Real Estate "101"
If we are going to ask you to think of a different real estate system, we feel it is imperative to give you a very basic understanding of the current real estate system.
Glossary
REALTOR
Any Real Estate “Agent” that belongs to a
local Association; Bay County Board of Realtors; Midland Area Association of
Realtors; Saginaw Board of Realtors. With those Association memberships they will also belong to the Michigan
Association of Realtors and the National Association of Realtors. With these associations there is Standards of
Practice and Code of Ethics training everyone must attend. The National Assoc. of Realtors owns
Realtor.com and has created the #1 web site for ALL home buyers. 86-90% of all incoming callers, in a real
estate office, have already done their research on Realtor.com. You need a Realtor to list your home if you want it placed on Realtor.com and in the
Associations Multiple Listing System.
Listing Agent
The agent, within a company, that will
formally come over and list your home for sale, put it in the system and also
the person, (Company) you have given the “Exclusive Right To Sell” your
property. The Listing Agent is also
considered the “Sellers” Agent, which means they have fiduciary
responsibilities to only the Seller.
Selling Agent
The
agent, within ANY company, that will formally write a Purchase Offer on your
home. The Selling Agent may be
representing the Buyer, or in the absence of a “Buyer Contract”, the Selling Agent is a Sub-Agent of
your Listing Agent and is also representing you.
Buyers Agent
The agent that has made a contractual
agreement with a person to represent his/her interest in buying a home. The
"Buyers" agent contract removes an agent’s responsibility of representing the
"Seller". All of the responsibilities an
agent had for the Seller, become the same responsibilities they owe a Buyer.
The ideal situation would be to have a Listing (Selling) Agent, represent your sale AND a Buyer’s Agent represent you when you buy another home. This could be the same person, you would just need to enter into a "Buyer’s Agent" contract ,when you go to buy another home.
The System
1. Multiple Listing System: (MLS)
When you List your home with a "Realtor" he/she will place your Listing in this system. The MLS is the “Inventory Sheets” all Realtor’s use to sell each others properties. Each Listing office will generally offer to all other offices a percentage of the total listing amount, if they are the “Selling” agent. In the conventional sense, if a Listing is 6%, the Listing office will offer 3% to any other office, if they produce an acceptable Buyer for the property. This means once your Listing is placed in the MLS, you have ALL other Realtors trying to sell it for you. Fantastic System, very effective!
2. Realtor.com:
The web site owned by the National Association of Realtors. The number one site, used by 86-90% of all potential home buyers. It is imperative to have your home listed on Realtor.com, if you want maximum exposure to Buyers.
3. Homes Magazine:
Although not quite as important as it was, prior to Realtor.com, this magazine is still widely read by potential home buyers. To use "The system" you must formally list your home with a realtor. None of these avenues are available to "For Sale By Owners".
4. The System Sells Your Home:
It is widely accepted; Less then 10% of the time your “Listing Agent” is your “Selling Agent” too!! It is also widely accepted; Your “Listing Office” is your “Selling Office” less then 25% of the time. The "system" sells your home – 75 TO 90% of the time.
First Priority Realty can firmly place your home in the system at a fraction of the cost.
Don’t do a thing until you call us!
If you should be fortunate enough to secure a buyer of your own, First Priority Realty has a method to save you even more dollars!
If you are re-buying another home First Priority Realty will use listing agents for your listings, then turn you over to First Priority Buyers Agents – so you will have complete representation on both sides of your deal!
"DON’T DO A THING UNTIL YOU CALL US"
In Saginaw call 989.790.1500 / In Bay City call 989.893.2000