To: bag+@BARBARA.ADM.CS.CMU.EDU
cc: bovik+@K.GP.CS.CMU.EDU
Reply-to: rollins+@POP.CS.CMU.EDU
Subject: Realtors for Selling
From: rollins+@POP.CS.CMU.EDU
Date: Thu, 26 Aug 93 23:59:06 -0400
Message-ID: <1081.746423946@VASSAL.VENARI.CS.CMU.EDU>
Sender: Gene_Rollins@VASSAL.VENARI.CS.CMU.EDU


I sold my home twice in Pittsburgh in the last five years, and used different
agents each time.

> (1) If you are the seller, how do you go about choosing
>     a realtor?

You can make appointments with a few different realtors to come to your house
and talk about what they would do for you, and what price they would ask for
your house and perhaps what they would expect to sell it for.  You can discuss
your situation such as whether you need to sell soon or wait for a good offer.

When I sold my Squirrel Hill house, one agent from Howard Hanna was going to
ask $119,900.  The agent I signed with from Cooper Agency asked $139,000, and
we sold it for $130,000 in a month.  The Howard Hanna agent asked us what we
wanted to sell it before telling us what she was thinking about the price.
The Cooper Agent didn't discuss price in the first visit because she wanted to
consult her colleagues.  Three of them came for a second visit and suggested
$139,000 after some discussion.  This seemed a little more professional.  But,
in the sales process, we felt we weren't treated well and our agent didn't
have the backbone to stand up for our interests.

Four years later we sold our Regent Square house thru Howard Hanna.  I can
recommend our agent for that sale because she stood up for our interests
better.  Her name is Kitty Sue Pfahl.  She works out of the Forest Hills
Howard Hanna office office (see (2) below).

Another way to get to know some agents is to go to open house sales in your
neighborhood.  You can check them out before inviting them to your home.  You
can pretend to be interested in buying a house in that neighborhood and see
how they show the house to a prospective buyer.  You can make appointments
with the agents that you like the most from the open houses.  That is
how we found Kitty Sue Pfahl.

Larger agencies like Howard Hanna and Caldwell Banker have more buyers
to send thru your home, which is an advantage.  But, they will send those
buyers thru your home if you sign with any multilist agency.  The
Cooper Agency is small, family run, and specializes in the east end of
Pittsburgh.  I will disrecommend Barbara MacKenzie who sold our first
home.  I would be leary of some very small agencies.

>  2) Are some realtors better in certain areas of the city
>     than others?

Yes. Every residential real estate agent works out of a specific office in a
particular area of the city.  Some may be willing to sell a home outside their
area, but they are better in their own backyard.  They know their own area
better, and the buyers they work with are interested in that area.  I would
stick with the local offices of large agencies, and small agencies that
specialize in your area.

> 3)  Are the agreements you sign with them, basically the
>     same with all?

There is a standard multilist agreement. If you multilist your home you get
much larger exposure to buyers; all multilist agents can sell your home
splitting the commission with your agent.  I have heard of non-standard
agreements, but I think that would be without multilisting.  The selling
commission paid by the seller, is a percentage of the selling price, and is
negotiable at any point.  Most agents ask 7% commission.  It used to be %6,
and Cooper Agency typically asks %6.  Last year I told Kitty Sue Pfahl that I
knew it was negotiable and I didn't see why I should pay more than %6.  She
agreed to it right away, and we signed at %6.  A week later, when I recieved
my third offer, which I accepted, the agents asked %7 because the selling
price was $100 more than my asking price.  I agreed to pay it because I wanted
the agents to do a good job completing the sales tasks.  I have also heard of
the agents accepting a lower commission in order to get a buyer and seller to
come to an agreement.


The agents all say that the seller pays the commission so they work for you.
But, they work for themselves.  They will smooth things over as much as
possible to make sales.  So, in the end, you have to watch out for your own
interests.  In addition to the agent, you might like to hire a real estate
lawyer early in the whole process.  I know a good one in Squirrel Hill named
Mike Sable.  You can call him and ask what he might do for you.  It is
especially complicated if you are selling and buying.  We did this twice
without a lawyer and felt squeezed between two sales agreements at times.  We
worked out our problems each time, but I think I will get a lawyer's help the
next time.  I didn't know Mike Sable until after my last move.  Also, if your
buyer and/or the seller of your new home has a lawyer, you are at a
disadvantage without one to look after your interests.

You will get more buyers looking at your home if it is listed with an agent
than if you put it up "For Sale By Owner".  Some people won't look at a home
for sale by the owner.  The selling agent should handle the sales details
after the sales agreement is signed.  On the other hand, it is possible to
sell a home without an agent, and use a lawyer to handle the sales details.
Eliminating the sales commission is a large savings.  The safest approach is
to get both a real estate attorney, and a multilist selling agent.