The process of listing snd selling a home can really be summed up in 6 steps. There are always special circumstances where practices may vary due to clients needs, but the purpose of this lay out is to give you a good basic understanding of how it works.
The 6 steps are, Listing Agreement, Prospecting for quality buyers, Qualifying the buyers needs and wants and showing them the appropriate listings, Offer presentation to the buyer, Offer presentation to the seller, and the Follow up.
Listing Agreement – This agreement is between the seller and the agent / brokerage.The Listing agreement represents the authorization that the owners have agreed to let the agent / brokerage act on behalf of them in the listing of the property. Trust and a well communicated agreement is key, there needs to be a healthy understanding between the agent / brokerage and the seller so that as a team you can move through the process smoothly… Results, a profitable engagement..
Prospecting for Quality Buyers – This process is a lot more then just putting ads in the paper and a sign on the lawn. Yes, absolutely those processes help and are part of the process. However a seasoned agent is constantly making connections in the real estate world which gives them a good starting point for tapping into some connections to build buzz about the listing. Also an agent will know what demographic to target to make sure you are attracting quality buyers to the listing.
The Showing – This portion ties back into the prospecting for quality buyers. Agents representing the buyers will make sure they have extensive knowledge of what their clients are looking for so that they can narrow down a search to quality listings that are best suited for their needs. The agent representing the sellers will make sure they have put focus on all the key features of the listing to that prospective buyer, so that they can see how it fits their needs. The agent representing the seller may also have potential buyers they have qualified for the listing.
Offer Presentation – This is the process in which strong people skills come into play. An agent will know when a home is perfect for a perspective buyer and will be sure to elaborate on the match of the listing to their needs. In many cases the Agent will need to initiate the conversation about the interest in the buyer putting in an offer. An agents confidence in this process really helps assure the buyer that they are entering into a good potential buying situation. Honestly and integrity in representing the sellers expectations is important. The buyer and seller should feel that they are both having their needs fulfilled in the transaction.
Offer Presentation – Once the agent has established the buyers interest in the listing and the buyer has put in the offer for purchase of the listing, the agent will then present the offer and all the detailed terms to their client ‘the seller’. The seller has the right to accept, reject, or counter offer. In the case of the counter offer the agent will go back to the potential buyers and present the offer their client is comfortable with. Sometimes this process is smooth and the terms are agreed upon in a reasonable amount of time. Other times, depending on the circumstances, this precess can involve much back and forth between buyers and sellers, there can also be multiple offers to consider. At this point most home owners are very happy they have an agent to help them navigate through this process.
Follow Up – In many cases there are conditions on the completion of the sale on the listing. Agents / brokerages will stay with you through the rest of the process until the moment of completion. This will help with the completion of the any expectations and hopefully help the homes owners feel confident about the agreement.
From start to finish of the buying and selling process there are many things that will come up that can cause confusion or potential financial losses. Having a professional lead you through the process will give you peace of mind while processing what may be the largest financial transaction you will ever make.
