Planning to sell real estate? The first thing you need to decide is whether you will handle the transaction on your own or hire a real estate agent to represent you. You can potentially save thousands of dollars by listing your home without hiring an agent. But if you want an agent to guide you through the home selling process, the next thing you need to determine is what type of an agent you should work with.
There are many types of real estate agents – buyer’s agents, seller’s agents, listing agents, brokers etc. Since you are selling a home, it makes sense to work with a seller’s or listing agent.
Here are a few important things to know about Fargo realtors:
What is the difference between a real estate agent and a Realtor?
A Realtor is basically a licensed real estate agent or a broker who is the member of the National Association of Realtors (NAR). The term – Realtor – was coined by the NAR. Realtors have to abide by the code of ethics specified by the NAR. On the other hand, a real estate agent could be anyone who has obtained a license to sell real estate. The important thing that you should know is that a Realtor can list properties in the Multiple Listing Service (MLS). A real estate agent, not affiliated with the NAR, don’t have MLS access.
What is the difference between a real estate agent and a broker?
A broker is required to ensure that all the real estate laws are complied with in property transactions handled by his or her brokerage. A broker has to obtain a broker’s license to operate. On the other hand, a real estate agent usually works under a broker and is licensed to sell properties. It is the responsibility of the supervising broker to ensure that the agent is working withing the bounds of the law and adhering to the code of the ethics. Real estate agents usually have to split the commission that they make from representing buyers and sellers with their brokers.
What does a seller’s agent or a listing agent do?
A listing or seller’s agent represents home sellers. They will conduct a study of comparables and help you come up with a listing price. They will list the property in your area’s MLS and schedule appointments with buyers. They will prepare a marketing strategy and give your home exposure to potential buyers. If you want, they will also host an open house, evaluate offers and negotiate with the buyers and their agents.
Many brokerages also offer la carte services. What it basically means is that you can ask an agent to provide a specific service. You can have them only stage your home or you can simply ask them to list the property in the MLS. Instead of paying a commission that is a percentage of the sales price, you will pay only for the specific service.