Working With a Realtor
If you’ve decided to retain a real estate professional in marketing your residential property, you’ll want to pose five critical questions to that individual at the outset of your business relationship. Obtaining answers to these issues helps the sales process:
One: What provisions does the listing agreement cover?
Savvy sellers make sure they understand every provision in a real estate listing agreement. For instance, you need to know how much your real estate broker charges as a commission for the sale of your property. Also, how long will the listing agreement remain in effect before expiring?
Two: What do comparable properties sell for in this neighborhood?
The sales prices of “comparables” remains one of the most critical issues to discuss with your agent. A comparable property on the market refers to a home in the same or a similar neighborhood with identical features to your residence. For instance, if last year a very attractive home with three bedrooms and three bathrooms next door sold in a month, very likely your two bedroom, one bath home will remain on the market at least four weeks if you market it at the same sales price. Evaluating similar sales helps sellers and their agents set competitive sales prices.
Three: How long does a residence like mine typically remain on the market?
Even in very hot real estate markets, some properties remain available longer than others. Some homes never sell during a listing period. Adjusting the asking price often assists faster sales.
Four: What marketing programs do you plan to employ?
Try and work with a real estate professional who prepares a detailed, specific marketing plan to sell your property. For instance, many agents conduct “open houses” to encourage potential buyers to visit a specific residence. You should find out if your real estate broker will advertise extensively, too. Today, some real estate companies use digital resources to market residential property effectively.
Five: How much will I receive at closing?
Sometimes home sellers experience surprise when they reach a closing table because they do not always receive the full amount paid by the buyers. For example, if you have any outstanding judgment liens against your property, the closing escrow agent will pay those obligations before transferring the deed to a new buyer. Liens reduce the amount a seller receives.
A Success Strategy
By paying close attention to these five key issues, you’ll increase the chance that your property will sell when you place it on the real estate market. A successful real estate transaction usually pleases everyone at the closing table.