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Selling Real Estate: "The Players": Agents

Probably the most important "player" in a real estate transaction is the Agent. Since the Agent will handle many of the arrangements and intricacies involved in selling a home, it is extremely important that you are able to communicate easily with them. To a large degree, you must be in agreement about the goals and plans for the sale of your home. See the discussion on choosing an Agent for questions to ask a prospective Agent.

Some of the duties that an effective Agent will assume are:

  • Developing a Comparable Market Analysis (CMA) to determine the current market for homes similar to yours in the immediate area.
  • Suggesting items or changes that will make the home more salable. Giving you tips on preparing the property for sale.
  • Pricing the property to be both attractive to sellers and yet bringing maximum return for you.
  • Placing your home in the Multiple Listing Service (MLS) so that it will be available to any Agent selling in the area.
  • Advertising and marketing the home to get maximum exposure. Try to be involved as much as possible in this activity.
  • Preparing all forms and legal documents that are necessary when selling real estate in your locality.
  • Arranging for and coordinating any showings of your home.
  • Getting feedback from Agents who have shown your home to potential buyers and forwarding the feedback to you. This allows you to make changes in pricing or presentation that could make the property more appealing.
  • Presenting offers to you and assisting you in their negotiation.
  • Helping to make arrangements for, and coordinating, a closing for the sale of the home.

Who Represents Whom

Seller Agent: Your Agent fully represents you and your interests. They will not reveal any information (other than known property defects) that could compromise your position to buyers or their Agents. By default, any Agent who shows your home will owe you the same loyalty, unless they are representing their client as a Buyer's Agent.
Buyer's Agent: More and more frequently, you will find that you will be dealing with an Agent who will be representing the buyer. In this case, the Agent rejects the default seller agency and agrees to act as the buyer's representative. Their loyalty is to the buyer, not the seller, and as a result can give input, suggest offers, and develop a Comparable Market Analysis for the buyer.
Dual Agency: If your Selling Agent (or another Agent from the Brokerage that represents you) has a Buyer's Agency agreement with a buyer, that Agent can, with written approval from you (as the seller) and the buyer, represent both you and the buyer.

Evaluating and Comparing Agents

An excellent source of comparision and evaluation is HomeGain, where you can find top Agents and have them compete for your business. More information.

 

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