Negotiations don’t just include the buyer’s agent, who represents the buyer’s best interest. Communicating and, in some cases negotiating, carry over to attorneys, appraisers, home inspection companies, and if it’s a short sale, the bank. “If there is a disagreement over the appraised value of a home, we don’t just say, ‘oh well’ and go on with our lives. Home selling is a big deal,” says Dell’Alba.
“Home selling is an industry filled with research, psychology, legal minefields, and negotiations, said Ellen.” “Before receiving their licenses, agents learn about financing, contract laws, and state and federal laws.”
“Agents need to watch market values in their area in order to price their listings correctly. That’s where the research comes in, says Dell’Alba.” A homeowner may decide to try to sell their home on their own and have a price based on a neighbor’s sales price. However, an agent takes into account many factors when pricing a home. Was the sale made under duress? Was the home renovated? “Many homeowners will place more value on a renovation than the market will. Realtors understand which improvements will add to the value of the home and which will not see a return on investment.”
Marketing is another important aspect in home selling. According to Dell’Alba, “More traffic means the possibility of more offers. Multiple offers means better terms for the seller. That’s why even though I’m selling a home in New Jersey, I run ads in New Jersey, New York, and Pennsylvania, said Ellen.” According to NAR, 92% of homebuyers look online for their future home, of those 42% found their future home online. “Realtors should use an extensive marketing system, but if they didn’t follow the statistics and just threw the house onto the MLS or put one ad in the paper, then the exposure for the home just wouldn’t be there and the seller would suffer, stated Dell’Alba.”
Ellen adds, “Over the years, the amount of paper work, marketing know-how, and knowledge needed to sell a home has dramatically increased. I believe that this is why over the past twenty years we’ve seen less people trying to sell their own home. It can be an over-whelming and schedule-encompassing task for someone who isn’t trained.”