How to Find a Luxury Realtor in Park City and Deer Valley Resort Area?
Are you thinking of buying or selling your Park City luxury property but don't know where to start? You don't know what realtor or broker is actually good at their job, if they'll work hard for you, or if they even sell much real estate. Every website you see online has agents ranked with five stars and all the agents are self touting #1 in their market.
We've built RealEstateInParkCity.com entirely around attracting new clients by providing a substantial amount of information. Below we offer advice on how to find the best agent to work on your behalf to get your property sold!
If you have the ability to buy or sell luxury real estate your privacy, time, and property are extremely valuable. Yet, the processes of buying and selling luxury properties can be inefficient and time-consuming. No two real estate transactions are the same and having experience on your side matters.
When selling a home in Park City or Deer Valley you will want to seek out an agent who can ensure the property is appropriately marketed and the transaction is handled with care and expertise. This agent should be an advocate for you and make help make a smooth and profitable transaction that delivers to your needs.
If homes are selling quickly and there are enough buyers in the market you may not want to sell your property off-market, unless you have some privacy concerns. It could be argued that in a hot market an agent that sells all their listings for over asking price on the first day isn't doing their client the justice they service the seller deserves.
Finding any ol' agent is simple but finding a great agent can be a bit more challenging. While many agents are circling real estate social media posts like a starving shark that smells blood in the water, we take a different approach to be proactive to help Park City sellers and buyers get the best deal on their timeframe.
If you're considering buying a luxury property in Park City is the agent willing to work hard for you to find those off-market deals. I personally think it's good for buyers to try to get an off-market property. If I'm working with a seller that property is most likely going to hit the Park City MLS but if I'm working for a buyer I send out letters, speak with other agents and brokers about what new listings they may be having coming to market, contact previous clients, and make sure you're quickly notified of all the new listings that meet your criteria. When looking over historical data, 20% of the buyers I worked with never had their property go on the MLS.
Tips to Finding a Great Luxury Realtor in Park City
We'd love it if you would speak with us about being your Realtors in Park City. If not, here are a few things to research when selecting the right luxury Realtor.
- Search Google, Bing, and other online real estate sites. Google Business pages offer the best-verified reviews but other very well-known real estate websites can have manufactured reviews. I've researched reviews in other markets where a certain site shows more reviews than the agent has sold.
- Phone a friend. Even the online leads we work with have several friends in the area. Last year we had a client's friend call their agent to make sure we were reputable, the buyers purchased a ski-in-ski-out condo in Deer Valley a week later. Call your friends and ask them if they know an agent that has a track record with buyers and sellers.
- Find a real estate specialist that knows your market. We refer clients to other agents if the property is out of our area of Summit and Wasatch county. I have a strong belief that other agents should do the same. If an agent is not familiar with the area they are at an extreme disadvantage in negotiations and possibly marketing.
- Interview the agent (this is where I would like you to call me). If you set an appointment and the agent is late, doesn't show up, or comes unprepared - DO NOT HIRE THEM.
- Work with an agent that understands technology. In our Park City market, nearly 99% of buyers come from within the United States but from different areas of the country. You want an agent that understands where buyers come from and how to appropriately market the property to potential buyers. The most cost-effective way to do this is by using technology that has a laser focus on the most probable buyers.
- Get past their fluff: Ask about how the agent manages their business and their business values. Inquire about their marketing budget as well as where and how they market. How many properties have they listed for sale versus the number that did not sell? You can even ask what their biggest mistake has been when selling real estate.
- It's also important to know as a buyer or seller: What is the agent's escrow to closing ratio. A seller's agent that doesn't sell their listings prices the properties too high to acquire the listing but then never sellers it and underdelivers. The buyer's agent that doesn't close over 85% of the properties they put under contract pushes their client too hard in the sales process.
It is common for a seller to ask what an agent's sales price to listing price. As with other statics, this question can set the conversation up for half-truths as the sales price ratio can be manipulated. You'll want to ask how many price drops are typical before their listings are sold.
You will want to find a Realtor that is respected and known by other Realtors. Typically agents knowing one another and having trust in each other helps in negotiations. Agents work hard but you want to find someone who has the right mix of experience, hustle, and grit.
