There are many common problems sellers face when working with real estate agents in Oklahoma City. Learn more about what to watch out for in our latest post!
Before we get started, let us first say that there are some truly great agents out there. However, selling with one isn’t always the best way to sell a house. Every house is unique as is every situation sellers are facing. This is why there should be options when selling. Before you decide to list your house, consider all of the ways you can sell your Oklahoma City house, and then choose which method is right for you. Below are a few common obstacles sellers face when working with an agent.
The Money Up Front
When you list a house it will need to be competitive with the others on the market if you want to sell fast. Most houses will require not only repairs but also a thorough cleaning and continued upkeep. You might want to stage or pay to have some of your belonging put in storage to make the house appear less cluttered. These costs come into play before the listing agreement is even signed.
When prospective buyers see your house for the first time, you want them to reflect on the best aspects of the house when visualizing themselves living in it. This is where the staging comes in. Staging includes organizing furniture and lighting to make the house as beautifully pleasing to buyers as possible.
The exterior of your home can be just as critical as the inside when it comes to sale. Curb appeal can draw customers , especially those who shop online and rely on images to compare their homes. Landscape upkeep involves such things as mulching, pruning of shrubs and planting of flowers; regular lawn care includes weeding and fertilization.
Marketing and Other Expenses
Not all agents are full service. Some will charge you additional fees on top of their commission. Or they will leave certain aspects of the marketing up to you. There are flat rate agents who will list your house on the MLS and that’s it. You will need to show the property, handle questions, pay for additional marketing and more. Every agent is different in what they offer. If you choose to work with a Oklahoma City real estate agent, make sure you know what services they provide.
Listing agents that operate for a flat fee which obviously benefit sellers in terms of cost savings, but the downside is that these agents usually provide minimal coverage. In a way, percentage-based real estate charges serve as a form of insurance that covers both the real estate agents and the buyers and sellers they represent. As in insurance, only one party is granted full coverage in any individual situation, but this works out to keep the system running.
Before you start talking about prices, it’s best to have a chat with your real estate agent about what your marketing and advertising campaign is really going to look like. This should include the exact purpose of the strategy and the timetable. Unlike other real estate rates, promotional expenses are not a fixed rate. They are usually available for discussion between you and the agent of your choosing. You’ll want to commit to a budget in advance. Your agent may expect to be reimbursed for post-sale promotional expenses, so you will require that these expenses be laid out in a formal document that must be pre-approved by all parties.
Glorified Listing Prices
This isn’t true of all agents, but some will glorify your listing price in order to have you sign with them. This can hurt your ability to sell quickly as a high price will make many people look the other way. You will eventually need to lower the price, which only wastes your time in the long run. Houses that sit on the MLS get no way near as much attention as fresh listings hitting the market. This is why it is important to price your property correctly from the get-go.
A Non-Responsive Agent
If your real estate agent is currently busy with other customers, your home does not get the necessary consideration that may lead to a slowdown in the process or a less profitable offer. You ought to be sure that your representative is thorough in his or her job and is vigilant in the whole phase. Otherwise, you can missing deadlines, broken sales, etc.
There is nothing worse than being stuck in a listing agreement with someone who doesn’t return your calls. A good agent will make you feel as if you are their only client. They will answer all of your calls and questions and touch base with you frequently to let you know of any developments in the selling process. You should never have to call more than once or spend time having to track them down. Remember, they work for you!
Being Stuck In A Contract
Getting stuck in a listing agreement can be very frustrating. Most agreements will state that the agent is entitled to their commission no matter how the house is sold. Even if you find the buyer yourself, you will still be required to pay your agent. It is especially frustrating when you get stuck with an agent who isn’t working as hard as they should be. You can find yourself doing much of the work, only to have them collect their fee when all is said and done.
The traditional (and typically the best) selling agreement is to grant the agent “exclusive right to sell” your house. This means that if another agent really takes the client, the agent would share the fee with the other agent. This system attracts the most exposure from other agents to your house.
Stick to the shortest available listing period — say, three months — and extend it if you wish. If the agent needs you to sign up for longer, compromise: keep your listing to the average time it takes to sell a home like yours, depending on the local multiple listing service
Selling Direct Might Be For You
For many houses in the Oklahoma City area, a direct sale can be a much better choice. There are no commissions, fees, repair costs, or marketing expenses. You won’t have to wait around for a buyer or worry about the sale falling through.
Benefits of Selling Your Home to a Cash Buyer
If you’re like most home owners, you ‘re probably concerned about the time and resources needed to plan for selling, from planning and maintenance to finishing renovations and improvements. You might not be sure whether you should choose a suitable real estate agent to work with or whether you would like not to have an agent at all. You may feel nervous over the prospect of a deal taking too long, or you may face uncertainty about the costs of selling your house.
Luckily, there’s a lot better route. Accepting a cash offer at home offers a range of benefits over conventional transactions, such as speed, cost savings, decreased time, and, best of all, less stress.
The Process is Much Faster
The biggest appeal for many buyers is that the sale is going to take place very quickly. You don’t have to sit around for a realtor to take a look at your home or throw countless open houses before someone has an interest in it.
Even better yet, there’s no waiting for the banks to accept the buyer’s loans. Between a few days and a few weeks after reaching out to a cash home buyer, you ‘re going to get the money in your pocket and the house out of your hands.
This is extremely useful for a homeowner who needs immediate cash – who just wants to get out of the house quickly because of a divorce, a family problem, or just a personal desire.
Save on Commission Fees
The benefit of selling to a cash buyer is that you don’t have to fork out a significant part of the selling price to a real estate agent.
With an estimated incentive rate of about 6% for realtors, you might save yourself thousands of dollars. And if the house sells less than it would have to another customer, you might actually be better off if you weigh in the commission payments you save on.
Save on Repairs
Many of the cash buyers are trying to purchase the home as-is. They ‘re not really afraid to see if you bring in a brand new kitchen.
That means you don’t have to spend much money on expensive renovations or make home upgrades that the new owner will actually knock out anyway. It makes the entire thing even less painful.
Avoiding Complicated House Chain
The biggest explanation why property purchases are unsuccessful is that someone changes their mind in the chain. This may be because they have found another property they like, or their condition may have changed.
Selling to a cash buyer avoids a chain from developing beyond the buyer, as they don’t have to wait until someone else purchased their house. As there are fewer participants in the chain, it is more likely that all sales will run smoothly and that the sale of the property will run smoothly.
As you can see, selling a house to a cash buyer offers a range of desirable advantages. The main thing is that you do your homework to make sure you get a good price for your house. You will need to make sure that your buyer doesn’t want to scam you out of your house, so deal with only with the cash buyers you can trust.
Want to avoid the common problems sellers face in Oklahoma City? We can help! Contact us today! 405-395-2085
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