What to Expect when you’re Buying/Selling (Part 1)

Happy New Year everyone. A few weeks ago, I illustrated a two part series on the value of working with a licensed REALTOR®, rather than taking on the stressful responsibility on your own. I’d like to circle back and describe the differences in the REALTOR® responsibilities as it pertains to representing the buyers, sellers, and on occasion, both. Some of the content may have an overlap from the WHY hire a REALTOR® series however the message has a different flavor.

When you hire your listing (or sellers) agent, your REALTOR® will first visit your home. During this consultation, your REALTOR® will provide you suggestions on how to effectively stage and price your home. Additionally he/she will prepare you for the showing and sales process forthcoming. Give your REALTOR® a tour of your home and share all of the great features it has to offer. At the same time, it is important to disclose any defects, hazards, or issues with the house. It is understood as life happens, things break. Over the course of homeownership, there comes the responsibility of maintenance. How the homeowner chooses to address the required maintenance will determine how serious the issue becomes. Your takeaway lesson here is ‘do not defer required maintenance’. It WILL come back to haunt you’. We will discuss this at length when we review the ‘inspections series’.

This is likely the first time the REALTOR® has seen your home, so it is unlikely she/he will be prepared to provide you with a range of list price options. He/she may provide some comparables for houses with similar square footage and room assignment in or around the neighborhood but to give you a suggested list price on the spot would be a disservice to all involved. Once your REALTOR® visits your home, she/he will have a better idea to pool the comparables and give you a price range from which to choose. It is your home and ultimately you will decide your list price. There is a myth that the REALTOR® prices your house. “Jim Smith with ABC Realty says he could get me $X for our house. What could you get me”? Ultimately the CURRENT MARKET will determine the price of your home, not a REALTOR®. Your REALTOR® will provide you market data and suggestions on what the housing market currently demands. From that data, your REALTOR® will help you make the decision of how to competitively price your home.

When your REALTOR® lists your home, he/she will either photograph or hire a professional photographer/drone to take pictures of your home. Be prepared these pictures will go into the MLS and ultimately to the internet for the world to see. If there are personal belongings or photographs of your children that you prefer NOT being published, remove them ahead of time.

Since I am reaching the end of the article, I will continue my content next week. Until then, Love where you live… and if you don’t, contact your local REALTOR®.

Brian Haufe, 2022 MBOR President