The process of selling your home generally begins with the determination of a reasonable asking price. Your real estate agent can give you up-to-date information on what is happening in the marketplace, as well as the price, financing, terms and conditions of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
Marketing & Advertising
The next step is a marketing plan. Often, your agent can recommend repairs or cosmetic work that will significantly enhance the saleability of the property. Marketing includes the exposure of your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than your own brings in the buyer.
Your agent acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks. The REALTOR Code of Ethics requires REALTORS to utilize these cooperative relationships when they benefit their clients.
In marketing, the choice of media and frequency of advertising depends a lot on the property and specific market. For example, in some areas, newspaper advertising generates phone calls to the real estate office but statistically has minimum effectiveness in selling a specific property. Overexposure of a property in any media may give a buyer the impression that the property is distressed or the seller is desperate. Your real estate agent will know when, where, and how to advertise your property. There is a misconception that advertising sells real estate...the National Association of REALTORS studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends and family, and personal contacts.
Security
When the property is marketed with an agent's help, you do not have to allow strangers into your home. Agents will prescreen and accompany qualified prospects through your property.
Negotiating
The negotiation process deals with many of the same issues for both buyers and sellers. Your agent can help you objectively evaluate every buyers proposal without compromising your marketing position. The initial agreement is only the beginning of the a process of appraisals, inspections and financing - a lot of possible pitfalls. Your agent can help you write a legally binding, win-win agreement that will be more likely to make it through the process.
Monitoring, Renegotiating and Closing
Between the initial sales agreement and closing, questions may arise. For example, unexpected repairs are required to obtain financing or a cloud on the title is discovered. The required paperwork alone is overwhelming for most sellers. Your agent is the best person to objectively help you resolve these issues and move the transaction to closing.
How Do Real Estate Agents Get Paid?
Real estate agents or brokers are generally paid through the sales commission paid by sellers when the transaction closes. Agents have expenses and financial obligations just like you, so it will be to your mutual benefit if you choose one real estate agent and stick with that person. The agent will respect your loyalty and respond with a sincere commitment to you.
Why A REALTOR?
All real estate licensees are not the same. Only real estate licensees who are members of the National Association of REALTORS are properly called REALTOR. They proudly display the REALTOR logo on their business card or other marketing and sales literature. REALTORS are committed to treating all parties to a transaction honestly.
REALTORS subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of selling and buying real estate. An independent survey reports that 84% of home buyers use the same REALTOR again.
You Be The Judge!
Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. Considering the small upside cost and the large downside risks, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR.