Knowledge of the local real estate market is also important to accurately price the home. The real estate agent markets the home, prepares the paperwork, and communicates with the buyer’s agent—the real estate professional who assists the buyer with finding and closing on the home. Many sellers choose to work with an agent because they can offer guidance on pricing, incentives, and local market expectations. You’ll be responsible for your own marketing, so make sure to get your home on the multiple listing service in your geographic area to reach the widest number of buyers. As you have no agent, you’ll be the one showing the house and negotiating the sale with the buyer’s agent, which can be time-consuming, stressful, and emotional for some people. Or, you might find a company offering discounted real estate services, perhaps in return for you handling part of the work.
While this can save money, it requires more time and effort. All the paperwork and home marketing fall on the seller. You’ll need to handle tasks like listing the property online, taking high-quality photos, writing listing details, and scheduling showings.
In fact, open houses are much more useful for agents than for home sellers — the few hours an agent spends conducting an open house can yield many new clients. Consider carefully then whether you think you can benefit from an open house. If your agent is doing a good job advertising your home, the extra time and expense of conducting an open house shouldn’t be necessary. The exception may be the “caravan” described earlier, which helps to spread the word about your house among buyer agents. If you’re considering hiring a real estate agent to help you sell your house, you have a choice between a full service agent and a discount service.
While the buyer typically pays a bulk of closing costs, anywhere from 2 percent to 4 percent of the sales price, know that you might have to pay some fees, too. The internet makes it simple to delve into real estate agents’ sales history and professional designations, so you can choose the right person to work with. Look up real estate agents’ online profiles to learn how long they’ve been in the industry, how many sales they’ve done, and what designations they may have earned. Pay attention to how and where they market their listings, and if they use professional photos or not.
You may be charged for the up-front cost of advertising your property and could potentially be paying more than the actual cost incurred by an agent. Many agents receive a discount for advertising multiple properties all at once and you are within your rights to negotiate with the agent to receive a benefit for these discounts. It is illegal to misrepresent a property’s price to potential buyers. This includes advertising the property at a selling price that is lower than either an agent’s estimated price or the lowest amount you would accept. Wondering how long it takes to buy or sell a house through an estate agent?
With all of the benefits that come with using an agent, there are some drawbacks. Commissions can run up to 6 percent of the house’s sale price, though many agents are willing to negotiate commission, especially in a good housing market. Though the Internet has made it easier to sell your home without an agent, about 93 percent of home sales are still done with some type of real estate agent .
Many vendors choose to sell their home themselves to avoid paying an agent’s fees and give themselves more control over how their property is marketed and presented. A real estate agent will organise the open inspections for you. You can ask them to make it a condition of entry at an open inspection that people must provide their contact details. This will help to secure your property against theft during the open inspection but it may also put off buyers who don’t want further contact from the agent. If you’re using a real estate agent ask them to explain their marketing strategy and to show you an example of this. Check what an agent will charge you for advertising your property.
Virtual open houses with potential buyers lined up online are in. “We are doing them virtually now,” says Seini, chief operating officer at Active Realty. In today’s on-demand digital world, buying and selling a home remains stubbornly, painfully analog. Most still end in an office, with the two sides signing page after page of legalese.
An open house is still a popular tool used in home sales, but its usefulness is actually far overrated. According to the National Association of Realtors, only 3 percent of houses are sold through the open house method.