If you are like most people, you are not buying and selling property full time or as a speculative proposition. You are usually selling your own home, a relative’s home, or settling an estate You are the person who will benefit most from using a Realtor when it comes time to sell your home. Here is what you should expect from the Realtor who lists your house for sale.
1. Knows the local market Your Realtor should provide you with comparable properties that are active on the market and those that have sold recently, so that you can determine a suitable asking price. She can make recommendations, but you determine the selling price. She should also make recommendations about what to do to make your home more attractive
2. Disclosures. Your Realtor should advise you of all disclosures necessary and make every effort to enable you to comply. Many full service Real Estate brokerages require sellers to fill out written disclosure forms, whether those are required by state law or not. The disclosures protect you from a buyer alleging that you defrauded them after closing.
3. Marketing plan from start to finish This is essential. Marketing includes mailings, advertising, open houses (for public and other real estate agents), signs, phone calls, website placement, and a timetable. It can also include a plan for discussing price reduction or changes needed if the house does not get serious offers within the first few weeks. There is much more to selling a house than renting space on the multiple listing or putting it on a website with a sign in front.
4. Routine communication. Your Realtor should be giving you feedback (positive and negative) about showings, open houses, comments from buyers and other agents.
5. Showing your home is done in partnership with you. A Realtor may not be available for all showings (unless you have reason to insist on this) but they need to be the person through whom most of the showings are arranged unless you request otherwise. The more showings, the more likely your home will sell for the highest price in the least time. Many homes feature lockboxes, secure devices holding keys. The boxes are accessible only to Realtors who update their entry codes every day. This makes it possible for other agents to show the house on a more flexible basis. Some sellers prefer to have the realtor contacted for showings, and then arrange the appointment with them. One thing I have always done is specify that agents call me for an appointment, even if the house has a lockbox. That way if there is any reason why they should not go over that day, I can tell them, and avoid surprises
6. Open Houses If open houses are scheduled, your realtor or a representative from her office should be there. All kinds of people come in and out with an open house, some serious, some not. Many may not be qualified to purchase your home or may have some problem that could come up later in the contract process. People like this get real friendly real fast. You might have a “good feeling” about that nice young couple who will take advantage of that “good feeling” while plying you with false hopes and promises and looking for your vulnerability.
7. Negotiation. Your agent is with you through every step of the negotiation process and the contract. When listing a property, I have always specified that all offers are to be in writing and submitted to me, the listing agent. Your agent has a legal obligation to submit all written offers to you. If a buyer or their agent tries to deal with you directly, you should be in touch with your Realtor pronto – and don’t sign anything!
8. Keeping the sale on track. Once the house is under contract, your realtor should be tracking every aspect of the deal. Did the attorneys declare the attorney review period to be over? Did the buyer deposit the rest of the down payment into escrow at the agreed upon time? Has the buyer scheduled an inspection? An appraisal? A survey? Will the professionals involved need access to the house and when? Did the buyers obtain their mortgage commitment, and if so, has it been forwarded to the attorney or closing agent?
As a Realtor, I have always made it a point to be present for home inspections, and most appraisals. That way I am able to answer questions, get a sense of any issues that may come up, and advise the seller accordingly. At the very least with an appraisal, I like to be in touch with the appraiser to be certain that they really know the local market and have adequate comparisons. Even if you think you don’t need your agent to be present, conflicts can happen between sellers and home inspectors or appraisers, because this is your home and it is an emotional as well as financial process. My job as the sellers agent is to smooth this process and keep it on track, while representing you in the best possible way.
9. Certificate of Occupancy and items needed to close. The final inspection of a house is usually done by the local building inspector, who issues a certificate of occupancy. A seller’s agent will make certain that you have scheduled this or schedule it for you. Your agent should also follow up to be certain that the certificate of occupancy (C of O) is issued. If there are problems, your agent needs to be certain that you are aware of them and that you take steps to correct them. Most of the time, you cannot close without a C of O. Problems that a building inspector might note would include absence of handrails, water heaters improperly installed, lack of smoke alarms or carbon monoxide detectors, or illegal apartments in basements and attics.
These services are done by full service agents. In some areas, it is becoming popular to “unbundle” realtor services, and lower the commission paid by the seller to include only flat fees for listing, a number of showings, and various services with inspections and negotiation instead of a percent of the sale price. If you have recent experience in selling a home, the “unbundled” model may be for you – but if you are the average homeowner selling your greatest asset, you will probably save money, time, and aggravation in the long run hiring a full service realtor. I’m sure you will agree that “list em, leave em, and show up at the closing” is not a full service model for anyone! Before listing your home for sale with any Realtor, find out up front exactly what they expect to do for you – and how successful they and their firm are at doing it!