Get a Realtor®
Before placing a home on the
market you should also identify REALTORS® in your community who can assist with
the sale. Because Realtor.com is the largest real estate site online, it's a
perfect place to look when seeking realty services. Realtor.com lists realty
professionals nationwide, and you can find those active in your community
through extensive directories and property listings.
Why use a REALTOR®?
There are more than 2 million people nationwide who have licenses
to sell real estate, of which about 750,000 belong to the National Association
of Realtors (NAR). Only NAR members are entitled to use the term
NAR members must adhere to a
strict Code of Ethics. By joining NAR, individuals have access to a wide range
of classes, seminars and certification opportunities. Local REALTOR® groups are
active in community matters, and individual members are routinely involved in
PTAs and other neighborhood organizations.
In essence, local REALTORS®
are community experts. They track real estate trends, share neighborhood
concerns and participate in local matters. They're good neighbors who are in
the business of helping others buy and sell homes.
How do you choose a REALTOR®?
Whether you're a first-time seller or someone who has sold many homes, there
are several ways to find a local REALTOR®:
- Use the "Find a REALTOR®" search engine on
REALTOR.com® to find individuals who actively sell in your community.
- Get recommendations from past sellers.
- Look for REALTOR® signs in your community.
- Check the classifieds in local newspapers and "shopper"
publications. Look at the listings in local real estate magazines.
In some cases, sellers elect
to meet only with one REALTOR® while other owners elect to meet with several.
Whatever your preference, there will be a number of questions you will want to ask,
- What services do you offer?
- What type of representation do you provide? (There are
various forms of representation in different states. Some brokers represent
buyers, some represent sellers, some facilitate transactions as a neutral
party, and in some cases different salespeople in a single firm may represent
different parties within a transaction.)
- What experience do you have in my immediate area?
- How long are homes in this neighborhood typically on the
market? (Be aware that because all homes are unique, some will sell faster than
others. Several factors can impact the amount of time a home remains on the
market, including changing interest rates and local economic trends.)
- How would you price my home? Ask about recent home sales and
comparable properties currently on the market. If you speak with several
REALTORS® and their price estimates differ, that's OK, but be sure to ask how
their price opinions were determined and why they think your home would sell
for a given value.
- How will you market my home? At listing presentations,
brokers will provide a detailed summary of how they market homes, what
marketing strategies have worked in the past and which marketing efforts may be
effective for your home.
- What is your fee? Brokerage fees are established in the
marketplace and not set by law or regulation. Typically, brokers who list homes
are compensated on a performance basis - that is, the broker is not paid unless
the home sells under the terms and conditions that are acceptable to you.
- What happens if another REALTOR® locates a purchaser? That
is, who will that broker represent, and how will he or she be paid?
- What disclosures should you receive? State rules require
brokers to provide extensive agency disclosure information, usually at the
first sit-down meeting with an owner or buyer.
- How long do you want to list your home? A
"listing" agreement is a contract that shows the broker's obligations
and outlines the terms under which your home is being made available for sale.
The length of the agreement is a negotiable matter.
What should you expect when working
with a REALTOR®?
Once your home is listed with a REALTOR®, he or she will
immediately begin to market your home according to the most appropriate
conventions for your community.
Your REALTOR® should keep you
informed as the marketing process unfolds and as expressions of interest are
received. In time, the marketing plan may be modified to reflect buyer
reactions and changes in the marketplace.
In real estate there are
written offers and oral offers. Oral offers ("Would they take $225,000 for
the home?") are not acceptable because they generally cannot be enforced
("Gee, did I say $225,000? I was sure I said $215,000"). Written
offers created by the REALTOR® with assistance from qualified attorneys address
numerous issues, are consistent with local requirements and provide the foundation
for an actionable offer.