Ready to Sell?

What Do Smart Sellers Need to Know?

Let’s be honest, selling a home is a huge undertaking and you shouldn’t go into it blindly. Understand your rights and responsibilities, and your transaction will go more smoothly and be less stressful for you and your family.

8 Things a Seller Should Know Before Hiring a Realtor:

  1. 1. All Realtors are NOT the same.

    Make sure you hire someone who is experienced in the local market, is a seasoned negotiator and has a track record of bringing transactions to a close. You should know how long on average it takes a realtor to sell a listing. This information is readily available from the Real Estate Board. This performance measurement will help you predict how long your home will be on the market before it sells. Finally, ask for references. A real estate professional has plenty.

  2. 2. Know what is going on in your local market and in your own neighborhood.

    Real Estate prices are based on what is going on locally. Trends in the market are simply based on supply and demand. With this said, realize that an increase of foreclosure in the market, increases the inventory, which drives down home prices. It would be wise to ask your prospective realtor about current foreclosure inventories.

  3. 3. How much do you need to net on your home?

    Make sure you know your current mortgage balance (to be paid off at closing) and all of the costs involved in selling your home. An experienced realtor will have no problem helping you understand these costs before you hire them.

  4. 4. The NAR Settlement Changes.

    As of August of 2024, the National Association of Realtors (NAR) has mandated changes to the buying process. These changes include that a Buyer-Broker Service Agreement must be signed before an agent can show a property to a buyer client, and that offers of compensation to the buyer agent cannot be advertised on the Multiple Listing Service (MLS). Compensation to the buyer agent may still be advertised off of the MLS. Paying the buyer's agent a negotiable percentage has traditionally been the responsibility of the seller. The NAR settlement has made buyer's agent compensation a more visibly negotiable factor.

  5. 5. Condition of the home matters significantly, especially when inventories are high and buyers have lots of homes to choose from.

    Take a hard look at your home and make those necessary repairs – mechanical and cosmetic.

  6. 6. Know how your home will be marketed.

    Most buyers today access the internet as their first stop for home shopping. How much time, energy and money does the realtor allocate to internet marketing? Assure that the realtor you choose has a diverse arsenal of marketing strategies that have been proven to be effective in your market. Look for special ideas, consistency and persistence in their marketing plan. Also make sure that there is a system for tracking and follow-up with all parties who show interest in your home.

  7. 7. Make sure that the realtor that you entrust the sale of your home to can also be a resource for the entire process.

    You will likely need referrals for reputable companies that work in the real estate industry, such as: a closing company, lender, appraiser, contractor, mortgage lender, banker or real estate attorney. A reputable agent will have on-going relationships with other reputable companies in the industry and happily give you referrals.

  8. 8. Smart realtors guarantee their services.

    They do this for two reasons. First they are confident that they can perform for you because of their experience, commitment, and work ethic. Second it is smart marketing for an agent to guarantee his/her services. These days, nearly everyone offers a guarantee – television manufacturers, car dealerships, even banks offer guarantees. Real Estate Agents on the cutting edge of marketing guarantee their services.