1.Dear Monty reviews your circumstances and initiates the work order. If we need clarification, we will contact you directly.
2.We search the zip code where your need exists. We screen candidate agents to interview.
3.We conduct a telephone interview with the agents about how the service works, your circumstances (without your name or contact information), and how they can qualify for the chance to work with you. We inform them you will be interviewing three agents, and send them each a written questionnaire.We email you each agent’s information and their answers to our questions.
4.If you are selling we recommend that you invite each agent to view your home . Their visit allows you to ask them more questions and to see them in action. You will observe how they determine the “range of value” of your home, any suggestions they have to improve your price potential, and more. It is most likely that each of them will have different value ranges.
If you are buying, you meet with the three candidates and ask follow-up questions based on your preferences for price range, neighborhood, and features. You may develop questions after reviewing the home buying section on the Dear Monty website. For example, you could ask if they are open to arranging an “area tour.” These agents know your expectations and requirements. Your goal is to understand their plan to assist you if they are chosen.
After conducting these interviews, you will have enough information to make the best decision.
5.When your transaction closes with the “ Dear Monty Referral Credit™” clause included in your listing or sale contract, the credit is delivered to you on your closing disclosure statement. You are responsible for ensuring the “ Dear Monty Referral Credit™ clause is in your contract. Be certain the agent inserts the correct clause in the offer, or the listing agreement before you sign it.
Dear Monty invests about ten hours to identify, screen and qualify three agents and process the entire service. You are engaging Dear Monty to complete this task for a flat fee. By doing so, you also demonstrate an understanding of the value-added nature of the service, and your commitment shows good faith and intent.
Your listing agent will include the following language in the listing agreement:
“ The commission dollar amount will be reduced by .0625 percent representing a commission credit to the seller.”
The credit will be delivered through a commission credit on the closing disclosure statement
Example: $230,000 home @ 6% commission
= $12,937.50 seller adjusted commission
Step 1: Your selling agent will include the following language in the purchase contract:
“ This offer is subject to the contract purchase price being adjusted downward after the final sale price is negotiated by .00375 percent to provide a price adjustment credit to the buyer at closing. ”
Example: $230,000 sale price
|$230,000 sale price
= $862.50 price adjustment
|$230,000 sale price
= $229,137.50 adjusted sale price.
Step 2: The listing agent must amend the listing contract to allow the home seller to agree to adjust the sale price. The seller will agree to the buyer’s condition because this amendment reduces the commission by the same amount as the price adjustment so the seller’s net proceeds after commission is the same amount:
“ Listing agent and listing broker agree to adjust the commission amount down by .0625 percent to retain seller’s proceeds identical with the selling price adjustment.”
Example: $230,000 sale price @ 6% = $13,800 commission
|$230,000 sale price
– $13,800 commission
$216,200 seller net after commission
|$229,137.50 adjusted sale price
-$12,937.50 adjusted commission
$216,200 seller net after commission
Yes, the Referral Credit™ works in both instances. Dear Monty may recommend engaging another agent for the home purchase depending on the location of the new home.
- As a seller, you gain three opinions of value instead of one. Evaluating a home is the most challenging and least understood step in the real estate process, even for many agents. While there is extra interview time, the few extra hours may be worth thousands or tens of thousands of dollars. Dear Monty clients have credited us with saving them significant amounts, on larger homes, sometimes tens of thousands of dollars.
- As a home buyer, the extensive Dear Monty agent interview process provides you with insights into the differences between agents in how they view the process and their relationships with their clients and customers. Having three differences of opinion about the best home buying strategies and how they go about the business of helping you find a home, on your terms, can make a difference in the home buying experience.
- You save money at the closing with the Dear Monty Referral Credit™ on the commission you pay as a seller, or on your home purchase price as a buyer. While saving money is important, the big savings potential come with three pre-screened agent interviews.
- You gain the experience of a team that has worked to choose thousands of real estate agents, where most sellers only select an agent three times in their life. We know the important questions to ask and to listen for the best answers.
- You only have to tell your story once. Dear Monty repeats it to the agents.
- When you have a question as you move through the real estate process, just “ Ask Monty ,“ or pick up the phone and call us at 920.445.8911
It takes between three and seven days. The process is labor-intensive, and our screening activities often eliminate potential candidates along the way. Sometimes, agents exclude themselves. Market activity, contract negotiations, caseload, the price range, neighborhood, or pre-planned personal commitments can impact the length of time it takes to identify quality agents.
As a seller, we recommend you meet with each agent. From the agent’s point of view, a personal interview gives them the ability to see the property and allows them to share their opinion of value. They also can then answer any questions you have about what typically stays, give suggestions about things you can do to maximize the desirability of your home. Expect they may have differing opinions about the market and tactical actions to bring potential buyers to your home.
As a buyer, we recommend a similar approach to you as we do a seller. A face-to-face meeting allows you to interact, ask impromptu questions and observe each of them first hand. You can expand on the answers to their questionnaire or ask new questions. Where you meet is not as critical as a buyer only because they are not evaluating the property. They also may have different methods for you to approach the market. For example, while they will all recommend you seek a pre-approval letter from a lender, in a hot market, one of them may ask you to block out a specific time every few days on the calendar that you can look at a new listing.
Most agents are surprised to learn this is part of the process. We often hear words like “Wow, I’ve never heard of this before.” In most real estate referrals, “Will you pay a referral fee?” is the only qualifying question. Because they recognize a Dear Monty referral as a high-quality opportunity, agents are willing to take the necessary steps to help you assess their approach, including facilitating the Dear Monty Referral Credit™ to save you money.
If you want a friend or acquaintance in the mix, we will include them in the same process as the other candidates. You benefit by putting all of them on equal footing. On the few occasions this has occurred, Dear Monty’s customer most often chooses one of our selections. Just share their name in the “other information” box, and if you know them, inform them Dear Monty will be contacting them. You should be aware that some agents may decline the referral if they have an existing relationship with you, which may void the Dear Monty Referral Credit™, should they be your ultimate choice.
You are free to do so. People who utilize Pick My Agent™ recognize the value of our experience in identifying, screening, interviewing and selecting agents and the time our efforts save them. You will have invested $99.00 to make sure your hunch was right by comparing your choice to other good choices.
Here are links to articles on this subject you may find helpful:
You can also Ask Monty or call him at (920) 445-8911.
Dear Monty has helped thousands of people find the best agents to meet their needs using the methods described here. While it’s hard to know for certain how well an agent will perform until you hire them, Dear Monty’s unique methods increase the likelihood of a successful transaction.