Choose
a REALTOR® to Sell Your Home
Once
you've decide to sell your home, finding a REALTOR® is the
next step in the process. In making this important decision you
should understand:
If
you’re not in a "must sell" situation (job transfer,
career opportunity, family upheaval, financial hardship), but
rather in an "elective" one, you may want to consider
adding on to your current home (if you need more space) or refinancing
to lower monthly mortgage costs (if finances are a concern).
Who
is a REALTOR®?
The terms agent, broker and REALTOR® are often used interchangeably,
but have very different meanings. For example, not all agents
(also called salespersons) or brokers are REALTORS®. Learn
who is a REALTOR® and the reasons why you should use one.
As a prerequisite to selling real estate, a person must be licensed
by the state in which they work, either as an agent/salesperson
or as a broker. Before a license is issued, minimum standards
for education, examinations and experience, which are determined
on a state by state basis, must be met.
After
receiving a real estate license, most agents go on to join their
local board or association of REALTORS® and the NATIONAL ASSOCIATION
OF REALTORS®, the world's largest professional trade association.
They can then call themselves REALTORS®. The term "REALTOR®"
is a registered collective membership mark that identifies a real
estate professional who is a member of the NATIONAL ASSOCIATION
OF REALTORS® and subscribes to its strict Code of Ethics (which
in many cases goes beyond state law). In most areas, it is the
REALTOR® who shares information on the homes they are marketing,
through a Multiple Listing Service (MLS). Working with a REALTOR®
who belongs to an MLS will give you access to the greatest number
of homes.
How
to evaluate an agent
Without any obligation, you can invite local REALTORS® to
visit your home and give you a "listing presentation"
about why they're the best ones to market it for you. Two to three
presentations will probably give you a good opportunity for choice.
A listing presentation includes having the REALTOR® review
with you the reasons why you should list with that particular
individual, and providing you with information that will assist
you in making initial decisions about selling your home.
Recent
laws in every state have defined the duties of someone specifically
retained as a real estate agent. Most states require a real estate
agent to explain his or her role at the outset of any conversation.
A professional agent will promptly provide this such a disclosure.
Look for an agent who:
Is
a member of the local board or association of REALTORS®
Explains and discloses agency relationships (the role of the agent,
i.e., who they are representing--the buyer or the seller) early
on in the process, at "serious first contact"
Advises you on how to prepare your home for the market
Shows some enthusiasm for your property, listens attentively,
instills confidence, operates in a professional manner, and has
a complementary personality style to yours
Has already researched your property in the public records and
the MLS
Brings data on nearby homes that have sold (or failed to sell)
recently
The following are important questions to ask a potential agent:
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Are
you a REALTOR®?
Do you have an active real estate license in good standing. To
find this information, you can check with your state’s governing
agency.
Do you belong to the Multiple Listing Service (MLS) and/or a reliable
online home buyer’s search service? Multiple Listing Services
are cooperative information networks of REALTORS® that provide
descriptions of most of the houses for sale in a particular region.
If there's no nearby MLS, how often do you cooperate with other
local brokers on a sale?
What have you listed or sold in this neighborhood lately?
Do you cooperate with buyers' brokers?
What share of the commission will you offer a cooperating broker
who finds the buyer?
And in addition to the criteria mentioned above, there are number
of very important reasons you will typically prefer to work with
a REALTOR®. Among them are the fact that they adhere to the
NAR’s highest standards of ethical conduct and professional
training.
What
a REALTOR® will do for you
There are many important reasons to use a REALTOR®. Some of
the duties your REALTOR® will perform for you include:
-
Walking
through the process of selling your home from beginning to
end
-
Providing
comparable information about the prices for which other properties
have sold and analyzing data for you to gain a true comparison
-
Supplying
information regarding local customs and regulations you may
want to consider
-
Sharing
information about your home through the Multiple Listing Service
and on the Internet
-
Placing
advertisements for your home
-
Fielding
phone calls
-
"Qualifying"
potential buyers to make sure they would be financially able
to buy your property
-
Negotiating
the sales contract
-
Alerting
you to potential risks
-
Complying
with the disclosures required by law
-
Providing
you with an estimate of the closing costs you will incur
-
Helping
you prepare for a smooth closing of the transaction.
Selling
on your own
"You can get rid of the broker, but you cannot get rid of
the broker's work" is an old caution for those who intend
to offer their homes "For Sale By Owner" (FSBO). Selling
on your own is not an easy undertaking. It requires a significant
amount of time to study the process, understand your obligations,
and do some of the complicated work that a real estate agent does.
In addition, selling on your own requires extra help from outside
professionals, such as a REALTORS®, accountants or attorneys
for some of the jobs that require specific expertise.
The
following are some major pitfalls to avoid:
-
As
a personal safety measure, only show your house to those individuals
with whom you've made a prior appointment that's been confirmed
by phone.
-
Don't
price the house so low that it sells too quickly - pay for
a market value appraisal by an experienced appraiser.
-
Hold
out for a buyer with written pre-qualification from a lending
institution.
-
Find
out your legal obligations.
If you require only limited services, some REALTORS® will
agree to help with the transaction for a predetermined fee. You
can call real estate companies and ask for the managing broker
and see if they're interested in furnishing "unbundled services."
More
articles:
Tax implications of selling a home
What
a REALTORŪ Can Do for You
About
ManaDeva & Land karma
About
The Sonoran Desert Of Southern Arizona
Call
ManaDeva directly at 520.404.3635
Mana@ManaDeva.com
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