Key Questions for Real Estate Agents?

[doylehargraves]

Getting ready to sell a house for the first time.

- What sort of contractual period with the agent is normally involved?
- Is the commission fee defined by the state, or can it vary?
- If someone approaches me directly and wants to buy, does the agent still have to get a cut?

Any insights / feedback appreciated on things to look for / avoid. Thanks.

 

[Meursault]

Everything you've listed is negotiable between you and the broker.

 

[GM Platter]

I'm closing our home sale next week. I agree with the above poster about questions one and two being negotiable. My selling agent's getting 1.5%. Dont know the answer to number 3.

My advice to you is to price the home to sell it and ensure yourself a pool of qualified buyers. I'm not saying give it away, but understand that in the age of the interweb there are many buyers passively waiting online and having multiple offers gives you leverage as a seller not to give in to nitpicking buyer demands.

I thought about not using a realtor but decided against it, not because I can't find a home or market my own house, but to avoid the hell that the agent community can create on your transaction. Kind of like paying the mafia

 

[heritage]

The listing agreement defines the answers to all three of your questions and is totally negotiable. The better agents are less likely to discount their commissions. Most charge 6% fee which gets split up in accordance with how the actual sale goes down, i.e. listing agent and broker, selling agent and broker, etc. Most listing agreements are for six months but you can negotiate that, too. Also, most listing agreements provide for them to get a commission even if you find the buyer, unless you insert a provision otherwise. You can sell it youself, but most homes sell faster with a good agent working and advertising for you. If you do list it, ask them for a marketing plan, i.e. what exactly are you going to do to sell my house?

I'm in the mortgage business, please feel free to email me if you have any other questions. [email protected]

 

[William Cannon]

1) Keep it short in case they suck - don't sign a 6 month term unless you know them REALLY well (i.e. have worked with them in the past, come highly recommended from several friends). I know a good one - smart, good honest person. PM me if you want her contact info.

2) The rate is usually negotiable. The important thing is to ask why kind of services they offer. Some will advertise, some won’t, some will print color flyers others just black and white. Ask for a marketing plan.

3) Yes. They do much more than just “sell your house”. They ensure everything is in order for the closing, they provide advice when you face “situations”, and they help you negotiate the fine details.

Unsolicited advice – interview several realtors. I’m sure you have several recommendations since everyone has or knows a realtor. Interview them just like you’re interviewing an employee and also make sure you can work with them. You should be working together and not against each other, which can happen if you don’t get along.