ONE OF THE MOST COMMON MISTAKES made by sellers is believing the price the agent quotes for the sale of their home. Once you sign-up with the agent, if the selling price is less than the price you were quoted, too bad. There is nothing in the “standard” real estate agreements that compels agents to honour their quotes. The ‘Quote Trap’ catches thousands of sellers who are told one price before they sign-up and another price after they have signed-up. As absurd as it seems, if a home sells for any price, the agent still gets paid.
INSIST ON A WRITTEN QUOTE GUARANTEE, just as you would with any business. You should only pay the agent if you get the price you were quoted – or more. Don’t accept any excuses about “the market”. Granted, no one can know exactly what any home will sell for; but the agent can give you a price range – from a low point to a high point – and if your home sells below the lowest point of the price range, do not pay the agent. An agent who is telling the truth about the price of your home will have no qualms about giving you a written commitment that the words you hear are the truth.
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Go To Mistake 4 – Failing to Check Out the Agent