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Buyer’s Broker
It’s important to find the right broker when buying a home. A good real estate broker will help you find a home that meets your unique needs, will negotiate on your behalf, supervise any necessary property inspections, and work with you to coordinate the closing. A good broker is also familiar with the mortgage process.
The
right agent can save you thousands of dollars!
Find a good agent can start with a recommendation from a friend or work
colleague. Be sure to ask if they would use the agent again.
When considering an agent, it is important to know whether the agent works full-time at real estate and how much experience he or she has. If you’re looking for a certain type of home, it would best to find an agent has a track record with that same sort of property. Good agents usually limit themselves to certain areas and property types.
And most importantly, good agents don't make decisions for you; they learn your needs and then explain your options so that you can make wise decisions.
Listing Broker
Now that you’ve decided to sell your home, you probably have a pretty idea of what it’s worth. And wanting to find the right broker to list your property, you go ahead and schedule appointments with three listing brotkers who somehow have caught your attention. Each potential Realtor arrives with their own "Competitive Market Analysis,” and each recommends a specific sales price.
Frequently, two of these Realtors will come up with prices that are lower than you expected. Although they have comparative neighborhood sales data to back up their estimates, based on recent sales of similar homes in your area, you of course remain convinced that your home is simply worth more.
Then, the third agent tells you that your home is worth what you’d anticipated, maybe even higher. Suddenly, you are a happy and excited home seller, already counting the money.
Most people of course would immediately choose the third agent to list their home, thinking this is someone who’s primary goal is to put as much money in your pocket as possible. A real estate broker willing to start out at your price and if you need to drop the price later, you can do that easily, right? After all, everyone else does it!
The truth is that you may have just met an agent engaging in a questionable sales practice called "buying a listing.” This agent, who is engaging in a dubious practice, is getting your business by suggesting you might be able to get a higher sales price than the other agents recommended. Most likely, the agent is doubtful that your home will actually sell for that price. The intention from the beginning is to eventually talk you into lowering the price, once the agent lists your home.
Why do agents "buy" listings? Well, a well-intentioned, hard working agent can feel pressure from a homeowner who has an inflated perception of his home’s value. On the other hand, there are some agents who engage in this sales practice routinely. This just simply isn’t ethical.
A Common Misconception
Contrary to popular belief, the listing agent does not usually attempt to sell your home to a homebuyer. That isn’t very efficient. The real strength of listing agents is their ability to market and promote your home to the hordes of other local agents who do work with homebuyers. This is a way of dramatically increasing your personal sales force.
When you first list your property and have an open house, if you have chosen the right listing agent, there should be a flurry of activity with buyer’s agents coming to preview your home so they can sell it to their clients.
If the price is right.
If
you and your listing agent have overpriced, fewer agents will preview
your home. After all, they are Realtors, and it is their job to know local
market conditions and home values. If your house is dramatically above
market, why waste time? Their time is better spent previewing homes that
are priced realistically.
So the right Listing Broker can make a dramatic difference in the eventual
price of the sale and time it takes to sell your home.
