Read some answers to the most common questions I get, then book an appointment to discuss everything else!
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The Greater Boston real estate market is relatively seasonal when it comes to the number of active buyers and sellers in most types of housing. With that said, there are often good reasons to list a home during a part of the year when there are less buyers looking. Given the choice, I would much rather list one of my personal properties in the early spring, but I’ve also put a property on the market in the fall right before a presidential election because it was vacant and letting it sit unoccupied through the winter was more of a risk than the spring market was worth. Competition between buyers can often give you the best results in the spring, but I’ll help you weigh that benefit against any other conditions that might necessitate a sale during other times of the year.
I love answering this question! In short, it’s most likely already ready to sell as-is in the current market. Whether you decide to spend time and money making “tactical” changes to attract more buyers than you would have hooked otherwise depends on MANY factors. There are upgrades that, when done right, can get you more money than you put in, but there are many others that will either lose you money or waste your time and effort. Even when selling my own properties, I’ve adjusted my approach based on the individual sub-market. I’ve spanned the gamut from doing zero pre-sale prep when that’s what made sense for the market, to spending $3,567 facelifting a <$200K condo to “Pinterest worthy” status, to dropping $11,896 improving the feel of a single-family house. Any time I spend pre-sale money on my own properties or recommend that a client does the same for theirs, it’s based on a careful analysis of what type of person is most likely to buy, and what those buyers in that sub-market are looking for. The condition of a home can affect other things as well as offer price, so doing the right improvements can be a great way to give a seller options when it comes to closing timeframe / flexibility, getting contingencies waived, and having a smooth transaction overall. Every situation is different, and we’ll discuss options together and come up with a game plan that’s best for you.
Homes in the Greater Boston area vary greatly when it comes to the various touches owners have added over the years. The combination of upkeep performed, type and quality of improvements, landscaping, and location or general feel of a neighborhood all affect price more than the Zillows of the world can accommodate for. Because even pictures can be misleading when it comes to how a home “feels”, the most accurate market value that I can provide will be based on current market conditions, nearby sales of comparable properties, and seeing your home in person. Even in the case of identical condos on the same floor and side of a building, market value is more than just adding what one sold for plus the cost of recent renovations done to the other. After I determine what I think your property is worth in its current state, I’ll discuss other factors like timeline, urgency of your move, and any mortgage debt that may dictate certain tactics to be used rather than others when it comes to deciding on a list price. More often than not, the price we agree to list a property at is not the price we expect it will sell for!
This is a common question that depends on the local sub-market. It’s actually very common to see different pricing techniques being prevalent in various price ranges in the same town, with higher price brackets leaning towards the “list high and negotiate lower” system and lower brackets using a “list low to drive competition in order to sell higher” system. Just because one pricing strategy is more common in a sub-market doesn’t mean that every seller needs to do the same thing however. We’ll discuss the pros and cons of various pricing techniques before we come up with a list price together, and it’s never a one-size-fits-all solution.
Dual agency can be a little complicated. The general concept is that a real estate agent or broker works with both a buyer and seller on the same transaction, but doesn’t fully represent the interests of one over the other. There are two types of dual agency: a broker who runs a brokerage can technically be a dual agent even though they aren’t working within a transaction, and an individual agent who works in a brokerage and is acting as a dual agent in a transaction.
First, broker dual agency. Most brokerages in Massachusetts use “designated agency”, which basically means that individual agents within a given brokerage represent different buyers and sellers. Under designated agency, it’s common for one agent to represent the seller and another agent to represent the buyer in the same transaction. In this case, each individual agent provides the same level of confidentiality and fiduciary care to their clients that they would provide if they belonged to different brokerages. However, the broker who manages the office in this case is technically a dual agent, and that fact is typically irrelevant to both parties, even though it needs to be disclosed. Again, each individual agent in this case has a variety of legal obligations.
What is much more interesting to discuss, and more relevant to most buyers and sellers, is when individual agents act as dual agents. Here are some highlights:
- Under normal conditions, individual agents are required to act in the best interest of their clients while performing six specific duties: loyalty, full disclosure, confidentiality, accounting for funds, reasonable care, and obedience to lawful instruction.
- Under dual agency, an agent is only permitted to provide the seller and buyer with two of the six original duties: confidentiality of material information and accounting for funds.
