When you hire a real estate agent, you hope that they will be working in your best interests. You hope that they will get you top dollar for your property, and make the sale easy and stress free. You would never expect your realtor to be under handed or do something that is less than ethical.
However, the fact is at the end of the day, the realtor has to look our for themselves, so what key factors will a realtor look for when selling your property?
Selling Speed: realtors love quick closes and no conditions on the mortgage. This means they get paid faster and with less hassle. If a realtor has an open house, and the offer falls though, then that means they will have to start from scratch. A realtor is willing to take a lower bid with less conditions over a higher bid for your property.
Commission Amounts: a realtor will make a certain amount of commission on the sale of the property. When there is both a buyer’s agent and a seller’s agent, the commission is shared between the two agents; however, when the agent is shared by both the buyer and the seller, then the real estate agent gets both commissions.
In most cases the realtor would take a lower bid to get a higher pay cheque. This is true in most professions, so it is true in the real estate world as well.
How can you protect your bottom line as a seller? Keep your house on the market longer, refuse more bids, etc. Have a target price for your property and don’t settle for anything less.
What strategies did you use when selling your house? Did you get more or less money than you expected?
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