What's going on in Edmond Real Estate?

Each month I look forward to the publication of the latest OKC Metro Real Estate statistics. It's my chance to show, through verifiable numbers, that the sky is NOT falling. We're all inundated these days with stories in the media about how the Real Estate market is dead and everyone's losing the value in their homes, so it's easy to get sucked into believing the negativity and buy into the fear.

It's funny to watch people's reactions to my statistical reports. Every now & then, someone will actually argue with me and insist that the "bubble has burst." However, most folks are excited and encouraged to see that the numbers are still headed in a positive direction, contrary to what many of the "experts" would have us all believe. Many times though, after a week or so of listening to the media, they start to believe the doom & gloom again. It's a constant rollercoaster, simply because they're hearing the NATIONAL story far more than they're reading about LOCAL trends. That's where we come in.

Real Estate is a local business. There's no better way to explain it. Local sales, local building and local jobs are what determine what our local market does. The only way the national real estate market effects our local market, is through perception. When local-yokels begin to perceive a slow local market (usually due to negative national reports), they get scared and decide not to buy. You can see how this would effect our local market... fewer people buying means more homes sitting on the market and this causes values to level or drop. It's simple supply & demand.

So, let us keep you informed of what's going on in our local market. When you're unsure about what you hear on the news, search our statistics for real, current data and decide for yourself whether or not now is a good time to buy or sell. And if you're still not sure, contact us and we'll be happy to help. That's what we're here for.

Your first goal when hiring your REALTOR® should be finding one that you mesh with on a personal and professional level; one you feel you can be honest and direct with and can trust with your financial concerns. After all, you're selling your largest asset, so you have to be sure that your best interests are being protected. The best way to accomplish this is by simply interviewing about three agents in your area. I know this seems obvious, but it's very common for a seller to just hire the first agent they're referred to, or to hire their friend who just got licensed. Sometimes this approach works out fine, but all to often sellers find themselves locked into a very emotional transaction with someone who either doesn't have the experience to handle it correctly or someone they don't have a good relationship with, and they're left feeling like they don't have any control.

Treating the hiring of your REALTOR® like an interview allows you a chance to see the professional side of the agents you're considering.

• They should approach this interview as a business proposal. This is their chance to show off what they know and what they do.
• They should be able to show you how many homes they've sold in your area, how much they sold for in comparison to others in the area, how long it took them to sell those homes, and what methods they employed to sell them.
• They should have a solid understanding of your area. Very few agents are truly knowledgeable in all areas of a large metro area, so you'll want agents who have experience in your particular area. Agents who specialize tend to have more precise knowledge and are oftentimes more effective in those specialties than an agent who generalizes in an entire metro area.
• You'll want a REALTOR® who can show you a pattern of success.
• You'll likely want an agent who uses today's real estate technology to gain the most exposure for your home. Statistics show that in 2006, over 80% of home buyers searched online and found homes before they ever contacted an agent, so yesterday's methods of advertising a listing simply aren't as effective as they used to be. An agent who embraces today's technology reaches more of today's buyers, plain and simple.

The interview process should also give you a good feel for the agents' personalities. Finding an agent with whom your personality meshes is highly important.

• You'll be working closely with the agent you hire for months and you want to feel like you can be direct without hurting his/her feelings.
• You'll want to feel informed and like you're working as a team.
• Mutual trust and respect is VITAL for a successful transaction. If you don't click with your agent, you WILL experience more stress and frustration than if you have a good working relationship.
• If your personalities don't click, he/she will probably be less likely to stay in close contact with you throughout the process.
• A good agent should be in contact with you at least once a week, to keep you updated on any changes in the market and any adjustments that may need to be made to the marketing plan of your home.

These are just some of the basics of interviewing agents. When you decide to sell your Edmond home, you'll want to be fully informed of different strategies that some of the less-savory agents will employ to get your listing. It's hard to avoid the potholes if you don't see them. We'll discuss some of those strategies in the next few weeks but, as always, if you have questions, don't hesitate to call us for help.

The links below will provide you with more information from our national peers about interviewing agents:

• Looking for a Good Listing Agent? by Jeff Dowler
• What does an agent DO for all that money? by Jennifer Allan, Author of Sell with Soul
• Questions to ask when interviewing Realtors by David Matney