Selling a home is so easy, you can do it with a few clicks online and just wait for the offers to come in. Right?
When it comes to listing your home for sale, you want to be sure it is done right in order to attract the highest offer possible. This is where full-service brokers come in. Most brokers have tested marketing strategies and networks to ensure a property gets the best exposure to the right buyers.
So what makes a full-service broker worth their commission? Here are the seven most important duties of a real estate broker.
Jobs of a real estate broker include:
- Property Valuation
- Photography & Staging
- MLS Input
- Tour Coordination
1. Property Valuation
Once a real estate agent has signed a listing contract (under the license of a broker), the first step in the listing process is to determine the value of the property. The agent will run a comparative market analysis to examine recent sales of similar properties in the area. Based on the sale price of these homes, the agent will determine the fair market value (FMV) of the client’s home and take into consideration the home’s condition, specific location, recent updates and amenities to recommend an market price to the seller.
Setting the initial list price is a key component of maximizing the marketing exposure for a property.
One of the ongoing duties of a real estate broker is client consultation. As long as the broker is bound to the listing contract, they are required to represent the client’s best interests. This means the broker must provide candid expert advice at every step of the transaction; this includes explaining important documents to the seller and ensuring legal compliance throughout the entire sale process.
3. Photography & Staging
Most real estate brokers either have in-house professionals or a reliable network of photographers and home staging experts who help make a home look its absolute best to potential buyers. The broker will arrange these services according to the seller’s wishes, though experts agree that professional photography and home staging are well worth the cost.
This seems like an obvious part of selling a home, but only because it is crucial to gaining exposure. Brokers will place a “For Sale” sign in front of the house, and they will also create attractive property flyers to distribute to buyers or agents who may be interested. These marketing materials not only provide visibility; a professional sign and high-quality flyers show buyers that the seller should be taken seriously.
5. MLS Input
Once a property has been staged, photographed and priced, it is time to list it for sale on a multiple listing service (MLS). An MLS is a regional online network used by real estate brokers to exchange property information, give showing instructions, and contact other brokers to buy and sell properties.
As soon as property information and photographs are added to the MLS, the real estate community is notified that the property is for sale. Because this network is the primary means of targeted exposure and is only accessible by licensed brokers, the MLS may be the most valuable tool in a broker’s arsenal.
6. Tour Coordination
When other brokers are notified that a property is on the market, it is the responsibility of the listing broker to coordinate tours for prospective buyers. This includes touring individual families as well as holding open houses.
While not all home sales require an open house, most will greatly benefit from a public open house for interested buyers to see the home in person. Most are familiar with these open houses, but a listing broker may also choose to hold a broker tour for the brokers who are representing buyers. At both open houses, the listing broker will be present to guide buyers through the house and answer questions they have about the property.
Possibly the most overlooked duty of a real estate broker is the negotiation of offers and contract terms. When buyers submit offers to the listing broker, the broker will confidentially disclose the offers to the client. If applicable, the broker will then submit a counter-offer on the client’s behalf, so as to get the best possible price for the home. Due to the broker’s required experience and knowledge, they are often able to sell the home for more than the initial offer amount. Once the broker has negotiated an acceptable price and terms, the client will accept the offer and the property enters the contract period.
A Broker’s Role
Think of it this way: The broker is like your airplane pilot. The contract is like your flight. Once the plane is in the air, it’s not difficult to fly. The route is predetermined and the autopilot can do most of the work.
But taking off and landing are much more difficult, and you would certainly want an experienced professional in the cockpit if something went wrong while you were in the air.
Your real estate broker guides you through the takeoff (entering the contract period), landing (close of escrow), and any turbulence (repairs, inspections, etc.) you didn’t expect on your journey so that you land safely and on time with your belongings intact.”
As you can see, selling a home is an intricate process that can take months to finalize. While it is possible to sell your home on your own, most homeowners realize it’s worthwhile to work with a full-service real estate broker. This saves time, money, and worry on the part of the seller.
Peter Maclennan is a licensed real estate broker serving clients in and around Contra Costa County. If you are considering selling your home, Peter will provide FREE consultation and home valuation. To reach him, send an email to firstname.lastname@example.org or call 925-385-8798.
Having a knowledgeable and experienced real estate broker on your side helps protect your interests and ensure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.