Just about anyone who has ever sold a home with the help of a knowledgeable Realtor appreciates the role they played in counseling, guiding, advising, and managing the process. Realtor support is especially critical during complex transactions filled with multiple crises that demand a professional hand to navigate and hold the deal together.
Roles of a Professional Realtor When Selling a Home
Once a home seller connects with a knowledgeable Realtor to market and sells a home, they have an advocate whose focus is to attract the attention of prospective buyers and sell the property at the best possible price.
While the mission seems simple enough, the process involves numerous steps and plenty of potential challenges.
Establishing a Realistic Selling Price
The Realtor’s initial activity involves consulting with the home seller to discuss needs, urgency, and pricing expectations.
Armed with extensive regional knowledge, a detailed pre-analysis of current market conditions, and comparable sales, the Realtor will propose a selling price and strategy to attract prospective buyers.
The professional Realtor may also suggest specific cosmetic improvements or basic repairs to enhance buyer impressions of the home during showings.
Pricing above the market usually means extending the time the home will stay on the market and sometimes lowering the price to regain buyer interest. Prospective homebuyers are often wary of properties that have been on the market for an extended time, wondering why the home has not sold.
Marketing the Property
Retail 101 suggests that when more people view something, it is more likely to sell. Therefore, creating demand is a prominent role of a Realtor, positioning the property so that as many interested buyers as possible will know the home is for sale.
At the outset, the Realtor will list the property on the Multiple Listing (MLS) for buyers and their representative to view and compare. Homebuyers and their Realtors typically begin their search by sorting through existing MLS listings and narrowing the list of possibilities according to preferred criteria.
Once showings begin, the Realtor seeks out and collects feedback from the agents of prospective buyers. When shared with the homeseller, this information helps determine whether the current strategy and pricing are on the mark or if changes are warranted.
Negotiating the Offers
In a sellers’ market, some homes receive multiple offers quickly. If this happens, the seller’s Realtor will help review the offers. Regardless of the number of offers, the Realtor might suggest considering other factors besides price, such as offer contingencies or the proposed time to closing. In addition, they may propose inviting second offers if there is a justified interest in the home.
Sometimes, a Realtor may recommend accepting a slightly lower cash offer over a marginally higher mortgaged offer with additional contingencies. When an offer comes in that does not quite reach the asking price, the seller’s Realtor can offer suggestions about submitting a counteroffer that may lessen inspection repair demands from a prospective buyer.
Oversee the Paperwork
Between an offer acceptance and the final closing, issues can arise. The seller’s Realtor is responsible for ensuring the recording of all supporting documents and the closing statement are correct and remains on guard to eliminate or mitigate any mistakes or potential conflicts.
Contacting a Reputable, Experienced Realtor
When deciding to sell, homeowners should first contact a proven professional Realtor to facilitate their home selling process. Many who have chosen to “go it alone” have been disappointed with the time the home was on the market, the ultimate return on their investment, and the myriad of headaches that can occur by trying to avoid Realtor commissions. In many instances, these homesellers ended up working with a Realtor anyway.