A real estate agent can be a useful tool when selling your home. They can also aid you in purchasing a new home to move into. When you list your home with an agent, you want to be certain that you understand what their responsibilities are so that you can aid them in selling your home.
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The real estate agent is responsible for listing your home and marketing it to the general public. They will negotiate the property on your behalf and can offer you advice on everything from setting a good price to staging the home to entertaining offers. An agent will list the home on the MLS, do your paperwork and complete the process of closing. For this service you agree in the Listing Agreement contract that you will compensate the agent with a certain amount of percentage in the form of commission if they bring you a buyer. The commission is provided to the agent during the process of closing on the home.
The MLS is a great tool that real estate agents have. This is a database that in on the Internet and has thousands of properties that are listed for sale. These are not only properties in your area but all over the country. A good agent will scan the database to find listings that will meet your needs. When you list your property on the MLS you are essentially making your home available to buyers and agents across the entire country. Many individuals will be relocating to new and different cities, this allows them and their agents to find homes that are in the area and for sale. Your home could be on their list of houses to look at it if your home is on the MLS. Your agent may also be able to find you a new home as well by using this database.
It is possible to sell your home without an agent, but you are taking a great deal of stress upon yourself by doing so. Only 20% of homes are sold without an agent. This is because you are not able to get your home listed on the MLS without an agent. You are also responsible for all of your marketing, paperwork and home showings. Most homes that are bought are found on the MLS. There are not many agents who will browse the newspaper looking for homes for sale. This means that your house could be missed if you are only able to list in the newspaper, because the wide majority of buyers will use real estate agents to find them homes to look at and those homes are found on the MLS.
Scott Hubbard
http://www.articlesbase.com/real-estate-articles/listing-your-home-with-an-agent-114721.html
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4 Responses to “Listing Your Home With An Agent”
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January 25th, 2010 at 5:38 pm
I’m considering listing my home myself but give selling agent extra commission – thoughts?
My listing has expired with very little work from the listing agent. So, I’m thinking about using a service that, for a flat fee, helps you put your listing up on the MLS. Then I could give an extra percentage point or so to a selling agent. This isn’t a buy owner thing; it’s a flat service company that just helps you list your home. For any realtors, would the extra commission help entice you to show my home more often?
January 25th, 2010 at 10:40 pm
You should interview at least 3 other agents for a conventional listing. The flat service company will place your property in MLS and nothing more. You want an agent that has a in depth marketing plan; open house, direct mailings, MLS tours, etc.
realtor.sailor
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I’m a Realtor
January 25th, 2010 at 10:42 pm
You mean offering extra to the buyer’s agent?
I’ve seen that strategy work many times. It makes a ton of sense in today’s market. If your house is worth for example $200,000, and you offer 4% commission instead of the standard 3%, the extra 1% costs you only $2,000. This will get the attention of every realtor in town who has a buyer even close to your price range. The extra traffic through your house will result in it selling faster. That will save you over $2,000 in mortgage payments you don’t have to make, and price reductions you don’t have to make.
Of course, if it was on the market before and got very little interest, you are probably over-priced for your area and the current market and no amount of extra commission is going to help you sell an over priced house.
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January 25th, 2010 at 10:44 pm
The "limited representation" scenario you present is gaining in popularity with many home sellers.
If you are experienced in buying and selling real estate, it might work for you. And offering an increased commission may entice a buyer’s agent to show your house to their client. But, the house has to be right for the buyer, for the right price and the right terms before it will actually be sold.
Also, consider that the buyer’s agent is representing the buyer’s interests and not yours. You may not realize that the offer being made is contrary to your best interests.
As well, the transaction can be a very stressful situation and you will have no one advising you, unless you hire a lawyer to review the contract for you. And you will be responsible for negotiating with the buyer’s agent.
You didn’t say how long your house was listed for sale with your last agent or when the busy season for real estate is in your area. In a typical year, our busiest time is from mid-February through end of August. It slows considerably from September – mid-November and then it’s VERY slow until end of January.
Is the real estate market in your area still *healthy* with normal, or almost normal number of transactions and sales prices?
You don’t say what you think the eventual sales price of your house will be, but think long and hard about all aspects of what is involved. You might want to do as suggested and interview a few other listing agents. Most listing agents in this economy are ready to be frank with Sellers about what to expect when selling their houses. However you decide to go, you may benefit from this information.
And don’t forget to calculate what your real costs will be for NOT using an agent who will be paid ONLY when your house is sold. Your flat fee for getting your property listed in MLS and use of lockbox (for how long? If the house doesn’t sell in that time, will you pay a second fee to continut the listing?). Cost of producing high quality color property flyers. Cost of producing virtual tour. Cost of lawyer to review any offer you receive – unless you feel very qualified in this regard. Cost of the commission you will be paying to the Buyer’s agent.
Good luck.
References :
TX REALTOR