As a Phoenix real estate agent, I don’t just work in the market, I know the market. Being born and raised in central Arizona, I understand the benefits of the area when selling my clients home. I also understand the benefits of an owner agent who wants to list their home, and that’s what we’re going to discuss in this article.
Fortunately, it’s not many limitations for owner agents who want to list their home. According to the National Association of Realtors, if you follow the code of ethics and standards of practice by disclosing your interest in the sale, or purchase of the property in MLS, you’re good. You can take it one step further by disclosing this on your for-sale sign if you wish.
So why be the listing agent for your own home? I say why not? As an owner agent, you are the expert on your home. However, you will need to be conscious not to overprice your home and put on your unbiased glasses. The combination of listing agent, and owner agent can be sticky as you’re emotionally close to the home. That can lead to over pricing, which makes for a slower sale. If you can keep an objective point of view, you can avoid this issue.
Let’s look at pros of being a listing agent for your home.
Real Estate Commission
What better way to leave more money in your pocket than being your own listing agent? Keep in mind that just because you are the owner agent, you still need to offer an attractive commission to the buyer’s agent. If you lowball, what would be the incentive for the buyer’s agent to show your home? The standard is 3 percent to the buyer’s agent, but I have a rebel point of view. I say offer 3.5 percent if the agent can bring me full price. If it’s a good amount of equity in the home, a higher commission will generate interest while still being a winner financially. An unpopular fact is as realtors, our commission is flexible. We do have to pay our broker out of the commission, but we do have the wiggle room to negotiate.
As an Owner Agent, You Control the Communication of the Sale
The great thing about being the owner agent for your home is you maintain more control. One of the most important aspects in the sale of your home is communication. As the listing agent, the anxiety of waiting to hear what’s going on with the sale of your home is eliminated. You won’t have to be on your listing agents’ timetable for updates. I know with selling my home, I would want follow-ups as they happen. I know that’s simply not realistic when a listing agent has other listings. However, when listing your own home, it’s a big win for you in the communications department. No one can be more available for the sale of your home than the owner agent themselves.
No Pressure to Unnecessarily Lower the Price
Sometimes listing agents just want the home sold quickly. In order to sell quick, they can pressure you to take a low offer that you deem unfair, or pressure you into a price cut. As the listing agent, you’re in the driver’s seat. If you’ve priced your home correctly, you won’t have to deal with the pressure of lowering your price unnecessarily.
Being the listing agent for your home provides the opportunity to sell your home without compromise. By pricing your home right, and paying an above standard commission, you can be well on your way to the sale of your own home.