You are ready to sell your home. The first thought is to hire a real estate agent, a common strategy for first-time sellers. After all, an agent is a professional who has experience in selling property.
Three questions to ask yourself:
• Who will have the best interest in my home?
• Who can I trust?
• Is this something I can do on my own?
Looking at the most common option, let’s understand who a real estate agent is and what they do.
What Is A Real Estate Agent
The real estate agent is licensed to represent the seller or buyer (and in some states both) during ownership transfer of property. Continued education is required to maintain the license. Courses improve skills, productivity and refresh awareness of state laws.
A real estate agent can work for a broker or Realtor. If the agent is a member of the National Association of REALTORS, Realtor will be a part of their title. Clients pay an agreed upon fee for the services provided during the selling or buying process. This fee is a percentage of the total sale of the property. In most cases, the percentage is 6%.
Source of Information
The real estate market can change at any time. A real estate agent will review local and regional market activity and industrial news. Because they are licensed, agents have access to the Multiple Listing Service (MLS).
The MLS is a database of properties listed for sale. This system generates a hot sheet report that informs of the current changes in pricing and availability. The agent can use the hot sheet to understand how your property compares to others.
Setting the Right Price
There are several factors used to determine the best price for your home. Real estates agents use a comparative market analysis to set the value of a home. Other determining aspects included location, age, improvements and the neighborhood
Creating the Appeal
Real estate agents have the expertise to present your home in a way that it will sell. Suggestions will be offered on improvements, planning inspections and follow-through on other procedures to beautify your home.
Market the Property
The agent will list your home on the MLS to allow other real estate professionals and clients access to your property information. Advertising on social media or creating fliers is another option they may take.
Interactions and Communications
Potential buyers want to see a home when they want to see it, or they want questions answered. Slow or unavailable responses may persuade a client to look at another property. The real estate agent makes time to meet interested buyers, show you home and answer questions.
The agent assists to complete all documents. Time is delegated to address urgent or disputed matters.
Closing the Deal
An agreement has been satisfied, and now it’s time to finalize the purchase. The real estate agent will be available with all documentation used throughout the process should any problem arise.
However, it is always wise to familiarize yourself with other money-saving options.
For Sale By Owner
It is possible to research all the steps it takes to make the sell yourself. All you need is dedicated time, determination and drive to take on the selling process. It will help to hire an estate attorney who’s fee will be much less than 6%.
FSBO (For Sale By Owner) websites allow sellers to list their homes for a fee. People who are looking to buy search social media and classified advertisement website for deals. While the FSBO approach can take a lot of time, it can also save you money.
Sell It Fast for Cash
Driving down the road, you see a sign just off the curb. “We Will Buy Your Home For Cash” in big bold letter, followed by a phone number. Or, you may happen to get a note in the mail with a message that someone wants to buy your home. These are real estate investors who will pay you cash for your home without requiring improvements. They invest in the property and make the repairs or “flip” the home for a later profit.
The benefits of selling to an investor:
• fast sale
• immediate cash
• no repairs
• saves time
Of course, you have to do your research to make sure you are talking to legitimate investors. Since investors are not licensed you want to make sure your are working with someone you can trust.
Selling your home is a life-changing event. Understand your options and do what’s best for your situation.
Always check the pros and cons when considering selling methods.