There are many complex issues and details involved in selling a home, so it’s important
to consult a REALTOR® who can guide you through the process and help you avoid
legal trouble. Find the REALTOR® who is right for you by asking him or her these questions.
Not all licensed real estate agents are REALTORS®. Only REALTORS® are members
of the National Association of REALTORS®, which holds its members to a strict Code
of Ethics. Additionally, REALTORS® have access to comprehensive property listing
content for homes on sale. A REALTOR® can share details about your home with other
REALTORS® in the area and expand its exposure by showing it to worldwide audiences
on Web sites like Realtor.com, YourParadeofHomes.com, YourParadeofHomes.net,
and USAHomeSearch.com.
To ensure you work with someone who is prepared to meet your needs, your REALTOR
® should be a licensed professional who is ideally a member of the local and state
real estate associations and the Multiple Listing Service (MLS), as well as the National
Association of REALTORS®. The associations they belong to and the activities they
are involved with give you a better understanding of their key strengths. For example,
REALTORS® who hold leadership positions or belong to community organizations
likely have strong communication and networking skills and demonstrate a willingness
to actively work for a cause they believe in. These traits are all useful in serving clients
throughout the process of buying and selling homes.
Some REALTORS® are strictly seller’s agents while others work with both buyers and
sellers. A number of REALTORS® hold designations—such as the Seller Representative
Specialist (SRS) designation—which indicate their specific areas of expertise. Having
an idea of your REALTOR®’S training and experience helps you better understand
the level of service he or she can provide for you.
Look for an agent who has experience with homes similar to yours and who is active in
your area. If your home has special features, look for an agent with experience in those
markets. REALTORS® specialize in many different types of estate, from luxury homes
and condos to small homes and ranches.
Some REALTORS® work individually; others work with brokerage firms that can range
from small to large. Every real estate firm operates differently, so understanding their
processes and special services will help you make a decision that is right for you. For
example, sometimes a REALTOR® has a team of employees who handle the details or
an assistant whom you might deal with directly at some point in the process.
A REALTOR® knows your time is precious and is there to work for you. Understand
your REALTOR®’S availability; how often and in what ways you will communicate; and
what information you will be provided with throughout the process.
A property’s time on market varies depending on several factors, but on average it
takes around three months. However, a short time on market is not always the best
indicator of success —it can mean a home was sold too quickly at too low a price. Instead,
look at the difference between the asking price and listing price, then review how
long it took to close. When a REALTOR® efficiently sells a home close to the asking
price, it means he or she has correctly determined the right selling price for that type
of home in the current market. Consider your own timeframe for selling your home and
share this information with your REALTOR®.
Learn how often your REALTOR® will hold open houses and what other tactics he or
she uses to sell a home. For example, your REALTOR® may work with a home staging
company to increase your home’s appeal to potential buyers. Beyond placing a sign
in the yard, your REALTOR® can help you develop a specific marketing plan for your
house. As REALTORS® offer different services and use different marketing strategies,
it is important for you to discuss with your REALTOR® which features will be highlighted
when selling your home and why.
It is always good to have a “Plan B.” Your REALTOR® may decide to take a different
approach to attract a different group of buyers or highlight other features of the home.
Make sure you understand the strategy and what the next steps are.
Your REALTOR® has the most up-to-date market knowledge to price your home effectively.
He or she knows the details of properties in your area, is aware of developments
in the neighborhood that could impact home values or zoning laws, and understands
utility issues that can impact the sale price of your home. Your REALTOR® can help set
a fair selling price that should attract prospective buyers and get you top dollar in the
current market.
Discussing your REALTOR®’S commission rate up front is important. There are
certain factors that make up how a commission rate is structured. Remember your
REALTOR®’S rate is reflective of the amount of time and effort he or she will spend
marketing your home and matching you with the best deal. When REALTORS® work
with a buyer’s agent, they are required to pay the buyer’s agent part of their commission.
Therefore, your REALTOR® will work to sell your home for the highest possible
amount.
Ask your REALTOR® to go over every detail of the listing agreement with you until you
understand it completely. Make note of fees and the beginning and ending dates in the
agreement.
Selling a home involves many steps and a myriad of professionals—from inspectors
and appraisers to repairmen and title companies. Your REALTOR® can connect you
with service providers they know and trust and ensure all aspects of the home sale are
compliant with real estate law.