Selling Your Home with the Help of a Real Estate Agent

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Selling Your Home with the Help of a Real Estate Agent

Real estate agents exist for a purpose—they can do a lot of things that you don’t know how to do, don’t want to do, don’t have the time to do, or just plain can’t do (like show up onsite to show the home during your workday). In return, they are usually compensated the traditional commission of 5–6% of the home’s selling price.

Real estate agents are not required by law, but a few states require the use of a real estate attorney to do your closing paperwork.

Here are some advantages of using agents instead of selling on your own:

• Agents know the state of the housing market. This means that they know what you are competing against as you try to sell your home.
• Agents know what the price ranges of your type of home are.
• Agents know how many homes are on the market in your area and they have at least a basic idea of the condition they are in.
• Agents know how to make your home more appealing to buyers. This alone can be worth thousands of extra dollars at selling time.
• Agents market your property more widely than you can. They market it to other agents and sometimes work cooperatively with them. They market your property to the public at large more extensively than you can. They have access to the Multiple Listing Service (the most heavily used listing site available) and various home search engines, which market your home across the country. Another note: agents typically only show homes that use agents; that means that if you sell your home on your own, a lot of buyers won’t see it.
• Agents usually know more about your buyers than you do. They prescreen buyers and accompany them as they look at your property. This results in more efficient use of time and effort.
• Agents know the tricks of selling and negotiating. They know how to work with buyers to generate interest in your home.
• Agents have the advantage of you not being there. Your presence in the home when buyers come to see it can make them uncomfortable and unwilling to ask important questions about the property. A certain amount of space between buyer and seller can be a plus.
• Agents are trained to evaluate proposals without compromising you.
• Agents understand the paperwork, how to deal with unexpected events, title issues, legal issues, disclosure requirements, etc. This can prevent lawsuits or other tangles.