How To Hire a Realtor To Sell Your Tampa Bay Home
Selling your home can be one of the biggest transactions of your life. It is important to do some research and find out the best way for you to successfully sell your Tampa Bay home. There are many things to consider, but one of the most important things is who you will partner with to accomplish your goal.
You have the choice of going through a traditional real estate brokerage, selling the home For Sale By Owner (FSBO), or selling it to an iBuyer like
Zillow or Offerpad (See this article about pitfalls of using an iBuyer).
Should you hire a Realtor to sell your house?
Things have changed. Before the internet, realtors had insider information on home values and finding buyers. Nowadays, sellers are more educated and have more knowledge about real estate than ever before. It is not hard to figure out what your home value is, and making an advertisement online is usually free and easy and gets leads.
So it is now easier than ever to sell your house by yourself, but as with any DIY project, you have to weigh the cost vs the benefits.
The listing agent will usually list your home for a 6% commission on the purchase price. This commission is split if there is a buyers agent involved in the transaction. On a $300,000 house, 6% is $18,000. Now that you know the costs, weigh the benefits to see if Realtors are worth the money.
These are questions to ask yourself.
- Will it be worth your time to learn all about real estate and then do 100% of the work to sell your Tampa Bay home?
- Is it safe to assume that you will have the expertise developed in a time when there is something that goes wrong (always happens) or match wits with experienced negotiators?
- Would you want to have someone representing you, photographing, advertising, marketing, and showing your house?
- Can you work up the correct contract and find the right title company, appraisers, and inspectors? Is it worth your time to find all of these people?
- Can you deal with this plus also your normal responsibilities and probably also looking for a new house for yourself and moving?
The value of a good realtor is expertise and systems to make the process as smooth and convenient for you as possible, while also getting the maximum value.
When you are deciding if you should hire a realtor to sell your house, think through this cost-benefit analysis deeply. Then determine if it is better to sell by owner or with a realtor.
The difference between a real estate agent and a realtor is minimal. Not all agents are Realtors, with being a Realtor means they belong to the National Association of Realtors.
How to Find the right Realtor for you
To pick a realtor to sell your house you should first do some research on your local housing market and even drive around during the day and night to get a feel for it. Visit open houses in your target area where you can ask local realtors questions about the market and neighborhood.
There is a lot of information online, so do some research before you hire. Check licenses, certifications, and reviews. See if there are any red flags or question marks lingering in your head. Ask around for a few referrals and get in touch with them. See which of the prospective realtors may be a good fit for you. You want someone you believe is capable, honest and reliable. Also, someone who can communicate the way you want to by text, phone, or email and someone who you feel will have the knowledge to handle complex situations. This may be one of the biggest transactions of your life, do not feel like you have to use a certain person because they are a relative or friend of a friend.
Be open about your expectations for the communication and process of selling your home. Be thorough and request a quote.
First Meeting with a Realtor to Sell Your House
When you first meet with be prepared to talk about your finances. They are going to need to know what your thresholds are for a sales price and time frame that you have to work with. Discuss if there are any deal-breakers or must-haves with the property. Disclose any issues you might know of with the property so they do not become BIG issues later.
Have an open mind and listen to what they say. It may not be what you were expecting, but be flexible and see if there are other ways to accomplish what you are trying to do. Real estate is a creative sport with many different ways to get things done.
Questions to Ask a Realtor When Selling Your Home
- What is your training, experience, and background?
- What is the recommended sales price for your home?
- Can you provide addresses and prices of homes you have sold within the last year?
- What is the suggested marketing plan?
- What do we need to get the home to a marketable condition?
- Do you have any references?
- What are your commission and fees?
Can you have more than one Realtor when selling a house?
Yes, you can work with as many agents as you want to list your house, as long as you do not have an exclusive agreement with any of them. Many people do not know this and in some ways, it may work in the seller’s favor to have many competing realtors working on the sale.
Some say that it would discourage some realtors from taking a listing if there are other agents involved because they could do a lot of work and end up not being paid for it. Just be transparent with agents involved so that everyone knows what they are getting involved in.
How can I Lower my Realtor Commission?
Most real estate listing commissions are a standard six percent of the sales price paid by the seller. The buying and selling agent will split this commission. If there is no buyer agent, you should have a ‘dual agent’ commission rate also. That way if there is no split of commission, the selling agent would not get the full 6%, this gives you room to negotiate.
If you will be buying in the same region as you are selling your home, you should see if the listing agent will offer a discount if you agree to use them to purchase your new home. They can end up making more money off of the two sales then they would with a full commission on one sale, so it can be a win-win negotiation.
You can also shop around and get rates from different realtors and then have them compete for your business. Find out what value they will be bringing to the table to justify any comparatively higher commissions.
Finally, not jumping on the first offer and holding out for a higher sales price can let you pay less in commission in comparison to how much sale proceeds you are getting.
Ultimately, you must decide if using a realtor is right for you. It has to make sense from a financial standpoint, as well as an emotional standpoint. Be sure to be selective and research before hiring the person that will partner with you on possibly the biggest transaction of your life.