Making the Most of Your Real Estate Agent's Expertise

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Making the Most of Your Real Estate Agent's Expertise

Buying a new home is an exciting experience, but there is a lot that has to be considered if you want to make sure that your investment is a solid one. For example, while it isn’t required, it is a good idea to have your real estate agent hire an independent inspector to have prospective homes personally inspected for safety and condition before making an offer. Learning how your real estate agent can best help you before actually hiring an agent will ensure that the person you work with has the experience and ideas needed to get the results that you want. On this website, you can expect to find out how to find a great real estate agent and how you can best tap into the talents.

Private Listings For Luxury Homes: Pros And Cons

Private, or pocket listings, are a common practice within the luxury real estate market, but as you might imagine, there are pros and cons associated with the practice. However, as a seller, you want to make sure you are making the right selection for your property. Before you decide to list your property as a private listing or not, learn more about the good and bad that comes along with the process so that you can make the right choice. 

Qualified Buyers

One major advantage of a private listing is that you spend less time dealing with unqualified buyers, such as a buyer who has not gone through the mortgage pre-approval process or does not have verified funds for the purchase. Private listings are only accessible by real estate agents. As such, before an agent will even introduce one of these properties to a client, they will verify that the client is prepared to purchase the property.

Discriminatory Pitfalls

Any seller who is relying on a pocket listing must be careful not to discriminate. Per the law, sellers are not required to accept every offer they receive, but they are required to consider them. For this reason, a seller cannot tell the agent that they only want a buyer that fits into a specific group, such as based on gender or race. Keep in mind that an agent will help you avoid this often-accidental practice.

Marketing Expenses

The marketing budget for a luxury home can easily creep well into the thousands, but a great thing about a pocket listing is that you can also minimize costs in this area to zero. Since you are not advertising the home online, in a magazine, or in another publication, you can avoid ad fees. Instead, you can hire a professional photographer to capture high-quality images of the home and share them with the realtor pool who has access to the property for a fraction of the cost. 

Reduced Exposure

Another potential pitfall of pocket listings is that you may have reduced exposure for your property. For example, when a property is listed online, a seller from another part of the country can view the property and possibly make an offer. With a pocket listing, only those potential buyers connected with a local agent who has access to the property can learn about its availability, unless you partner with an agent who has a large networking base.

If you need additional help with making the decision, do not hesitate to speak with a trusted real estate agent.