agents out there who will inflate a price just to get you to sign an agreement, only to reduce it to a reasonable price later on. And, by the way, all of the agents that work in town know the agents that do that, and tend to somewhat dismiss their listings as being overpriced. You don't want that reputation inadvertently lowering your final sales price.
If you choose to interview a few Realtors to decide which one is the best choice to sell your home, you should absolutely be candid and frank with them. Most agents will ask you a number of questions when you meet them as well, in order to "qualify" you and see what your motivation is before they get too involved. In other words, they are interviewing you just as much as you are interviewing them.
The danger posed to you and the final sales price of your home is in offering to tell that agent your "bottom line" sales price, or answering the seemingly innocent question of, "What is your bottom line?"
Why should that information be kept so close to the vest? The answer is simple. That agent does not yet represent you, and if you choose to hire another agent after you have told another agent how much you would accept, then that can sabotage your efforts in effecting the highest sale possible.
That agent that you don't hire may have a buyer, either presently or at some time in the future. If you have already told them your bottom line, and they are under contract with a buyer to get them the best price, then they have "inside info" as to what you will take (as well as a fiduciary responsibility to that buyer). I would think that you may not even get an offer from those buyers that equals your bottom line.
The agent that you don't hire may mention your bottom line price to someone else in the office that has a buyer for your property. Same results.
When you decide on an agent that you are going to hire, you can tell them this information after the contract is signed. At that point, that agent owes his/her fiduciary responsibility to you, and cannot divulge this information.
So think before you speak, and also before you sign.
If you are thinking of selling your home, contact me. I'll guide you in all the right ways.
