Second-time buyers prefer Exclusive Buyer Agents. They've learned it's a smarter way to buy homes.
If you or someone you know is looking to sell your home in the next couple years, we want to share a few seller’s tips and industry info that will help you take control of your next sale and make the best decision for you and your family.
Before we get into it, you may be confused...
Why is an exclusive buyer agency talking about selling?
While our agents only represent and pledge fiduciary responsibility to buyers, we help sellers find an Exclusive Listing Agent, because fair representation goes two ways.
Seller's Tip #1: Shop Around
Despite it being one of the biggest financial decisions of their life, most people go with expediency over quality when finding an agent, working with the first Realtor® they come across. But real estate agents, Realtors®, and brokers vary considerably in how they represent and advocate for their clients.
We recommend interviewing a few exclusive listing agents before preparing to list your home. Get a list of services from each agency so you understand exactly what you’re paying for. Strategic analysis and Comparative Market Analysis (CMA), marketing and advertising, open houses, syndicated listings – these are all distinct services that may or may not be offered.
Seller's Tip #2: Understand Your Listing Contract
Contracts seem to be intimidating by design. It’s easy to gloss over the stack of pre-printed forms and pages of legal minutiae, but learning just a little can go a long way in negotiating the best terms for your sale. Here are a couple listing contract basics that you should be aware of:
Contract Periods typically range from six months to a year. Whatever the period, make sure your contract includes a guarantee letting you cancel anytime, and/or a “satisfaction guarantee” clause. That can ensure better service overall, especially when it comes to improving the listing presentation and broadening exposure. And, no matter what, as a seller, you may cancel the contract at any time with written notice.
Broker Commissions are included in the pre-printed contract your Realtor® hands you, so they may seem set in stone at 7%+. Those high numbers may be inflated, either to make room for a reduction, or to make a reduction seem like a “discount.”
Seller's Tip #3: Watch For Hidden Fees
Co-op Fees specify how the seller’s and buyer’s Realtors® will split their commissions. Sometimes, that split is disclosed only on the MLS data sheet, and often specifies a 60/40 seller/buyer split. As the seller, you are better off with a 50/50 split. You’ll pay the same agreed-upon commission either way, but insisting that more of your money goes to the buyer’s agent creates an incentive for more agents to show your house to more potential home buyers.
Internet Display Fees charge extra for listing a seller’s home on websites like Zillow. When selling your home, however, it is reasonable to insist that your Realtor® get the widest possible exposure for your home – for no additional cost.
Broker or Admin Fees might be added to the commission. Although these fees can soar as high as $795, they are negotiable, sometimes all the way down to zero.
You know why lots of second-time home buyers choose an Exclusive Buyers Agent over a traditional real estate agency? It's because they've already been through the process—and realize there's a better way to buy a house.