Over the years, many sellers have told me that “so-and-so” sells most of the homes in their area and that they are hesitant to list with anybody else, especially in such a difficult market. There is a big difference between “selling” and “listing”. In one case, the listing agent in question did in fact list 8 of the 12 homes that had sold in that area in the last 2 years. However, a search of the buyers’ agents for each of the sales showed that the listing agent did not also represent a single buyer in any of those transactions. Not only that, but she didn’t bring buyers for any of the other 4 sales either! Also of interest was that 3 other listings with the agent had been on the market for a year and cancelled.
The importance of the “neighborhood specialist” has faded with the advent of the Internet and regionalization of the Mutiple Listing Services. Consumers can choose agents based on merit and experience and not be so concerned with geography. Gone are the days when a consumer would need to find a Naperville agent to sell them a home in Naperville. Even if their preferred agent is in Northbrook, that agent has access to exactly the same information that the Naperville agent would have available to them. Naturally, they should have a general working knowledge of the area.
I have recently noticed that the “Neighborhood Specialists” have in many cases become a detriment to the sellers because they have a hard time dealing with declining prices in their “kingdom”. When an agent focuses too much on one neighborhhod they have difficulty seeing the big picture. In one extreme case, a local agent was telling sellers to list 20% higher than the market analysis indicated because he actually felt he had enough influence to affect the market in that location. He clearly didn’t. After a year with him, they listed with another broker and ended up selling at 20% below their original market value.
Always get at least a few price opinions before you list your home. By all means consult the neighboorhood guy but also check with somebody else who knows the business well and does not concentrate specifically in your area. Choose your agent on merit, not geography.
