Insider knowledge of the market is essential
Experience matters when it comes to selecting a seller's agent. Your agent must:
- Help you decide what upgrades, if any, to make
- Advise you on staging your home
- Help you decide on a price for the property
- Assist with facilitating surveys and inspections
- Work with you to evaluate offers and negotiate a price
Many of these tasks require insider knowledge honed after years in the business. You need someone who has familiarity with your market and understands how to price your property right. They also need to be in the know on what upgrades or repairs make sense to invest in. Otherwise, you could waste funds, leave money on the table or be forced to drop your price repeatedly.
You also need someone who knows how to market the property effectively and ensure you accept the best offer. These are skills that people acquire over time and you want someone with a proven track record who paid their dues.
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Read MoreSuccess as a real estate agent takes hard work
While your cousin may develop into a great real estate agent who is more than capable of closing a sale quickly (and for top dollar), the odds are it won’t be your outcome.
Research has shown that 87% of new real estate agents fail after five years. Like any profession, real estate is a nuanced industry and you don't want to put your financial future in the hands of someone with an unproven track record.
Rather than doing a family member a solid, find an agent with a strong record of successful sales in your area. Interview agents to learn what commission they'll charge and what the marketing plan is for your home. Check their past listings to see the quality, as well as how long the homes were on the market and the final purchase price.
Your cousin may be mad, but if they can't understand your decision, that's something they'll have to overcome. You can smooth things over by taking them out for a drink with all the extra money you're likely to end up with as a result of working with an experienced professional.
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