What Happens After the Listing Contract Is Signed?
You’ve decided you are going to list your home and found the real estate agent who fits your needs and signed the listing agreement. The listing agreement is a contract under which a property owner (as principal) authorizes a real estate broker (as agent) to find a buyer for the property on the owner’s terms. In exchange for this service, the owner pays a commission. Many things begin to happen once you sign the agreement, everything being focused on presenting your property in its best light to find the most qualified buyers offering to buy the property.
What Does the Agent Provide?
There are many things that need to happen to do this. The agent will arrange to have professional marketing content, such as pictures, video, and virtual reality tours depending on the property and its unique characteristics. All of the marketing systems that the agent provides should be discussed ahead of time so that both parties are on the same page as to expectations to generate the desired outcome. Additionally, the Listing agent should provide the client with an unbiased valuation of the home and help set a listing price. A quality real estate agent is in tune with the market, so can make suggestions for home updates that will lead to a successful home sale, given the local market and macro market environment. In some instances, a seller will have an inflated estimation of the value of their home; in some instances, if the agent ignores market conditions and prices it higher, then it can linger on the market and sell at a lower price. This is a critical part of the listing process.
- An agent will put your home on the MLS. The MLS is a local board of agents who share details of homes on the market. This will in turn syndicate out to larger home listing sites to spread the word that your property is now on the market. This requires filling out forms, double-checking facts, and pouring over documents to make sure that everything is in order to sell the property. Depending on local HOA regulations, an agent will put a sign in front of the property that the home is now on the market.
- Staging and pictures, the real estate agent should ensure that the home is presentable and that a professional photographer promptly delivers quality images to share on the local MLS. Pictures are the main way for potential buyers to become interested in a property and seek out more information on the property.
- Open Houses and Handling requests from interest parties. Once the property is on the MLS, if it is priced well it will generate interest from buyers and buyer’s agents. The listing agent will control the flow of information on the property and schedule showings for interest buyers to the home. Documents, disclosures, contracts oh my! Throughout the process, receiving offers and negotiating the sale of a home, there are many documents that need to be signed, sealed, and delivered. Mistakes in this process are not good, so the more experienced and professional an agent is, the better.
A Critical Decision
With every agent, there will be a slightly different take on marketing or systems to get the home sold quickly and efficiently. You should meet with multiple agents to make sure that you are comfortable with their style of communication, knowledge, and expertise in the field. Don’t be afraid to ask hard questions! Your goal is to find the best agent to sell your property. Molly Eldridge has a perfect 5-star rating as a real estate agent, you can rest easy signing the listing contract with her! Please give her a call to discuss the listing and sale of your property!