Buyers and sellers in a luxury market should understand they you will be working with during the process. Some of the larger real estate teams will do the dog-and-pony show but then you might not ever see the lead agent again because a junior agent or assistant will be handling the transaction. This process creates an opportunity for a lower level of service than expected. You may end up being handed off from one person to the next information is not transferred.
Luxury Tip for Luxury Buyers and Sellers: Know what you want from an agent and be prepared to discuss past experiences that went extremely well or didn't go well at all. Every luxury client we've ever worked with has bought and sold multiple properties and has had different experiences but we want to make sure you have the best experience.
Luxury Buyer Tips
With current market conditions, you will want to choose a buyer's agent that can honestly describe a property and not try to sell you on every luxury listing that hits the MLS. Make sure they have a way to video on the phone in the event you need to view a property virtually. Read The 8 Important Tips When Buying Luxury Properties.
You are in search of an agent that is in the market every day. This way the agent is talking to sellers and other agents about potential listings that may be coming to market. If you're ready, willing, and able to buy a property you want someone who is trying to find you the right fit before it hits the Park City MLS. This agent needs to be able to stay cool and calm under pressure to help you navigate in high stake negotiations.
Luxury Seller Tips
Park City sellers should be supplied a package that illustrates your home will be marketed. I'm the guy who truly believes in marketing homes with online marketing but it is also important to have tangible marketing. There is something to be said about the importance of having marketing you can touch, feel, and take with you. Do their luxury home marketing materials stand out from the rest or will the sale of your property hang on the effectiveness of open houses?
Choose an agent where you feel a connection. It's highly probable that the person who buys your home is similar to you in taste and you will want an agent that can highlight your property on showings in a likable way.
You want an agent that has a large database of potential buyers for your luxury property. This database should have new buyers added daily and continually worked. If an agent has a database of potential buyers and sellers from ten years ago it adds a fraction of the value of eager buyers looking for real estate in Park City.
Continually adding to a database allows the agent to showcase your property to people who are actually interested in buying real estate.
In the past thirty days, we have added 164 people to our database and your listing agent should be doing the same. This is how we have sold millions of dollars of real estate to different buyers in new developments before construction really starts. It helped sell every Park City home and condo we've listed for sale since 2015.
Most brokers will tell you they have a global reach and they will be marketing your property all over the world. Not to say that global reach isn't important but as I mentioned above, nearly 99% of the buyers in Park City come from within The United States. Ensure the Realtor is focused on the "feeder-markets," an agent can't effectively market a single property to the entire world.
Keller Williams is a well-known company nationally and has offices near The Canyons, on Main Street, and in Deer Valley. I believe the top three or four brokerages in town provide similar tools to their agents. In the meeting, ask what other tools that their brokerage doesn't supply are used to help get listings sold.
Luxury Investor Tips:
Park City luxury investors can find unique challenges if they don't quickly find a good fit with an agent. The luxury investor's representation needs to be discrete about their client's identity or word of the client's identity will travel around town at the speed of light. When buying multiple properties, this can put the investor at an extreme disadvantage where the buyer will be left with the "take it or leave it" too early in the negotiation.
You need to find an agent that understands the economics of owning investment properties in Park City. Look for an agent that can facilitate multiple transactions at the same time and can bring value to the transaction. This is why we have built a Park City Home Builder Service for Buyers that works well for real estate investments as well. You will have quick access to a tried and tested luxury contractor and designer.
Tip for Any Park City Buyer or Seller:
Don't walk into a real estate transaction by yourself, you want to be represented by a Realtor with local knowledge. I work with the brightest people that frequently manage multimillion-dollar deals in their profession but when it comes to real estate in Park City, they call us to market and negotiate on their behalf. This is what we do every week of the year.
We know what properties to compare to a specific property for values, how to implement extreme marketing for listings, how to keep the appropriate pace during negotiations, and even how other agents are likely to negotiate.
Please contact us if you're considering buying or selling real estate in the Park City area!
The advice above has been provided by Park City Luxury Realtor, Derrik Carlson. Derrik specializes in luxury resort real estate and second homes in the neighborhoods of Park City and Deer Valley Resort area.
Posted by Derrik Carlson on