How Selling Real Estate Works in Forest Park
Buying and selling homes has always been tricky business and more so when you have to deal with a declining or fluctuating real estate market and you don’t know the first thing about realtors or investors. First-time sellers have a rough time working out the process and figuring out who to contact for the sale. Information about the real estate market and in particular the role or realtors and real estate investors tends to throw people off, sometimes making it seem more difficult to sell or purchase a home.
When selling a house you usually have two main options; calling a realtor or or doing it yourself. Majority of sellers prefer to contact a realtor and have them handle everything but there’s always the option not to. The word Realtor is widely used to describe a licensed real estate agent who has an active membership with the National Association of Realtors, an organization who’s members constitute about half of all licensed agents in the country.
A real estate agent has to meet a number of state requirements before getting a license such as completing a minimum of thirty hours of real estate schooling from an accredited institution and passing state licensing exams. A real estate license has to be renewed periodically; usually after one or two years depending on each state’s prevailing laws.
Members of NAR are required to take an online course on ethics and they have to pay an annual fee to retain membership of any local real estate organization. Each NAR member is supposed to operate under their ethics code and standards of practice, which is what separates realtors from regular agents and makes them more popular among sellers.
When selling a house, using a realtor is useful when your house is in good condition and time is not a factor.
When selling a house, the realtor begins by checking the condition of the property in order to estimate the pricing. The condition of the house will determine to a large extent the asking price so before putting the house on the market sellers should consider doing minor repairs and perhaps a paint job; anything to add value to the property. In a good market sellers are able to get more for their property, even listing their houses tens of thousands of dollars above their appraisal value.
The house itself has to look good, or else the realtor will have a hard time getting serious buyers. Before listing the house your realtor has to ensure the functional and cosmetic factors are addressed. Minor repairs have to be fixed because they determine the impression people get when they walk in. If the budget allows, decorations would be ideal in adding curb appeal but larger projects such as replacing the roof or water system may cost too much in the end.
After establishing the value of the home and fixing all crucial defects, the realtor can then post the listing using a variety of media. A major advantage to having a realtor sell the house is the ease of advertising that goes with it. An experienced realtor has a wide network of buyers’ agents who they interact with and have a solid business arrangement. Finding buyers is much easier when a realtor makes cooperative sales.
The Multiple Listing Service is a large database for listing homes and realtors use it to advertise when selling property. The general public as well as other agents access large online databases when looking to purchase property and realtors have to find ways to pull in potential buyers by creating an effective ad and posting the listing in all the relevant websites for clients to see.
When potential buyers want to see the house they get in touch with the agent, who is the primary contact for the property. The agent shows the house to serious buyers and if the property is still occupied then he or she would know which measures to take to ensure it is vacated. Depending on the property in question, the realtor may advise hiring a home stager to handle the interior designs and decorating, as an additional trick to get buyers interested.
Once a buyer decides to purchase the property, the realtor will negotiate a reasonable amount and start with the paperwork. If you have any questions they will be there to assist you and offer much needed advice, hastening the process.
But all of this takes time. Time you may not have. It will also cost money to do repairs. This expense may not be in your budget. What do you do then?
Working with a real estate investor in Forest Park
One of the main benefits of selling the house on your own is to avoid the expense of the commission. A realtor would have to take a small percentage of the purchase money if they help you secure a deal but that amount can be substantial if the property sells for a large amount of money. Most owners who opt to sell alone usually end up hiring a realtor somewhere down the road. It’s just a lot easier when you have someone knowledgeable doing the “dirty” work.
Real estate investors do not charge a commission. They make their profit by doing the hard work you may not be prepared for: Updating the home, cosmetic and structural changes to the home to make it sell faster.
Another benefit of using a real estate investor is speed. The typical real estate investor is ready, willing and able to buy your house in as little as 5 days. No matter the condition of the house or your reason for selling, (divorce, inherited property, taxes, etc) a real estate investor can assist. You will not need to do any of the tasks required by a realtor. No house showings. No signs in the yard. No repairs.
Selling a home takes time and patience, and you need to be clever to do it alone. The paperwork alone is enough to deter lots of people from doing the work but if you have good reasons you can always learn as you go. If you have time, perfect credit and a home in great condition, a realtor may be the best route for you. However, if you need to sell quickly, have poor credit, are facing foreclosure or have a home that needs repairs, a real estate investor my be the best option for you.