Buying and selling a home is on the short list of stressful life events. So it is important that you take steps to lessen any stressors you can. A real estate professional can help take some of the burden off your shoulders.
It is natural to expect your realtor to provide the best service and information possible during your journey. In your real estate transactions, you need a trusted advisor that understands the many aspects of home buying and selling. As with anything in life, there are many things myths that have been generated. Here are a few about the real estate process you’ll want to know:
Set your s
elling price higher than you expect to get. This approach can get cause your listing to be overlooked by potential buyers. Yes, you can always lower the price if the property doesn’t move. But then you run the risk of making buyers suspicious about your property because it has been on the market too long.
The best approach is to set a fair market price from the beginning. You’ll be surprised what doors a realistic price will open.
Save money and sell the house yourself. Selling your own home is not as easy as it sounds. Typically you’ll discover that potential buyers will anticipate for sale by owner to mean you’re eager to settle for a substantial discount on the property.
Save yourself the headaches that come from representing yourself and work with a qualified realtor who possesses the necessary skills to market your home, negotiate the contract and deal with any issues that may arise.
Open house events are a waste of time. While open houses rarely convert to sales, they are an excellent way to increase exposure for your listing. It provides a casual preview of your home to possible buyers and increase word of mouth advertising to other prospective buyers. A good realtor will promote your open house to make sure prospects attend.
The ideal option for an open house is when other agents are invited to stop by. This approach exponentially increases awareness about your home.
You must sign a Buyer’s Agent Agreement. Every state is different and some do require that a buyer’s agent agreement be signed before showing homes. Before signing any agreement, ask if you can make a verbal agreement instead. If you must sign an agreement, make sure you are comfortable with it before doing so. Remember, most everything in life is negotiable, so don’t be afraid to ask if you’d like something changed.
All Real Estate agents are the same. Everyone brings different skills and strengths to the table. Before deciding on an agent, make a list of your top needs and wants in an agent. Don’t be shy. Ask them about these needs before you begin working with them. This is their job — interview them before you hire them.
Realtors make a lot of money. Those who are successful can make a nice living. But keep in mind that realtors have to invest a lot of time, effort and money before they ever get paid. In other words, they have to sell, market and show a lot of homes before a sale is made. Commissions on home sales are typically split between the buyer and seller agent. If your are able to list your home for free, that leaves three percent of the price of the home sale to be split equally between both the buyer and seller agent.
It is smart to evaluate every step of the home buying and selling process. There are many myths about the real estate process. Make sure you’re well educated and informed before you buy into what you hear or are told.