“If the market is so Hot… with Buyers lining up at every For Sale sign… why should I bother paying a full service real estate commission?”
Here’s a recent experience of mine that I’d like to share.
I had a client interested in a property that was listed in the MLS. The seller decided that given the hot real estate market, they only needed a limited services broker to enter the property in the MLS and they would handle the transaction from there.
We ended up working through the process together, but with natural learning curve obstacles along the way. I commend them for their effort in self representation, but it was obvious at times that they may have been a bit overwhelmed.
When we arrived for our final walk through on the morning of settlement, the Sellers were still there scrambling to move the last few items and clean out the house. I said hello and pulled them aside to point out some errors on the final docs that they had not noticed. Obviously exhausted, the Seller looks at me and says, ‘We really really appreciate everything you did and how you communicated with us throughout this process… we will NEVER try to do this ourselves again!’
You see… no matter how prepared you may be and no matter how capable you are, you have your own full time job! Or you are a full time parent! Or BOTH! You don’t have time to learn a new business. Being a Realtor and working through a real estate transaction is a Full Time job!
A Seller, who needs to focus on cleaning, packing, and moving… on top of managing their own job and life responsibilities… should not have to learn, understand, and juggle the many steps (and possible hurdles) of a real estate transaction.
Getting Buyers in the Door is only the beginning!
If you worked with a strong agent before and the process felt super smooth and easy… Bravo to your Agent! An agent’s job is to manage and coordinate the many details of a real estate transaction so that you can focus on your move.
Guidance. Communication. Expertise.
Here are 20 tasks you should expect from a Full Service Realtor:
Initial property tour and professional recommendations to prepare the home.
Market Analysis and professional expertise to guide appropriate pricing.
Professional Photography (cost included in commission).
Professional property marketing plan and materials (cost included in commission).
Property entered in the multiple listing server.
Provide Lockbox.
Manage showing requests.
Manage showing feedback.
Adjust marketing plan and pricing as needed.
Review and Negotiate offers. Understanding and analyzing offers is important to assure you are agreeing to fair terms with a buyer likely to close. If multiple offers are received: an agent should provide a comparison outline and professional advice to their Seller on how to review and analyze for the strongest offer (NOT always the highest purchase price).
Assure contract of sale and all required documents are correctly executed and all agents for any additional offers are notified of the final decision.
Then we have inspections! Your Realtor will help guide you through the inspection reports and the appropriate responses to any Buyer requests.
Certificate of Occupancy/City Cert needs to be applied for and inspections scheduled. These requirements vary depending on the township.
Appraisal needs to be scheduled. If property does not appraise at the purchase price, agent will provide guidance.
Communicate and coordinate with the title company, Buyer’s agent, Buyer’s lender.
An agent will assist as needed with scheduling and coordinating any required repairs.
IF any issues arise along the way, your Realtor will guide you on how to handle them. They will make sure the appropriate addendums and paperwork is handled and executed.
A real estate transaction timeline is absolutely critical! Your Realtor will stay on top of all the dates and deadlines within the contract to assure all steps are completed per the agreed upon timeframes.
Questions? Yes, you will have many along the way. Your Realtor is your main resource for answers to all of your questions along the way. If they don’t have an immediate answer or if the question is outside of their expertise, they will point you in the appropriate direction.
PEACE OF MIND! Our job as Realtors is to make sure you are confident and comfortable with the entire process. There may be twists and turns along the way, but you are in good hands with an experienced real estate professional working in your best interest.
If you are looking to buy or sell a home… it is advisable to have the proper expertise in your corner. You focus on your job and your move and let your Realtor handle the ins and outs of your transaction!
I am licensed and actively work in both PA and NJ in the Greater Philadelphia Area, but wherever you need professional real estate services, I have a connection for you! Reach out to me to discuss!
EMAIL: emily.woods@compass.com
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