A well selected Realtor can be a valuable resource.

 A realtor in most circumstances is a necessity for the Personal Representative when real estate is to be sold in an estate.   Some of the reasons are obvious, like the marketing clout and advertising budget available.   Other reasons are more subtle, yet equally important.   When the Personal Representative employ a realtor it provides a layer of professional advice, objectivity and a sale methodology which will likely limit potential criticism.

Commission fees are a considerable expense.   It is incumbent upon the PR to get their “money’s worth” by developing a realtor selection method and a sales strategy which maximizes the likelihood of success.

 Find out who the sales leaders are – 80% or more of real estate is sold by 20% of the realtors.   You want to work with the winners.

 Request (3 or 4) written marketing plans from top producing realtors.

You have more authority to ask for more things before you award the listing than afterwards.   Let you prospective brokers know that there will be competition and that you are looking for a marketing plan that is beyond the basics.   You want specific ideas and strategies tailored to your property’s target market.

Have the marketing plan disclose specifically the publications that the property will be listed in and the frequency and duration.   Other services may include a weekly monitoring visit of your property. You want details, details, details and all of the realtor’s creative ideas, in writing.

 Limit your discussions regarding fees discounts   If you start the process by “hard balling” it for the lowest fee the realtor may pare back the marketing plan commitment which is egregiously counterproductive.   After you have reviewed the winning proposal, see if they are comfortable accepting a modest fee discount.   The greater the discount you press for the greater the realtor will discount their efforts.

 Personality, chemistry and comfort level with the realtor does matter.   But don’t make chemistry the dominant criteria in the selection process.   You are looking for the whole package.

Marketing, Marketing, Marketing = ideas, ideas, ideas

In the most general sense, marketing is nothing more than ideas that will create qualified traffic of lookers to your property.     Have your realtor visit other agency offices.   If traveling 15 minutes more in commute time provides a better value for a prospective buyer, then let your home be the alternative.

Think about creative opportunities, Ask around…

Talk to your neighbors, if they have friends visiting maybe they would like to see the home.   Postcards can be sent to all the neighbors in your community featuring your property.   The neighbor may be the pseudo salesperson and encourage the prospect to buy.   If you know individuals who invest is real estate, let them know about the opportunity and ask them to spread the good word.

In Kind” distributions to beneficiaries

Realize that if a reasonable price is not available, it may be possible to distribute “in kind” the entire property to a single person or fractional ownership to multiple beneficiaries.   When multiple beneficiaries receive   an “in kind”  share in a property, each party should seek separate legal advice in advance to understand any future control issues (rights to sell) and to ensure the proper titling of the property. Other factors to consider are taxes and maintenance and availability of shared use.   It tends to get increasingly complicated (and possibly contentious) when more “personalities” enter the mix.

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