Sellers - Steps to Take With Your Realtor

When trying to sell your home, it pays to work with a REALTOR®. He or she has the most up-to-date market knowledge for pricing your home and knows the details of competing properties in your area. Because REALTORS® have access to the Multiple Listing Service (MLS) and work with buyer’s agents, you can count on your REALTOR® to sell your property for the best price in the most efficient manner. Below are the steps you should take when working with a REALTOR® to sell your real estate.


Home Sellers: Steps to Take With Your REALTOR®


Step One: Meet with your REALTOR®.

This initial meeting helps the REALTOR® understand your motivation to sell and any other needs you may have. Your REALTOR® is your trusted advisor and can help you determine a preliminary estimate of the costs associated with selling your property. These can include typical closing costs, mortgage pay offs, prorated costs for annual expenses (i.e., property taxes and home owners association fees) and any other fees typically paid by sellers in your area. You will also have the opportunity to review the Seller’s Agent Agreement with your REALTOR®. At this time, your REALTOR® can explain how he or she will represent you and what his or her duties are to you throughout the process. Find a REALTOR® who specializes in selling homes in your area, and review the questions you should ask when first meeting with him or her.

Step Two: Set the price.
Determining a reasonable asking price is a crucial step. Setting the listing price for your home involves evaluating various market conditions and financial factors which your REALTOR® will know best. Often “For Sale by Owner” homes are overpriced and this deters potential buyers. Because your REALTOR® has in-depth knowledge of the area and the market in general, he or she will know how to best price your home. A REALTOR ® takes into consideration marketable features of your home, its current condition, resale features and neighborhood qualities that can justify a higher asking price.

Step Three: Prepare your home.
At this point you will need to get your house ready to show potential buyers. A REALTOR ® can recommend repairs or cosmetic work that will significantly increase the value of your home. He or she can guide you in transforming your home into a marketable property that will appeal to a broad range of buyers.

Step Four: List your home on the market.
It is important for you and your REALTOR® to discuss a marketing plan for your home. Your REALTOR® will use this marketing plan to promote your property to other real estate agents and the public. One of the advantages of working with a REALTOR® is that he or she has extensive networks and cooperative relationships that will benefit you. Your REALTOR® will also know when, where and how to advertise your real estate. Using a variety of methods, your REALTOR® can reach buyers, prescreen them and accompany only qualified prospects through your property.

Step Five: Decide on the best offer.
Your REALTOR® is there to help you objectively evaluate every buyer’s proposal without compromising your marketing position. It is his or her job to bring you the best deal. Also keep in mind that the buyer’s offer is only the beginning of a process of appraisals, inspections and financing your REALTOR® can help manage.

Step Six: Negotiate and close.
Between the initial sales agreement and closing paperwork, many negotiations can take place. Your REALTOR® is skilled in negotiating and is the best person to objectively help you resolve these issues and move the transaction to closing. Once both parties have agreed on the terms of the sale, your REALTOR® can prepare a contract and get all paperwork and parties ready to close. At the closing meeting, legal ownership of the property is transferred from you PICK to the buyer. Your REALTOR® can attend