6 Semi-Obvious Things Real Estate Agents Wish You Knew

There are certain things that real estate agents discover over their time in the business. The good thing is they're willing to share this information so that buyers and sellers alike can gain from their experience. The first piece of advice is to put the property on the market just below market value. While sellers are optimistic, buyers are not as much so, and it's always best to do a quick turn around if possible. When buying a home, the buyer should always remember that the pre-approval that they receive for the home loan is just one step, not the last one. Don't start running up credit cards and other lines of credit just because you've been pre-approved. When you're selling a home, remember to set reasonable expectations for how long everything will take. Often the seller sets unrealistic expectations for how long it will take.
Pre-approval and pre-qualified are two different things. To be Pre-approved means that the potential buyer has been verified by a third party, but when they are just pre-qualified, it means that they have provided the details to the bank (such as income and credit score) and it hasn't been followed up on yet. If this is all true, reasonably they should be able to borrow the amount, but if it's not they may not be able to.
Keeping the home ready to show is a big help. Carpets should be cleaned, the rooms should be tidy, and lights left on to welcome. Make sure that it's not too hot or two cold, and it even helps to leave snacks out for the lookers. First impressions are often hard to overcome, so make sure to leave the best one possible.
Lastly, buyers and sellers alike may feel like the real estate agent makes a good profit from one sale, but there's a few things to remember: if there is a separate agent for both buyer and seller, the fee is split down the middle and then brokers need to be paid and any other expenses. In the end, a real estate agent will most likely take home a 1-1.5% fee, not 6%.

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POSTED December 10 2013 2:19 PM

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