The Local Listing Agent Sells Homes Faster? Is Just A Myth
When a seller lists their home with a local realtor or a realtor with many listings, the consumer is under the impression that the realtor they choose has an advantage over other realtors, this is false. It’s the biggest con and consumers don’t know it. The biggest advantage for any seller is EXPOSURE. In The Glen and in Glenview it is statistically known that @properties has the greatest exposure over all real estate companies. It is also know that I have more Websites than any realtor in The Glen and in Glenview. Over 98% of buyers find their dream home online.
You Might Never Get The Chance To Buy Your Dream Home
Most consumers go online to major Websites to find their next home. When I am working with a buyer I put them in a search directly through the Multiple Listing Service, a database of local or regional properties for sale by participating brokers that is available to other brokers and agents. But some houses are kept off the MLS, in a pre-sale, or “pocket” listing arrangement. These residences are marketed among associates of the selling agent’s firm but this list is also available to agents of other companies as well. If for instance I list a home in Glenview or in The Glen and my client has to have some work done on the house or just doesn’t want to list in the current month we ask them if we can advertise that listing as a pocket listing. Eventually it will be on the Multiple Listing Service when the seller is ready to share with all consumers.
My Commission Isn’t 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, 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, National Association of Realtors data show.
Commissions in fact are negotiable and vary regionally. Rates typically are lower in high-cost markets and higher in low-cost markets, the NAR reports. 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 transaction. 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 receiving 3% of the sale price on a deal with a 6% commission, they can receive 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 at 847-921-1666 to discuss your needs or email me at BarryNewman@atproperties.com