Janis Peterson, GRI, ABR, CSP Realtor®
Philadelphia Main Line Homes and Real Estate
Montgomery, Delaware, and Chester Counties
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E-mail: jp4re@pahomes.com
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Subject: Importance of A Real Estate Agent

Some property owners believe selling their home can be as easy as putting a sign in the yard, and an ad in the newspaper. On the surface, that may sound like a reasonable assumption. Sellers soon realize, however, that a real estate agent knows how to successfully navigate a transaction which is quite complex.

The first challenge when selling a home is determining a fair asking price. To do so requires in-depth research of recent home sales, and analysis of the sale prices and financing. Factual data is available from a real estate agent, but may be difficult for a homeowner to obtain.

Next, a marketing plan must be developed to target specific buyer groups. A real estate agent will develop a plan incorporating not only signs and ads, but also targeted mailings to previously identified prospects. Advertisements may be placed in local business magazines known for high readership by incoming transferees. Real estate agents often provide buyers from existing prospect files, individuals who have been working with the agent for months.

One invaluable service offered by an agent is that of negotiator. As the sellers' representative, the agent has a responsibility to negotiate the best price and terms for the sellers, while treating the buyers fairly and honestly. Sellers working directly with buyers may find it difficult to detach themselves emotionally from the negotiation, often sacrificing valuable equity in the process.

Finally, real estate agents know how to write binding purchase agreements and, once written, will follow up on all details necessary to insure a successful closing. Selling a home alone is like performing surgery on yourself. A professional is more likely to get the job done right. Most property owners want to receive top dollar for their home when selling. That's a natural desire, and there's a surefire way to make it happen by offering the home in "top dollar" condition!

A surefire way to attract low purchase offers is to offer a home in less than top dollar condition. It is common knowledge that sellers are likely to receive offers of $2.00 less than the asking price for every $1.00 in needed repairs. If the cost of replacing badly worn, soiled carpet is $2,800, buyers tend to offer as much as $5,600 less, provided all else is in good condition.

A home in need of repairs is an open invitation to make low purchase offers. Buyers assume that if the doorbell doesn't work, or the dishwasher is on the "fritz," other items need attention too. Once the caution flag has been raised, it is difficult to convince a buyer to pay full price.

Property owners should ask for advice from their real estate agent before their home is placed on the market. The agent can conduct a "walk-through" inspection, playing the part of a buyer. Take notes on all suggestions made by the agent. Include not only all major and minor repairs, but also cosmetic improvements and organization of closets, etc.

All repairs and improvements should be completed before anyone is shown through the home. This includes other agents, who may be invited to an agent open house. They should see the home in only mint condition.

Homes in top condition bring top prices, while the rest invite compromise. Wise property owners will heed the compelling advice, and will prosper from it.

"Real Service in Real Estate." For a personal consultation on buying or selling real estate, Janis Peterson, GRI, ABR, CSP Realtor® can be reached at (610) 642-3744, e-mail: jp4re@pahomes.com. Prudential Fox & Roach Realtors® is an independently owned and operated member of The Prudential Real Estate Affiliates, Inc.

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