Selling your home is usually a stressful experience. This is often the case if you aren’t familiar with the process. First-time home sellers need to know you won't be dealing with everything yourself.
Hiring a listing agent will help you navigate the rules and requirements to sell your property. They will also likely help you sell your home for more money than if you try to do it yourself.
For sale by owners have a low success rate and often sell for lower than any gained commission savings.
We will look at what a listing agent is and how they can help you sell your home. Be prepared to sign an exclusive right-to-sell contract which is the standard for most agents.
What are Listing Agents?
A listing or seller's agent will help you find a buyer for your home. It will also be their job to look out for your interests during the process and help you through the transaction.
The listing agent will use a comparative market analysis to help you decide how much to price your home for, list the home, and create marketing materials to help find a buyer.
They will ensure sellers disclose things about their properties that are required under state law.
The agent might hold an open house and show prospective buyers around the property.
They will act as a go-between with buyers and buyer's agents to negotiate the sale. A significant aspect of seller's agents is to secure a price the seller is happy with.
How a Listing Agent Will Help Sell Your Home
Though you might only think a listing agent sticks a for sale sign in the front yard and arranges an open house, they do much more.
The best real estate agents do significantly more to market and sell homes.
Pricing Your Home
Ensuring your property is competitively priced is very important. If the home is too high, buyers will not be attracted, and it will remain on the market longer than it needs to.
But if the home is underpriced, you could lose out on the money you should have gained from the sale.
The listing agent will know the local market well and use comparable home sales to determine your property's price.
Exceptional agents avoid poor methods to determine the correct list price, such as price per square foot.
Listing Your Home
The seller's agent will have access to the multiple listing service, a database that real estate agents use to find and market homes.
With your home listed in a database like this, you stand a greater chance of finding a buyer. Every real estate agent will know your home is for sale.
When you have found an exceptional agent, it is unlikely they will try to fool you by having a pocket listing or suckering you into a "guaranteed sale."
Selling Your Home For More
While you can choose to sell your property without help from an agent, it is likely to sell for less. The National Association of Realtors found that homes for sale by owner achieved, on average, $80,000 less based on the median prices.
So if you want to sell your property for the best price, even when agent commissions are included, hiring a listing agent will pay off.
Negotiating Offers
Your seller's agent should have a lot of experience dealing with real estate contracts and negotiations. The terms of the contract and the contingencies included are essential considerations, and they need to be negotiated just as much as the price.
A counteroffer may be required to ensure the seller gets the deal they are happy with.
Choosing Your Listing Agent is Essential
While a real estate agent might have many years of experience, it isn't the only thing you need to consider when choosing someone to represent your interests.
You should interview agents you consider using to ensure that their schedule and personality will work for you.
Some questions you can ask listing agents:
- How long have you been a real estate agent?
- How many clients do you currently have?
- How well do you know my neighborhood?
- Do you have much experience selling homes in my price range?
- How will you market my home?
- Do you have references I can check?
When selecting an agent, it is easy to make mistakes. It is vital to go through a detailed interview process. Many agents are part-time or don't produce.
Is a Selling Agent the Same as a Listing Agent?
No. A selling agent is the same thing as a buyer's agent. A seller's agent and a listing agent are the same.
Understanding real estate lingo is essential because agents will throw around these terms daily without thinking twice.
Buyer’s Agents vs. Listing Agents
The listing agent works for the seller's agency, helping the homeowner to find a buyer. The buyer's agent, sometimes known as the purchasing agent, finds property listings that match their client's requirements for a home.
When the buyer finds a property they like, their agent will help create an offer and negotiate with the listing agent.
Final Thoughts
When you use a real estate agent to help sell your home, they should ensure the property is priced right. This should attract a buyer quickly, so you don't have to wait to move home.
Not all listing agents are the same, so you must be careful who you choose to get the best price for your property.
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