What is a Listing Agent

If you consider to sell your home, you have some tough choices to make. You can try the Do It Yourself (DYI) approach and list your house For sale by Owner, or hire an experience Realtor to help you.

For Sale By Owner

Listing For Sale by Owner (FSBO) can save you some money on commissions, and may seem worth the effort, especially when there is low supply of houses for sale. Not hiring a Listing Agent will save you half of the commission, as you'll only have to compensate the other side of the transaction. You will have to rely on your skills and expertise to price the property, find and hire contractors to make necessary repairs and upgrades, create marketing materials and advertise the house on public platforms. To get your house listed on the Multiple Listing Service (MLS) you'll likely have to find someone who'll do it for a flat fee. If and when you get some offers, you'll have to negotiate them yourself, and coordinate tasks with attorneys, surveyors, appraisers, home inspectors, etc.

According to the 2021 National Association of REALTORS® Profile of Home Buyers and Sellers "FSBOs accounted for 7% of home sales in 2020. The typical FSBO home sold for $260,000 compared to $318,000 for agent-assisted home sales." If you decide to to sell your house without a realtor, you will likely save around 2% of the selling price on commissions, but you may be leaving money on the table. Be also prepared for a lot of work and aggravation. Most buyers look at FSBOs like they look at used cars with salvage titles - they consider them substandard and are not willing to pay the "sticker price". Your net profit from the sale is almost always less than if you sold with a realtor for full price.

Working with Listing Agent

A listing agent, also known as a seller’s agent, represents the seller in a real estate transaction. The name comes from the fact that they literally list the house on the market. Their role and main objective is is to price your home competitively and maximize it's exposure on the real estate market to attract qualified buyers.

If you hire an experienced real estate agent, you can expect the following:

• Listing Agents will look at your property objectively and without emotional attachment making recommendations for improvements and staging.
• They will develop professional marketing materials including photographs, video and virtual tours, flyers, and brochures to highlight your home's best features.
• Your house will be listed on the Multiple Listing Service (MLS), as well as on all the major platforms where buyers look for homes.
• They will advertise your property locally, on social media platforms, in print, through mailings, and a myriad of other ways.
• Listing Agents will schedule and host open houses, inviting neighbors and other potential buyers from their sphere of influence.
• They will coordinate showings and answer all buyers' questions honestly and transparently, without bothering you and your family.
• When you receive offers, Listing Agent will help you evaluate and chose the best one taking into account not only price, but also terms that may influence or jeopardize the deal.
• Listing Agent will help you negotiate the best offer to ensure you're getting the best deal.
• Once the best offer is accepted, Listing Agent will coordinate all paperwork, and a myriad of tasks necessary to complete the transaction with inspectors, appraisers, mortgage brokers, attorneys, etc.
• They will stay on top of all parties, to ensure the transaction closes timely and without hiccups.

Listing Agents will spend their own money and time to market your home, and won't get compensated unless you successfully complete your transaction. They have a lot of skin in the game, and thus you know they will do their best to make you successful.

How to chose the right Listing Agent

Not all agents are created equal. The Greater Rochester Association of Realtors has over 3,000 members, licensed Real Estate agents and brokers, so choosing the right one for you may be a challenge. Realtors track their successfully completed transactions and volume expressed as a dollar amount. Some agents like to brag about the volume when they sell only a few expensive houses a year. Others will underline number of transactions if they operate in an area of less expensive properties. When interviewing Listing Agents, focus on the following:

• Agent's experience
  There are many new agents entering this profession every year. There are equally many realtors withdrawing after a few unsuccessful deals. Look for agents with extensive track record in the industry. If they've been in business for many years, it means they're good at it and likely know what they're doing.
• Type of property
  If you're selling a unique, expensive lake property, don't hire a volume realtor. Similarly, don't hire a luxury real estate agent for an average village home. While both realtors will have the track record to show, make sure you chose the one thats adequate for your type of property.
• Local knowledge
  Look for real estate agents who specialize in the location where you are selling. Agent with local knowledge will help price your property just right, and minimize the risk and embarrassment of having to drop price to attract the right potential buyers.
• Technology skills
  Real estate market is constantly changing. New technologies emerge every year. You want to look for agents who know how to use them - Realtors with positive online reviews, social media presence, websites filled with useful information, etc.

Your home is often your most valuable asset, but also a place of emotional attachment, full of sentimental values. While the Listing Agent you chose will be the deciding factor for selling it, you don't want to work with someone who will treat it only as a business transaction. Listing Agent who is effective, but also sensitive about your needs will be your best business partner, and a friend for life!