SELLING A HOME...
WHAT TO EXPECT FROM YOUR REALTOR
As a seller, your relationship with a REALTOR is vital. A good place to start is right in
your neighborhood. Check FOR SALE signs to see which REALTORS are doing business in your
area. Ask them about their track record, their knowledge of neighborhood selling prices,
their marketing plans for your property and other reasons why you should list with them.
Choose a REALTOR you feel comfortable with; one who
will handle the sale of your home as if it were their own. And when you’ve made your
choice, here’s what to expect...
THE SELLING PROCESS
Your REALTOR will not take it for granted that you know all the in’s and out’s
of the selling process. Instead, he or she will provide you with a full explanation of
what to expect - and that’s important so you’re not faced with any surprises
along the way.
GETTING TO KNOW YOU
One of the first things your REALTOR will ask is, "Why are your selling your
house?". Your REALTOR will also explore any time constraints you might have, your
financial situation and any future plans. It’s all part of getting to know you so the
sale will be handled to your complete satisfaction.
GETTING TO KNOW YOUR HOME
Arriving at an accurate estimate of value of your home is one of your REALTOR’s prime
tasks. It involves analyzing your home and comparing it to other, similar houses for sale
or recently sold in the neighborhood. It may also include a broader market survey, using
sales statistics available only to qualified REALTORS. In the end, you will be sure the
price you set reflects the true value of your home under current market conditions.
THE MARKETING PLAN
Depending on your circumstances, and on the prevailing market, your REALTOR will develop a
marketing plan that may include:
An Open House: There are two kinds of Open
Houses: one is solely for REALTORS, so they can assess your home against the needs of
their clients; and the second is an advertised Open House for all potential buyers. In
either case, your REALTOR takes care of all the details and acts on your behalf at your
home while you spend the Open House hours elsewhere.
Advertising: Effective newspaper advertising,
tailored to your home and local market, can be placed for you by your REALTOR. Lawn signs
and direct mail flyers featuring your home are other forms of advertising frequently used
by REALTORS.
Listing Choices: Your REALTOR may recommend
an exclusive listing - which gives sole authority to offer your property for sale for a
specified time - or a multiple listing via the Multiple Listing Service (MLS) - which
provides access to a much broader base of potential buyers. MLS can be a valuable sales
tool when you are anxious to sell your house quickly because your property gets greater
exposure. Through MLS, the details of your property are made available to a whole network
of local real estate professionals who will seek to match your property with a potential
buyer. Only a REALTOR can offer you MLS services. Brokers who are not members of your
local real estate board cannot list on MLS.
Tips and Hints: Whether or not your home
shows well to prospective buyers can determine how long it stays on the market and what it
sells for. Your REALTOR can give you tips - fresh paint, flowers, rearranging furniture -
to improve the marketability of your home and create a good first impression.
SEPARATING LOOKERS FROM BUYERS
Professional REALTORS know how to separate
lookers from buyers. Your REALTOR will pre-qualify potential buyers to save wear and
tear on your home and lifestyle and to assure only serious offers are tendered.
YOUR NEGOTIATOR
REALTORS are experienced in arranging financing and closing deals. On your behalf, he or
she will assist in negotiating a better offer, acting as a mediator to head off potential
conflicts between you and the buyer, and draw up a legally binding contract.
PROFESSIONAL SERVICE
When you choose a REALTOR, you will sign a listing agreement. This is a legal contract
that gives your REALTOR the right to act as your exclusive agent in the sale of your house
for a specified period.
The listing agreement spells out exactly what your
REALTOR will do on your behalf and he or she will take all the time necessary to explain
it to you.
The agreement will also specify the amount of professional fees to be paid to your REALTOR
from the sale of your home. Usually fees are set as a percentage of the selling price of
your home.
Most of the actual work done to accomplish the sale is carried out by real estate
professionals operating in a broker’s name and for whose actions the broker is
legally responsible.
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