- Individual agents who represent a seller often also represent buyers at the same time, but that doesn’t necessarily mean they’re acting as a dual agent.
- Real estate agents can be forced to become dual agents for a certain transaction if circumstances change, and a buyer decides to submit an offer for a seller’s property that’s listed by that same real estate agent. This may happen when a seller initially decides to list a home at a price that is higher than the amount a buyer can afford, but then lowers it to a price within that buyer’s range. In this unusual case, the agent (who has been fully representing both the seller and buyer up until that point, but for different properties) is forced to become a dual agent who is prohibited from providing either the buyer or the seller with loyalty, full disclosure, reasonable care, or obedience to lawful instructions.
- In MA, real estate agents who are representing a seller are not required to become dual agents simply because a buyer who doesn’t have their own agent decides to submit an offer on the seller’s property. MA list agents may continue to fully represent the seller’s best interests while helping the buyer fill out the offer paperwork as long as the proper disclosure is given to the buyer. A seller may choose to have their list agent become a dual agent in that case, but an automatic transition to dual agency is not required in MA under those circumstances.
- If the buyer exits a dual-agency transaction for any reason, then the list agent can resume fully representing the seller and can again provide loyalty, full disclosure, reasonable care, and obedience to lawful instruction, in addition to confidentiality and accounting for funds.
Dual agency can be complicated and confusing, as well as important. I’m happy to discuss it further anytime!
This is one of the ways where my approach is different than many in the industry.
I’ve often heard other agents say things like “The buyer who came to my open house didn’t have a buyer’s agent, so I had to be a dual agent.”, or “I give all my buyers and sellers the same level of service, even if I don’t technically represent them”. The way I see it, a client is either a buyer or seller whose interests I’m legally required to prioritize above those of other buyers and sellers in a transaction, as spelled out in MGL 254 CMR 3.00 and the MA Association of Realtors exclusive buyer or listing agreements. As such, I believe it’s impossible to represent the interests of actual clients the same way as other buyers and sellers.
The difference in my approach becomes apparent in the way I treat certain situations. Probably the most significant is the example of an unrepresented buyer who comes into an open house for one of my seller’s listings. In this relatively common scenario, many list agents point to the “consent to dual agency” section of the Exclusive Right To Sell Listing Agreement they signed with the seller when they explain that they’ll automatically transition from representing the seller’s interests to effectively functioning as a facilitator to both the seller and buyer as a dual agent. Instead, my understanding is that MA law allows a list agent to assist the unrepresented buyer with transactional things like explaining and filling out an offer form, while continuing to work in only the seller’s best interest to get the highest purchase price, best terms, etc from that buyer. MA real estate law requires that a list agent give the unrepresented buyer a notice that explains that the agent isn’t working in the buyer’s best interest in that particular transaction, and the buyer can make the decision on their own whether to find their own buyer’s agent or continue to buy the property with the assistance of the list agent.
Instead of automatically assuming the role of dual agent when an unrepresented buyer decides to submit an offer, I explain to my seller client that they have the option for me to transition to the role of dual agent if they feel that’s in their best interest, but my default is to continue representing only their best interests. Some sellers think that transitioning their list agent into a dual agent may be a good way to keep better tabs on the buyer throughout the process instead of risking that the buyer bring an unknown second agent into the mix, while others may decide that they’d prefer to maintain the list agent in a position to help them negotiate their best interests until closing. Either way, it’s also important to know that the structure of the Exclusive Right To Sell Listing Agreement usually means that a list agent who transitions to a dual agent will usually make double the commission, and I believe this incentive sheds some light into why some list agents jump to dual agency without a larger discussion to help the seller understand that the decision is actually theirs to make.
In an effort to avoid dual agency as much as possible, I ask potential buyer clients if they’re interested in any listings I may have on the market or coming up, and I’ll help them with offer paperwork as a seller’s agent if there are any matches rather than bringing them on as buyer clients. Again, the only way I would end up working as a dual agent is if a seller changes their list price to within an existing buyer client’s range, or if a buyer client changes their purchase criteria, or if a client asks me to.
Dual agency can be complicated and confusing, as well as important. I’m happy to discuss it further anytime!
I’ve personally used over 20 contractors, tradespeople, and handymen in the area for renovations on my own properties, and have access to lists of hundreds more who have been rated by other Massachusetts agents and landlords. Let me know what you’re looking for, and I’ll find you someone who can help!