FREE Home Selling Smarts Question and Answers
Listing representatives can access the MLS (Multiple Listing Service). Describe the MLS.
Explanation:
The Multiple Listing Service (MLS) is a database of available houses that can assist agents in locating recent comparable sales and promote your listing to buyers' agents and other brokers to ensure that a home draws in the most potential purchasers.
What distinguishes a Realtor from other listing agents?
Explanation:
Realtors follow a stronger code of ethics and go through more training than other agents because they are members of the National Association of Realtors. But in order to legally function as a real estate agent, one need not be a Realtor.
True or False: Always go with the agent that offers to list your house for the most money.
Explanation:
Frequently, real estate agents who guarantee a listing price well above market value are attempting to "buy" your commission by suggesting a price they will ultimately have to lower if it fails to draw in potential purchasers.
Before you sign a listing agreement with your listing agent, what details should you give them?
Explanation:
Don't provide any information to the agent prior to signing a contract if you don't want it to be shared with other agents and potential purchasers. Before disclosing sensitive material, wait until you have formally committed to collaborate.
What percentage commission do real estate listing agents typically charge?
Explanation:
The commission for a listing agent is typically between 5 and 6 percent; but, unless you are working with a discount agency, they won't typically go much below 4 percent.
When choosing a listing agent, a Comparative Market Analysis (CMA) is a helpful resource. What does a CMA have to accomplish?
Explanation:
When you interview agents, ask them to provide you with a CMA that includes a listing price they calculated using recent sales data for properties similar to yours. The analysis is a sign of a skilled agent if it agrees with your own research into local market values.
How much more do homes that are sold by an agent typically sell for than those that are sold by the owner, according to the National Association of Realtors?
Explanation:
Agents are able to attract more potential purchasers to homes thanks to their marketing expertise and contacts, which nearly always results in a final sales price that is 3 to 11 percent higher.