Choosing Real Estate Agent for Home Purchase and Listing
This Article Is About Choosing Real Estate Agent For Home Purchase And Listing:
One of the most important things during the home buying and/or home selling process is to choose the right real estate agent. Here are the points we will be covering in this article:
- Importance of choosing the right real estate agent
- Dangers of listing a home at higher than market list price
- Importance of the experience and knowledge of the real estate agent when buying and selling a home
The two most important professionals in the home buying process are your real estate agent and loan officer. We will guide our viewers on the importance of hiring a realtor for both homebuyers and home sellers listing their homes in this article.
Mistakes Inexperienced Realtors Often Make
One of the biggest mistakes home sellers make when Choosing Real Estate Agent is choosing real estate based on two main factors:
- Choosing real estate agent recommends a high sales price
- Choosing real estate agent who offers the lowest sales commission
In general, most home sellers want the highest sales price. It is human nature that people want to pay the least commission. However, real estate agents are professionals with a wealth of knowledge where their services are priceless.
Listing Home with a High List Price
Realtors do not have a crystal ball. They cannot predict how much a home will sell for However, a listing real estate agent can provide recent comparable sales in your area. Realtors can always give you listings of comparable homes in your area
The homeowners have the ultimate say-so on what price to list their homes. Homebuyers are the ones that dictate the perfect price when they give sellers an offer. Realtors can recommend the price a home should be listed for that will attract an offer.
Choosing Real Estate Agent with Solid Reputation and Experience
Like all industries, there are reputable and not-so-reputable agents. Choosing a reputable realtor and loan officer are the two most important tasks for home sellers and buyers. Just to get the listing, some real estate agents may suggest a very high listing price.
It may be a way of baiting home sellers into a listing agreement. Always ask the agent how they support the suggested listing price. If a realtor cannot provide comparable sales nearby, that can be a bad sign. Experienced realtors should give home sellers a price range for sellers to think about.
Sellers need to know that the hottest time to get a purchase offer is the first 20 to 30 days the property is listed. It is very easy to tell if a home is priced too high. There will not be too many showings in the first 30 days.
Reducing the sales prices after it is already listed normally raises a red flag to potential buyers. Many buyers will often wonder what is wrong with the home that it had a pricing reduction.
Hiring and Choosing Real Estate Agent When Selling Home
Not all realtors are created equal. Any realtor can list a home and hope to get calls without doing any marketing. With any business, there is the 80-20 rule. 20% of the agents will do 80% of the business. Every realtor has their own marketing strategy. Some realtors are more creative than others.
Illinois Real Estate Agent Tom Falloon, one of the top real estate agents in the Chicagoland Area says the following:
Reaching greater numbers of buyers equals better chances of a good offer. A good agent needs to be available at all times. I am available 7 days a week, evenings, weekends, and holidays.
Realtors Willing to Work for Less Commission
There are some sellers who want to negotiate with a listing agent for less commission. There are realtors who want a listing so bad they are willing to reduce their commission as well. This is often the case with a newer real estate agent or part-timers
Or some realtors may not have a name and/or experience in negotiation knowledge that they cannot otherwise stand apart from their competition. One of the questions that sellers need to ask is if the agent is so desperate for business or is not fully qualified.
Do you want to take a chance listing a home with a desperate realtor?
Remember that you get what you pay for. Do you want a listing agent who goes above and beyond to sell your home or just have your home sit on the MLS?
Choosing Real Estate Agent for Home Buyers
Homebuyers, especially first-time home buyers, should interview a few agents and choose a real estate agent with who they feel comfortable. Realtors are professionals and can guide and advise home buyers on the type of homes they are searching for. Buyer’s agents will ask the type of neighborhood buyers want to live in. School districts are very important for homebuyers with children. Distance to major roads and expressways is important. Discuss important factors like homes nearby railroad tracks, homes near busy roads, buying homes near power lines, or buying homes near apartment complexes. Choosing a real estate agent who is experienced, reputable, and knowledgeable is very important and makes the home buying process less stressful.