FREQUENTLY ASKED QUESTIONS FROM SELLERS
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Q. I’m ready to Sell, what’s the first step?
- Answer: The first step in selling your home is to make a commitment to sell. Most important is to have a game-plan for your next move. Where do want to live next? Once that crucial decision is made, contact a professional real estate firm and set a consultation. How about Joe Wiessner Realty? They know a thing or two about selling homes!
Q. What should I be looking for in a real estate professional?
- Answer: By far the most important aspect in selecting a listing agent is a track record of success. The top 20% of agents sell 80% of the real estate. These agents move faster, have far more contacts, and produce consistent and visible results. Their reputation in the market proceeds them. Chemistry and Communication are key. The top agents are always fully prepared, work more as a consultant or adviser to you, and they know how to negotiate. Choosing the right agent could mean the difference between getting top dollar or no sale at all. The best of the best are incredibly detail oriented, they leave nothing to chance. A great question to ask is “How many properties have you sold in this area over the past 12 months?” Do you want to select an agent with a scant few sales? Know that the top agents typically sell ten times more than a part-timer.
Q. How much are real estate commissions?
- Answer: Typical real estate commissions are 6% of the gross sale price in residential sales. However, all real estate commissions are negotiable — they can be higher or lower. It is often misunderstood that the listing firm earns the entire 6%. Certainly with proper disclosure, a firm can represent both buyer and seller in the same transaction, and earn the entire commission. The majority of transactions are co-brokered (where another company brings the buyer). In a co-broker transaction 3% of the commission goes to the listing company and 3% to the buyers company. From there the companies split the earning between the company and agent.
Q. What is the biggest factor to list with a firm verses trying to sell myself?
- Answer: Generally speaking, Sellers contemplating selling themselves underestimate the complexity of selling real estate. The sales process is greatly misunderstood — especially the enormous volume of documents disclosure requirements, and inadequate marketing. The extent of most For Sale by Owner’s marketing is a sign planted in the yard. Total exposure are those cars that just happen to drive by (a tiny amount of exposure). Whereas a professional firm is a member of the MLS system. The MLS will expose your property to all area agents who have buyers in that price range. Also through MLS IDX, your property will be directly exposed to buyers at the consumer level through ventures like Zillow, Realtor.com, Trulia, and many others. Exposure is key. The MLS exposes your property to the masses. More buyers creates more demand.