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Seller Agency

Listing Agents represent the interest of the Seller.  In North Carolina, the Listing Agent is to maintain information as confidential unless: 1) it’s a ‘material fact’ in which case, by Real Estate Commission rules, it must be disclosed OR 2) the seller has authorized the Listing Agent to tell information typically held in confidence.

Examples of Material Fact include: a failed septic system, a dry well, an upcoming assessment, a highway is being routed thru the neighborhood, the basement leaks- and so forth.  If the aspect would alter a Buyer’s desire to buy the property, it is probably material- to them.

Listing Agents are charged with advising the Seller about aspects of:  the property being sold; the market conditions which may affect price; the strength, or weakness, of Offers that come in; how best to counter an unacceptable Offer – and so forth.  Selecting the agent best for the Seller requires research.

Factors to consider in selecting YOUR  Listing Agent”

  1. How long has the agent been in business?  ( And can you tell if they have X number of years experience, or one year X times?)
  2. Is she/he in the business as a career choice, or was the decision to become an agent based on external factors?
  3.  Does the agent need to earn (or supplement) a living or are they “recreational” realty agents?  One wonderful person I knew within a large franchise said to me once, “I don’t want to work ‘that’ hard.  I just want to get out of the house and away from my wife”.  A successful retired stock broker, he was typical of  ‘recreational agents’.    He was, however, a  great friend with whom  I enjoyed dining.
  4. What career credentials does the agent bring to the transaction?
  5. In what ways does the agent’s education support the ability to provide advice to you?
  6. How will the property be marketed?  The single most important residential tool is the REALTOR Association’s Multiple Listing Service (MLS).  Typically an MLS automatically loads to    Buyers can search the web and find your property.  Buyers can search with local agents to find your house.  Most companies also have their own web sites and provide brochures for the yard signage.
  7. Is the ‘chemistry’ good between you?

Factors to avoid in selecting YOUR agent

  1. Ignoring the above check list and selecting the agent based on social contact at church or a civic club.  Just because the person is a licensed agent and you enjoy their company, does not make them the best representative of your interests.
  2. Assuming that a large volume of transactions means the best representation.  While working on the Buyer’s side of transactions, I’ve experienced Seller’s Agents who have been more interested in turning the deal than in preserving the most money for the Seller.  Just be aware.
  3. Selecting the first agent you interview.  Compare at least two.  Arrange to have an agency discussion.  They will be glad to give you the time.

Remember it’s your best interest that you need to cover

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