A recent survey done by NAR (National Association of Realtors) suggests that around 90% home sale require services of a full-time realtor. I have come across a large number of home buyers who ask the question do I need a realtor to sell my home?
The answer of this question depends on various factors such as:
- Your past experience in the real estate market
- Your knowledge of the whole process
- Right marketing skills to sell your house
However, these factors can only come handy if you have prior knowledge of selling the house. Someone who is going through the process for the first time is going to have a hard time in completing the sale. While beginners may experience many challenged, veteran Sellers often have difficulty in many situations.
Before you start your proceedings, you need to know who a Realtor actually is…
Who is a Realtor?
A realtor is a licensed real estate agent who had voluntarily committed themselves to a strict code of ethics by becoming a member of the National Association of Realtors (NAR).
NAR is an organization for licensed real estate professionals. It has over 1.2 million members and is the largest trade organization in the United States. It’s members come from different specialties of real estate such as commercial, residential, international and luxury. Each member of NAR has access to advanced quality training that can make the experience a Buyer or Seller has much more enjoyable.
Having the membership of NAR gives you a competitive edge in the industry and dealing with such real estate agents is considered to be safe.
Do I Need a Realtor by law???
Many people also ask the question do I need a realtor to sell my home according to law?
They usually think that they are required to get a real estate agent by law. However, there is no such thing in the law that forces you to get a realtor. People only do it for their own convenience, and not because of the law telling them to do so.
However, it is also important to know that the real estate transactions involve a lot of paper work, and it should be dealt by someone who actually knows how to deal with that paper work. So some states require you to get the help of real estate agent while trying to sell a house.
Do I Need A Realtor To Sell Your Home – WHY???
A realtor is a professional whose sole job is to make the property transactions between two parties. He has the knowledge of the market, neighborhood and latest trends taking place in real estate every day. Which makes it a best practice to work with a real estate agent than to work alone while selling your house.
There are some other advantages too that hiring a real estate will give you. such as:
Choosing the right selling price:
The selling process starts with determining the right price of the house. This should only done by a real estate agent or other qualified professional who can pull in depth statistics and base a pricing strategy off data and not a gut instinct.
Realtors can assist homeowners by consulting on value before, during, or after renovations. This can help homeowners avoid the costly mistakes of over-spending on a renovation and loosing money when it comes time to sell the home. Renovations require money to be spent in the right areas while keeping margins in mind. An experienced realtor should be equipped to handle these tasks.
Further, most Buyers will be using a real estate agent that will make every argument and provide data to justify lowering the sales price. It is crucial that the data has been reviewed before listing, so the Seller can confidently stand behind their price (if accurate).
After determining the right price, the next step should be to market the house for sale.
How does a realtor do the marketing of your house?
An agent knows how to market your house the right way. He can:
- Help you with the techniques that will make your house look good while showing to the potential sellers
- Will take good professional photographs that will help maximize the listings
- Show your house to the buyers who are actually interested, and not someone who is just playing around and going from house to house for fun.
This will help you find the right client and the process will move forward quickly.
Why Do You need a Realtor to Negotiate?
Real estate agents have great negotiation skills. They have been in the market for years and they know what they are doing while negotiating with the clients.
Usually, when a buyer gives a proposal, your realtor will help you to evaluate it and provide his guidance. The guidance about whether the offer is right or there is still a chance of getting better bids.
However, if the price is not right and there is room for improvement, he will negotiate with the buyer to make an improved offer. If he is not willing to do so, your agent will move on to another client who has the better offer.
Monitoring the Further Proceedings
The next phase lots of little hurdles including the inspection, negotiation post inspection, appraisal, appraisal justification and negotiation, buyers financing and coordinating the terms of the contract.
It’s a lot to keep up with but, with the help of a Realtor, this whole process becomes a lot easier. The Realtor will do everything in their power to keep the process on track and avoid as many potholes in the road as possible.
A Buyer or Seller has a lot to deal with in the process of relocating. Hiring a Realtor will help take a lot of that burden off of their shoulders. This is the largest financial transaction most people make in their lifetime. Most people go to the doctor when sick and the mechanic when the car breaks, so why would someone leave the single largest financial transaction up to fate?
Use a Realtor to buy or sell real estate and don’t get burned!