For property owners who wish to put up their Colorado Springs CO homes for sale, the most important external element is the listing agent. A listing agent is a real estate agent who enters into a contract with the property owner to handle the sale of the property from start to finish. By entering into the contract, the listing agent automatically assumes several responsibilities to the property owner that he has to fulfill. Among other things, he undertakes responsibility for marketing, arranging for purchase offers to be made to the seller and advising on all aspects of the transaction. He is also free to represent the buyer in the transaction.
Listing agents must be licensed to operate in the state in which they are located. Unlike buyer’s agents, who only operate on behalf of the buyer and helped the buyer to locate and purchase property, the listing agent is responsible for marketing and selling the property and will work closely with buyer’s agents to achieve this objective. Included in his responsibilities are preparation of marketing and listing material and the actual listing of the property on one or more Multiple Listing Systems so that other agents can view the information. He is also responsible for arranging the showing of the house to potential buyers and advising the seller on the details of each offer. He will also normally undertake responsibility for drawing up the detailed sale contract and thought any inspections that may be necessary.
Listing agents will receive a percentage of the selling price as their commission and though the percentage will vary from sale to sale, it generally averages about 3.5 percent. Once a contract has been entered into, it is valid for a fixed period of time during which the seller may not deal with another listing agent. After this period has expired, the seller is free either to renew the contract or to find another listing agent.
Sellers will obviously want the highest possible price at the lowest possible commission. In selecting a listing agent, it is common to see sellers make the following mistakes:
- a listing agent cannot guarantee you a price though he can show you material about what prices comparable homes have been sold for. He will help you to select an appropriate price. Beware of listing agents who quote unrealistically high prices merely to obtain your business. Ask these agents to show you evidence to support the price that they are suggesting. Price is critical because the best chance to achieve your asking price is if the property sells within the first 30 days of listing.
- they go with the agent who offers the lowest rate of commission. Instead, you should ask yourself why this particular agent is willing to operate on a lower commission… It is possible that he is a novice and this is the only way in which he will get business. Rather than concentrating on saving a few dollars, you should be looking at his professional expertise and his ability to get you the best price.
There are hundreds of people out in the market looking to buy their dream homes. If you are located in Denver CO or Erie CO and are looking to sell your home to potential buyers, you may want to hire the services of an listing agent to ensure that you get the best price in the market.
