Should you hire a real estate agent to sell your home? There are a few things to consider when making a decision.
On the one hand, hiring an agent gives you access to local expertise and make the process a lot smoother. But that also means having to pay them a commission.
It never hurts to talk with an agent to find out how they can help you sell your home for top dollar.
But in the meantime, let's take a look at some other factors that are important to consider.
Everyone knows working with an agent makes selling a home easier, but you might not understand just how many benefits there are. Before deciding to forego hiring an agent, make sure you know all they bring to the table.
Save Time and Energy
Selling a house is a long, time-consuming process. There's a lot of information to acquire, paperwork to fill out, and legal obligations to fulfill. Even just keeping track of everything that you need to do can get overwhelming.
On top of that, agents take on scheduling showings, communicating with potential buyers, and marketing the home.
Hiring a real estate agent lets you offload all of those responsibilities to a professional who deals in the real estate business every day. A good agent will keep track of the progress of the sale and make sure you complete all your obligations. You can breathe a lot easier knowing that your agent will make sure that you cover all your bases.
The real estate market differs across the country; it's a complex ecosystem that constantly changes. It's important to understand your market if you're selling your house, but very hard to do as a layperson.
Working with a real estate agent gives you an expert with years of experience. You don't have to spend time researching trends and trying to figure out what appeals to buyers. As long as you hire a top agent, you can make better, informed decisions based on their knowledge.
The information that real estate agents provide their clients isn't just anecdotal. A good agent will always have data to back up the strategies they plan on using to sell your house.
For example, when deciding what the right price for your home should be, your real estate agent will carry out a comparative market analysis. They will find houses comparable to your own that have sold recently and determine a price based on that.
You can do everything in the lead up to the sale of your house right, but if you can't negotiate with buyers, you won't get the price you want. Any good real estate agent specializes in is negotiating. Your real estate agent will have time-tested strategies that they can rely on while negotiating the terms of the sale.
They'll be able to find as many cost-saving measures as possible by getting a deal that involves lower closing costs and fewer concessions. No matter what you're priorities are, they'll get a deal you're happy with.
As with anything, working with a real estate agent isn't without its costs. It's up to you to decide if the pros outweigh the cons in your situation.
Paying a Commission
When you hire an agent you will have to pay them a commission. How much you pay will vary depending on the agent and the brokerage they work for.
The standard listing commission is 3%. That's how much you will pay your agent to sell your house. Plus, it's common practice for the seller to pay the buyer's agent's commission — even if you don't use an agent.
That's another 3% of the selling price of the house. So in total, you will end up paying 6% in commissions to traditional real estate agents involved in the deal.
Discount Agents With Limited Services
Some flat-fee or discount real estate agents are not full-service agents. In exchange for lower commission rates, these agents don't offer certain services to the seller; the homeowner has to handle those parts of the sale on their own.
For example, an agent may say that they will only list your home on the MLS and do nothing else. You will have to do the staging, take photos, market the house, and field offers on your own.
A better option is working with a full-service, low-commission agent.
Clever partners with top agents across the country; they offer all their services and expertise to sellers but for a flat fee of $3,000 or 1% if your home sells for more than $350,000. Even accounting for the buyer's agent's commission, you can save up to 50% on commissions without sacrificing the services you receive.
So what are you waiting for? Contact Clever to get connected with a local partner agent and discuss the best way to sell your home.