What happens behind the scenes of your real estate listing.
Posted by New Home Resource on February 29, 2016 in
Been there? Said that? And if you’ve ever actually tried it, you know (to coin a phrase) “it just ain’t so.” But for those looking to sell a home who don’t know any better (yet), here’s a little peek behind the scenes of what goes on after your real estate agent accepts your listing.
1. This is important, so read it twice: Your agent doesn’t get paid unless your home sells. Let’s try that again. Your agent doesn’t get paid unless your home sells.
It’s easy to forget this part – but Realtors® don’t get paid by the hour. In fact, you might consider them the original gamblers, because if your home doesn’t sell – all their time, work, and energy doesn’t net them a dime. The rule of thumb is pretty much that for every 1 hour your agent spends with you, they’re spending 9 more hours working on behalf of your listing. “Working on what?” you ask? We thought you might say that, so read on.
2. They’re researching.
Arriving at the optimum listing price for your property takes time and research. It’s not enough to simply look at online listings to compare the square footage and price of other homes currently on the market. Your agent will often take the time to visit the current listings in person because it’s the only way to truly compare the characteristics of each home. Just because two homes have the exact same floorplan doesn’t mean they possess the same value. If your home is in a quiet cul-de-sac location and another listing is on a busy avenue – that is going to make your listing more desirable to potential buyers. And that’s only one example among dozens that can make a difference not only in whether you sell your home, but for how much. Plus, listings come and go fast in the real estate world, so agents need to check their multiple listing service database constantly or they can miss opportunities that could provide benefit to your listing.
3. They’re marketing your property.
Remember that part about ‘not getting paid unless a home sells’? That’s one reason your selling agent will also put their money into multiple avenues of marketing your home to potential buyers. Even the best home in the world isn’t going to sell if people don’t know it’s available. So the more exposure your agent can get for your listing, the better the odds that you receive an offer, or even multiple offers (and who doesn’t love that!?). Once again, it takes time to prepare ads and list them– whether online, in magazines and newspapers, fliers, direct mail postcards, premium placements on listing sites, and more. In fact, depending on the property, these efforts can run into thousands of dollars. All paid from their own pocket before ever earning a dime.
4. They deal with buyers and their agents.
Your home is on the market – and people are going to want to know about it. That means phone calls, emails, and correspondence from buyers and other agents – and knowing how to sort through the ‘qualified’ from the ‘not-so-much-qualified’ takes time (and skill, if you want the truth). Without a listing agent, there’s a good chance that you can get within days of the closing ‘finish line’ only to discover your buyers can’t seal the deal (bummer – you just lost 3-6 more months of valuable time). So – not only are they saving you all the time of dealing with buyers – they’re also making sure when you do have a buyer, they’re for real.
5. Paperwork. Lots of paperwork.
It starts with the listing itself, and following up to make sure every obligation required in your state is met with regard to real estate laws. If you try to do it yourself and miss even one single disclosure or timeline, you are leaving yourself open for lawsuits for years to come. Seriously.
And, of course, offers – obviously the most exciting and important part of the transaction. How they’re handled can save or net you thousands of dollars on a sale. Yet getting to the right price requires written offers and counteroffers every step of the way. It’s time-consuming, meticulous, and detailed – and your listing agent addresses every part of the transaction with an eye to your benefit. Not to the buyer’s; and certainly not their own. This is one time in your life you can be assured you’re the “Star” of the show.
6. The Best Part? They make it all look easy.
Not every sale goes smoothly—buyers and sellers (and even other agents) get difficult all the time—but good agents try to shield their clients from the high drama unless there’s a reason to fill them in. It’s a talent – putting out fires (many times, before buyers and sellers are even aware of them). And when the drama does rear its head, they know the steps to resolve it – all the while helping to keep you calm when the pressure is on. People get emotional about their home, so being a problem-solver and keeping a step ahead of potential issues is more important than either buyers or sellers realize.
So the next time you hear someone say “Why get a Realtor®?” I’m just going to sell my house myself!” – you’ll know just how to reply to that. With either: “Hey, take a look at this article!” – or, “I hope you have a lot of free time on your hands, then.”
New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for a newly-built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to find the perfect property for you. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, Lance Partin and Kathy Paterniti are all here to help!