The Best Price in Less Time
Selling a home can be one of the biggest and most important decisions in a person’s life, in which proper representation is critical. Selling a home for the best price in less time is a practice that is achieved through hiring a professional real estate agent, pricing a home right, and marking it effectively. When working with a professional agent, their fiduciary responsibility is to the client, which means that the client has an expert who is looking out for their best interests.
It is natural to focus on maximizing profit when it is time to list a home for sale, and sellers willing to selling their own home, may believe that the easiest way is doing it themselves. But in reality, the dollars saved on commissions are often a wash, when sellers realize the cost associated when a house remains on the market longer than expected, man-hours and resources involved in marketing and administration, and the legal process and cost involved. “Statistically, a home on the market listed ‘For Sale By Owner’ (FSBO) takes longer to sell, and eventually sells for less than its real estate pro–represented counterparts” (Corbett, 2015).
Selling a home usually requires dozens of forms, reports, disclosures, and other technical documents. A professional real estate agent will help the seller prepare the best deal, and avoid delays or costly mistakes. Moreover, a professional agent can provide local information on utilities, zoning, schools, and more. They also have objective information about each property. A professional agent can use that data to help a seller determine if the property has what they need. There are many factors up for discussion in a deal. A professional agent will look at every angle from the seller’s perspective, including crafting a purchase agreement that allows them the flexibility needed to take that next step.
Pricing the Home Right
The fastest and most affordable way to sell a home is to price it correctly. Many homeowners want to set their list price based on what they paid for their home, the balance of their mortgage, or on the profit they want to make so they can move into another home. In reality, a home is only worth what the market will bear. If a home is price too high, the seller risks the home becoming a stale listing; and if priced too low, the seller risks lose money. A professional real estate agent knows the local market, and how to price a home based on those specifics. According to McEnearney Associates, a McLean, VA, real estate Company, homes that sold in August 2013 within their first week on the market sold for an average of 2.08 percent above list price, and homes that lingered on the market for four months sold for an average of 11.53 percent below their original price (Learner, 2013).
When interviewing several real estate agents to choose a listing agent, sellers may be tempted to pick the sales professional who suggests the highest price for their property. But sellers, like buyers, need to beware. The agent who provides the best comparative market analysis and explanation of how their home should be priced, will be more likely to sell a home quicker and for a higher price than someone who tells sellers only what they want to hear (Learner, 2013).
Marketing the Home Effectively
Sellers want their home to get the maximum exposure to the greatest number of potential buyers. A professional real estate agent will prepare all the marketing materials, coordinate the internet marketing, host open houses, and network regularly with other agents who may have interested buyers. A professional agent’s full-time job is to act as a liaison between buyers and sellers. This means that the agent will have easy access to all other properties listed by other agents. However, property does not sell due to advertising alone. A large share of real estate sales comes as the result of a practitioner’s contacts with previous clients, friends, and family.
The Bottom Line
While there are certainly people who are qualified to sell their own homes, taking a quick look at the long list of frequently asked questions on most ‘for sale by owner’ websites suggests that the process is not as simple as many people assume. And, when sellers get into a difficult situation, it can really pay to have a professional on their side (Struyk, 2010). A professional real estate agent has the experience to work through the sale process efficiently, stepping in when there are problems, dealing directly with buyers’ objections and complaints, keeping everything on track, and facilitating the contracts and escrow to a successful, smooth close (Corbett, 2015). Selling a home can be one of the biggest and most important decisions in a person’s life, in which proper representation is critical.
Corbett, M. (2015, September 16). Hiring a real estate professional is not only the easiest way to sell your home, it’s also the smartest. Retrieved from Truila: https://www.trulia.com/blog/reasons-to-work-with-a-real-estate-agent/
Learner, M. (2013, October 15). Your home's first price should be its best price. Retrieved from Realtor.com: http://www.realtor.com/advice/sell/homes-first-price-best-price/
Struyk, T. (2010, May 25). Five reasons why you still need a real estate agent. Retrieved from Forbes: http://www.forbes.com/2010/05/25/why-you-need-real-estate-agent-personal-finance-commission.html