Real Estate Tip: How To Work With Real Estate Agents

Real Estate Tip: How To Work With Real Estate Agents

by Vanessa Arellano Doctor

The current state of the US real estate industry is considered to be quite a precarious one, for buyers, sellers and developers alike. As mortgage payments are down and home values are slumping, it is vital that homeowners and potential home buyers are armed with the right tools needed for navigating this sensitive market.

Dealing with property brokers and agents is an interesting experience, and involves a lot of researching on the many options, as well as proper interaction with these individuals.The items discussed below are some vital tips in dealing with property brokers when you're selling your home.

How To Find The Right Agent For You

For those who haven't enlisted the services of a property broker before, think local. Choose one who is familiar with a specified neighborhood and the properties being sold there.

Then, if you are selling, for example an apartment or condominium, get a broker with expertise selling these housing units to potential homeowners. And since you will want the widest exposure for your home, you will also prefer getting a property firm that works with other agencies to get your property sold. A Multiple Listing Service (MLS) used by registered members of the National Association of realtors, is still considered as the effective form of marketing homes and properties today.

Aside from these parameters, choose an agent who is efficient, competent and works in an ethical manner. The agent who first sold you your home would seem a viable candidate. Or, you may also ask for referrals from family, friends, and neighbors, or choose a property firm headed by someone who is well-known in your area.

Facts on Terminating A Listing Agents' Contract

According to housing analysts, many note that a buyer's unhappiness with a broker or listing agent is not considered a legal reason to terminate a valid home sale-listing contract. In order to legally cancel a listing, you need to be able to prove the listing broker's clear lack of "due diligence.", which means that the agent isn't taking the standard steps in effectively marketing your home, such as putting your listing into the Multiple Listing Service (MLS), posting a for-sale sign on the property, and putting ads on the Internet and in local newspapers.

If you think your home is overpriced, then maybe you need to consider reducing the price to elicit increased buyer interest. If this is the case, then you may need to meet with the listing agent and their managers to sort out this concern. If they are clearly doing a lousy job, you might suggest the listing be transferred to a more effective agent within the same firm, or find someone else.

How To Negotiate Commissions

according to housing observers, there is no standard commission for home sales. These rates are not set by law and can vary depending on the service, customer needs, and company policy. Generally, brokers charge between 4 percent and 8 percent for full service. If you insist on overpricing your home, an agent or broker could well insist on getting a higher commission to cover the added marketing expenses, as well as the time needed to sell it. You need to think of a commission as a point wherein you must negotiate and evaluate.

What To do When Interviewing An Agent

If you're in the midst of looking the appropriate broker for you, begin by interviewing at least three local brokers who sell homes in area. Talk and discuss with them significant concerns like your home's worth. Prospective agents should inspect the home and prepare a written comparative market analysis.

Ask prospective brokers too about their marketing plans, as there an important aspect. Ensure that they include regular newspaper ads, the local Multiple Listing Service (MLS) in their discussion, and ask them which ones give your home the best exposure to all local agents.