Ask A Realtor in Hutto TX

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I’m sure that you’ve heard the term before.  You may even know that a friend or family member has used one.  But what does a REALTOR® do?  A REALTOR® helps with Real Estate transactions, buying or selling, or sometimes both.  But there seems to be a mystery.  Let me help.

You may have heard that a Real Estate Agent is free.  How in the world can that be true in this day and age, when there is no such thing as a free lunch?  You may have heard a REALTOR® cost 6%, or 3%.  What is it, really?  Would you be surprised if I told you the answer depends?

Let me make it simple.  The REALTORS® commissions, usually a total of 6% (3% for the buyer’s agent and 3% for the listing agent) is paid for out of the proceeds from the sale of the house, but it is the seller who is responsible for the payment. 

How does a Hutto TX REALTOR® help the seller?

The seller must sit down with the listing agent to determine the sale price of the home.  Of course, the seller will want to make the most money possible.  In addition, will he or she be able to make enough money from the sale to cover the commission?  How does this fit in with the Market Value that you’ve heard so much about? Is it a good time to sell your home? 

The first thing that a listing agent will do is determine the market value of your home.  Let’s say the homes similar to yours in size and age are selling for about $200,000.  If you were to price your home for that amount, you would be paying 6% or $12,000 to the REALTOR®s ($6,000 to your listing agent, and $6,000 to the buyer’s agent). Some REALTOR®s will agree to a lessor percentage, but it is almost always with lessor services.  (They will likely never suggest that you offer the buyer’s agent less, because the buyer’s agent would make more money if they sold another home instead of yours.)

After determining about how much the home will sell for, you will then have to decide if the market can handle the price that you need.  Remember you likely have a Mortgage to pay off.  Even if you’re one of the lucky ones, who don’t have a mortgage, you will still have financial goals that you will need to meet.  Let the Hutto REALTOR® help you determine if you can.

You should know that this article contains nothing about strategies your listing agent may wish to use, but you may want to hear a few out because there are a bunch of them.  The choice will lie in what sounds like the strategy that best suits you and your specific needs, including time frame, etc.

How does a Hutto TX Real Estate Agent help the buyer?

The buyer is motivated from the other direction.  They are hoping to find a great deal.  The home they love for the least amount of money.  Theirs is more likely a process of elimination, not this one, not that one, but this one sure is nice!  The REALTOR® will then determine the market value of the home, not caring about the commission, because it is the seller who has the responsibility to pay the REALTOR®s’ commission.   

Ideally, your REALTOR® should do the research to find what that home is worth.  Is it over-priced?  Is it a deal?  It is the REALTOR’s® job to inform their client, and the buyer’s decision to decide what they would like to do.  What is a good price and strategy to offer?  A good REALTOR® will guide the buyer through the process making sure that all goals are met, according to the buyer’s priority.

We know that you have a lot of both basic and more advanced questions.  We would love to answer them for you.  Let me get you started…

What is the difference between a Real Estate agent and a REALTOR®?

Answer:  Both are the person that helps with the real estate transaction.  A REALTOR® has established local and national membership in designated trade agencies, they are generally more reputable as they must meet and maintain minimum criteria to obtain memberships.

What is a Broker?

Answer:  Every REALTOR® performs their real estate duties on behalf of a broker, unless they are a broker themselves.  A broker establishes practices of their agency.

REALTORS® and Brokers both owe his client fiduciary duties.  These duties include:  care, confidentiality, loyalty, obedience, and disclosure.

Got other questions about Hutto TX and Real Estate Agents?

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