In my last column, I wrote about the importance of using a Realtor when you are in the process of buying real estate. Dealing with a “real” real agent, or Realtor, is just as important when you are selling real estate.

Pricing

This process generally starts by determining a reasonable asking price. Your real estate agent can provide you with current information on what is taking place in the marketplace and the price, financing, terms and condition of competing properties. These are key elements in getting your property sold at the best price, quickly and with minimum hassle.

Marketing

The next step in the process is a marketing plan. Often, your agent can recommend repairs or cosmetic work that will significantly enhance the salability of the property. Marketing includes the exposure of your property to other real estate agents and the public. In many markets across the country, over 50 percent of real estate sales are cooperative sales, wherein a real estate agent other than yours brings in the buyer.

Your agent serves as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The Realtor Code of Ethics requires Realtors to use these cooperative relationships when they benefit their clients.

Advertising is a vital part of marketing. The choice of media and frequency of advertising depends a lot on the property and specific market. For example, in some areas, newspaper advertising generates telephone calls to the real estate office but statistically has minimum effectiveness in the actual sale of a specific property. Overexposure of a property in any media might give a buyer the impression the property is distressed or the seller is desperate.

Your real estate agent will know when, where and how to advertise your property.

There is a misconception that advertising sells real estate. The National Association of Realtors studies show that 82 percent of real estate sales come as the result of agent contacts through previous clients, referrals, friends and family and personal contacts.

Security

When the property is marketed with the agent assistance, you do not have to allow strangers into your home. Agents will generally pre-screen and accompany qualified prospects through your property.

Negotiating

The negotiation process deals with much the same issues for both buyers and sellers, as stated in the previous column about the buying process. Your agent can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the start of a process of appraisals, inspections and financing — a lot of possible pitfalls. Your agent can assist you in writing a legally binding, win-win agreement that will be more likely to survive the process.

Monitoring, renegotiating and closing

Between the initial sales agreement and closing (or settlement), questions may come up. For example, unexpected repairs are required to obtain financing or a problem with the title is discovered.

The necessary paperwork is overwhelming for most sellers. Your agent is the best person to objectively help you resolve these issues and expedite the transaction to closing (or settlement).

[The Fayette County Board or Realtors is one of more than 1,800 local boards and associations that comprise the National Association of Realtors. As the nation's largest trade association NAR is “The Voice for Real Estate,” representing nearly 750,000 members involved in all aspects of the real estate industry. The Fayette County board can be contacted at 770-461-2401.

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