If you were on of the “do-it-yourself” people, would the results be as
good or better then they would be if you had professional assistance?
Would it have gone smoother? Would it have given you more personal time?
Would you have purchased for less, or sold for more, if a real estate
agent was involved? Read the following information and learn how a real
estate agent can help you understand everything you need to know about a
real estate transaction.
Pricing
This process generally begins with a determination of a reasonable asking
price. Your real estate agent can give you up to date information on what
is happening in the market place and the price, financing, terms and
condition of competing properties. These are key factors in getting your
property sold at the best price, quickly and with minimum hassle.
Marketing
The next step is a marketing plan. Often, your agent can recommend
repairs or cosmetic work that will significantly enhance the salability 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 yours 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 network’s, open houses for agents, etc. The REALTORÒ
Code of Ethics requires REALTORSÒ
to utilize these cooperative relationships when they benefit their
clients.
Advertising is part of 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 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 REALTORSÒ
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 the agent help, you do not have to
allow strangers into your home. Agents generally pre-screen and accompany
qualified prospects through your property.
Negotiating
The negotiation process deals with much the same issues for both buyers
and sellers, as noted above under the buying process. Your agent can help
you objectively evaluate every buyer’s proposal without compromising your
marketing position. This initial agreement is only the beginning of 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 (or settlement), questions
may arise. For example, unexpected repairs are required to obtain
financing or a cloud in 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 (or settlement).
How
Do Real Estate Agents Get Paid
Real estate agents or brokers are generally paid through the sales
commission paid by the seller when a transaction closes. Agents have
expenses and financial obligations just like you, so it will be to your
mutual benefit if you choose a real estate agent and stick with that
person. The agent will respect your loyalty and respond with a sincere
commitment to you.
