Have you ever wondered why in the world your Realtor® charges such a high commission to sell your home? I read a comment recently that said it’s easy to sell your home yourself, especially here. I also have heard it said by a seller, “The buyer called me, I handed the buyer to my Realtor®, he/she didn’t do anything to sell my home or earn the commission.”
As a person who has sold homes of my own, and I have to say, felt the same pangs when I handed the commissions over to my Realtors®, I see where these thoughts are coming from.
Now I’m a Realtor®, have been working at it actively in The Villages for the past 8 years, and here’s what I have learned from my experience. My Realtors® earned every penny I gave them, and more! I remember thinking WOW, my Realtor® must be a wealthy person with all of those big commissions coming in, little did I know how much of that commission they actually get to keep.
Here is a bit of what a reputable Realtor® should be doing for you….
Before pricing your home, your Realtor® will have searched for comparable homes that sold recently. What upgrades and extras did they have? They will be comparing homes sold through the MLS (Multiple Listing Service), For Sale By Owner, and homes that were sold by the Villages sales representatives. By combining that info, with what they know to be the current list price to sales price ratio, you will be able to list your home at a competitive price while feeling confident that you are getting the most money possible for your home. You can spend weeks looking at ads, visiting websites, even hopping in your golf cart and visiting open houses to see what other homes are listed for or you can hire a Realtor® who knows the resale market here to give you the “rest of the story.”
Next, your Realtor® will go over what is the best way to market your home to the largest audience. They should be featuring your home on websites that draw national and international buyers, advertising in local media, holding open houses, and marketing your home to the thousands of MLS (Multiple Listing Service) Realtors® that can bring potential buyers to your home. These agents are all working with buyers who are interested in RESALE homes.
And yes, now we have an offer because of the due diligence of your Realtor®, you know they are qualified buyers, so whew….we did it!
You can relax and know that your Realtor® will be following up on a few things for you. Has the buyer applied for a mortgage? The home inspection turned up some unexpected issues, but your Realtor® has addressed this with you when you signed the purchase contract, so you know what your responsibilities are and what to expect. And since your Realtor® has a list of service people, finding the right one will be easy. Your Realtor® has an entire checklist of the process, and it’s their job to follow up with all of the moving parts and see that your sale closes as expected.
Now is when you hand that big check to the Realtor®. And after half is given to the Realtor® representing the buyer, and the advertising and marketing costs are deducted, and the Broker collects their portion of the commission, and taxes are taken out, your Realtor® has earned whatever is left over and feels very good that they have helped you through what can be a stressful and complicated process.
It’s a job my business partner, Marge Ross, and I love doing and we feel privileged every time a seller chooses us to list their home, and puts their trust in us, knowing we will always represent their best interests. If you want to learn more about resale homes in The Villages, please visit us at FocusOnTheVillages we’d love to hear from you!
Karol Clark is a Realtor for Realty Executives.
