How do real estate agents get paid?

Real Estate agents are paid by strictly commission. This commission is only paid by the seller. Buyers are not charged anything to have a Real Estate agent show them homes. Once the buyer purchases a home, the buyers real estate agent shares commission on the home sale that comes from the seller. Buyers agents often show many homes and do not make any money on them, that’s why it’s important to stick with one agent to show you homes and put offers in with, that way, they get paid for their time and work!

What is a buyers and/or sellers market?

In very simple terms, a sellers market happens when there are more potential buyers than homes on the market.

A buyers market is the opposite. This happens when there are more homes for sale than buyers to purchase them.

Can REALTORS help with private sales?

Absolutely! We regularly help buyers with the purchase of a home that is for sale privately. Often times, sellers place their homes for sale privately because they do not want to pay a full commission, however, they are regularly willing to pay partial commission. In this case, the agent would negotiate with the seller on what they would be willing to pay so the buying agent can still make some money from the purchase.

How do REALTORS determine the listing price of a home?

It all starts with a CMA (comparative market analysis). All realtors should be doing this before determining a list price for a home. This involves collecting several pieces of data as well as comparable sales. We gather all relevant information on the subject home (square footage, beds/baths, taxes, lot size, location, renovations etc), look at previous sales information on that home, recent sales of comparable houses in that neighborhood, and comparable listings that didn’t sell in that neighborhood. All of this information helps us to determine what we believe to be the best price to list your home.

How much will it cost to sell my home?

The standard commission on a home sale is 5%. You only pay the commission when the home is sold. Agents on our team actually pay for things like video, photos, staging and dedicate an advertising budget put towards selling your home. These costs are incurred whether or not your home sells with no cost to you.

Why is staging your home important?

You may think that staging your home won’t affect how quickly, or for how much your home will sell. You’d be surprised to know that it can, and it does regularly. One of the most import things about staging is making the buyers envision themselves living in your home. This never comes easily if your home is full of personal items. Stagers make sure the home feels like someone new could easily see themselves fitting in that space. Neutral tones and minimal clutter really help with this.

What should I do before starting to look for a home?

The first thing all new homebuyers should do before looking is to get a pre approval for a mortgage. This will give you the best idea of what the bank is willing to give you to buy your home, however this shouldn’t be the only thing you do. Just because that’s what the bank feels comfortable giving you, doesn’t mean that’s what you should spend. You should make sure that what you’re willing to spend fits into your budget and lifestyle. Having a list of wants is also a great idea to have for yourselves and to share with your real estate agent. This will help you and them save time by only looking at the properties that have everything you need and want.