Here’s a tip if you are listing your property for sale in The Glen. You should be very leery if you suspect a real estate broker hints at “I’m using your house to sell myself.”
According to Case–Schiller U.S. home prices have rebounded to mid-2004 levels, and though monthly gains are slowing, this spring — traditionally the prime home-buying season — looks to be a sellers’ market.
This is good news for real-estate agents. A 2013 National Association of Realtors member survey showed that agents’ $34,000 median annual income last year reflected a level not seen since 2006, just before the U.S. housing boom went bust; incomes in 2012 were up 37% from 2010.
As you know that most real estate brokers are professional, buyers and sellers may encounter some agents who see only the “me” in home.
To get a listing, some agents tell unbelievable stories about houses they’ve sold in the Glenview, Illinois area. They promise sellers how they will market their property by putting ads in all the Glenview papers and magazines. They will send out direct mail to various sub-divisions like The Glen in Glenview to lure move-up buyers.
Critics say these agents are great marketers — of themselves. Mailers generate interest in the neighborhood — not the home. This type of marketing is only helpful to the Glenview real estate agent herself, not the home seller.
Just because an agent does a lot of business, that doesn’t necessarily mean her clients were happy with her work. As a real estate broker for @properties in Glenview our company sends out a feedback on the Glenview agents to the buyer or seller grading the performance and the client can make additional remarks. This is then put on the Glenview agents Website so that the next potential client can see their testimonial. Click on this link to see my testimonials.
The second tip, are commission set in stone?
Perhaps no part of selling a house generates more controversy than agent commissions. A 6% fee, split 50/50 between the buyer’s agent and the seller’s agent, has long been considered standard for a full-service listing (where a brokerage handles everything about the deal, from marketing the house to moving arrangements). Close to 80% of licensed agents work on a split-commission basis.
Commissions in fact are negotiable and vary regionally. Rates typically are lower in high-cost markets and higher in low-cost markets. One way for a seller to pay a lower commission is to agree to price a house aggressively — that is, at the low end of the market. Time is money. A quick deal means an agent can move on to the next deal and boost productivity. Just make sure you’re not giving up more in the sale than you’re getting in commission savings, insiders warn.
Some agents will trim their commission and actually make more money on the deal. That’s what happens when an agent represents both seller and buyer, known as dual agency, allowing them to collect the full fee, which is then split with their brokerage. So instead of a listing agent and their firm each pocketing 3% of the sale price on a deal with a 6% commission, they can make 2.5% apiece on a 5% transaction. In some instances, a listing agent and a buyer’s agent are both licensed with the same firm, which again allows one side to keep the entire commission.
Dual agency has the potential for conflicts of interest, and accordingly raises eyebrows — and red flags — among real-estate experts and state departments of consumer protection alike. But this “double-ending” practice, while not widespread, is legal in most states as long as it’s disclosed to all parties and receives their written consent.
As we get ready for the spring market it is important to choose an agent in Glenview that can provide you with great service, great knowledge and great experience.
This is valuable information from your friendly Glenview real estate agent Barry Newman
For more information about The Glen in general, as well as the neighborhoods, please visit our Living in The Glen page.
Please call me – your friendly, experienced Glenview IL real estate broker – at 847-921-1666 to discuss your needs or email me at BarryNewman@atproperties.com