Randolph Realtor Douglas Tucker lists some mistakes that listing agents make which can negatively affect a home sale.
1.
Submit incomplete paperwork - A commission agreement is only a small part of the listing paperwork which a seller must complete.
The other documents include a seller's property disclosure, consent to dual agency, lead paint disclosure, consumer information statement, multiple listing input sheet, and the New Jersey law against discrimination.
When all the paperwork is completed, the seller should get a copy of all the signed paperwork, as well as the pink copy of the commission agreement.
2.
Fail to take photos - The vast majority of buyers are drawn to a property because of the pictures and video tour.
If a listing agent doesn't include photos, it will make the property less marketable to a huge amount of clients.
3.
Listing the home and then forgetting the listing - If a realtor has a busy real estate business, he or she may list many properties but not be able to service the clients.
4.
Share too much information about the seller's situation - It is no one's business if the seller is divorcing or having financial difficulty.
The seller's agent has a fiduciary duty to work for the seller only; if he or she gives unnecessary information to a buyer or a buyer's agent, it will put the seller at a disadvantage in negotiating.
5.
Skipping the inspections - Holding a transaction together in today's market is a challenge.
To better service your client, be visible at the home inspection, appraisal, termite inspection, and oil tank inspection.
6.
Pushing the seller into using a favorite attorney - It is okay to recommend a favorite attorney or mortgage lender to a seller.
However, listing agents should provide three referrals and let the seller make the choice.
7.
Ignoring the wishes of the seller - The seller doesn't want an open house, or a lock box, and wants potential buyers to remove their shoes? The listing agent must obey the seller.
8.
Delegate all responsibility to an assistant - The seller hired you and not your assistant unless you went into your first meeting saying you were a team and interchangeable.
Do not be there just to sign the listing and the give another agent all the tasks to do.
9.
Failure to disclose - If a listing agent knows of a structural defect, he or she must disclose all the information to a potential buyer.
If a deal falls apart because there is mold in the basement, don't encourage the seller to fix it without using the proper procedures.
10.
Offer legal advice - A realtor is neither an attorney nor an accountant.
An agent should not offer advice unless it is specific to real estate regulations from the Real Estate Commission.
1.
Submit incomplete paperwork - A commission agreement is only a small part of the listing paperwork which a seller must complete.
The other documents include a seller's property disclosure, consent to dual agency, lead paint disclosure, consumer information statement, multiple listing input sheet, and the New Jersey law against discrimination.
When all the paperwork is completed, the seller should get a copy of all the signed paperwork, as well as the pink copy of the commission agreement.
2.
Fail to take photos - The vast majority of buyers are drawn to a property because of the pictures and video tour.
If a listing agent doesn't include photos, it will make the property less marketable to a huge amount of clients.
3.
Listing the home and then forgetting the listing - If a realtor has a busy real estate business, he or she may list many properties but not be able to service the clients.
4.
Share too much information about the seller's situation - It is no one's business if the seller is divorcing or having financial difficulty.
The seller's agent has a fiduciary duty to work for the seller only; if he or she gives unnecessary information to a buyer or a buyer's agent, it will put the seller at a disadvantage in negotiating.
5.
Skipping the inspections - Holding a transaction together in today's market is a challenge.
To better service your client, be visible at the home inspection, appraisal, termite inspection, and oil tank inspection.
6.
Pushing the seller into using a favorite attorney - It is okay to recommend a favorite attorney or mortgage lender to a seller.
However, listing agents should provide three referrals and let the seller make the choice.
7.
Ignoring the wishes of the seller - The seller doesn't want an open house, or a lock box, and wants potential buyers to remove their shoes? The listing agent must obey the seller.
8.
Delegate all responsibility to an assistant - The seller hired you and not your assistant unless you went into your first meeting saying you were a team and interchangeable.
Do not be there just to sign the listing and the give another agent all the tasks to do.
9.
Failure to disclose - If a listing agent knows of a structural defect, he or she must disclose all the information to a potential buyer.
If a deal falls apart because there is mold in the basement, don't encourage the seller to fix it without using the proper procedures.
10.
Offer legal advice - A realtor is neither an attorney nor an accountant.
An agent should not offer advice unless it is specific to real estate regulations from the Real Estate Commission.