This is the first of three posts inspired by Brian Larson's post...The Uninteresting Tale of Salesman Steve?
In his post Brian does an excellent job outlining what a buyer's agent brings (or should bring) to a real estate transaction. Secifically:
Value the broker brings to the buyer: I think a real estate broker has great value to bring to a buyer in a transaction. I see the value as breaking into three phases:
- Location advice: I can't imagine anyone better than a real estate broker to help me find the right property, based on my needs. The best ones have a detailed knowledge and understanding of human psychology and the real estate market.
- Negotiation advice: Market understanding and negotiation skills are essential to a successful contract negotiation.
- Closing facilitation: Brokers know better than most the problems that can crop up between acceptance of a purchase agreement and closing - title problems, financing problems, etc. Resolving these problems is essential to getting the transaction wrapped up.
Brian's post got me to wondering what value a listing agent bring to a seller in a transaction.
It seems to me that there are three items here as well
•1) Marketing advice including access to the mls
•2) Negotiation advice including pricing advice
•3) Closing facilitation
My question is this.......am I missing something? What do you as a listing agent bring to the table to justify your commission? Is there anything else that dosen't fit into one of the above three categories. And while we are at it, Is there anything a buyers broker does or should do that Brian missed?
I will be following this with two more posts, inspired by Brian Larson; one titled Commission Discounts or Buyer Rebates and the other Risk vs Reward; How can Real Estate agents limit one and maximize the other.