Many sellers do not fully understand the sales process and the role of a real estate agent. Here are some of the most often asked questions agents receive from sellers.
A listing agreement is a document which lays out the contractual terms between the seller and the agent who will be listing the property.
The seller is responsible for paying commission for both the listing agent and the buyer’s agent. Commissions are typically paid only at closing, out of the proceeds of the sale of your home.
To do the best job for you, your agent will need the best information you can provide. This would include such things as:
- your financial goals regarding the sale of your home
- willingness to listen to your agent’s advice
- flexibility in accepting terms and conditions
- preferred timing for a sale
- disclosure as to any defects the property may have
- details about the positive aspects of the home
Your agent will do what is called a Current Market Analysis or CMA on your home. This typically includes an evaluation of recently sold homes in your neighborhood that share similar attributes to your home. It should also include information specific to the market trends in your area.
Every Realtor has their own unique style for marketing a home. You should ask your agent for specific examples on what their marketing plan will look like. (see Marketing Plan)
Of course. Historically, many sellers sold as For Sale By Owners (FSBOs). Back in the day, buyers would get in their cars and drive around for hours on end to locate a property. With the advent of the internet, Multiple Listing Services (MLS) are the ultimate source of property information. However, MLS sites are available only to the real estate agents who subscribe to them. Having your home listed by a real estate agent vastly increases your visibility in the marketplace. According to the National Association of Realtors, homes sold by owner sold at an average of 16% less than those listed with a Realtor.