Selling Your House with We Sell St. Louis

As you probably know, in our market sellers pay the entire commission on a home sale; a portion is paid to the listing broker (who negotiated the
fee) and the remaining amount is paid to the selling broker (the person who brings the buyer.)Essentially, the selling broker's commission is determined by the listing broker - and discounted when the listing broker discounts the commission. This is quite a controversial topic for agents and certainly affects you, the seller.

Listing agents have said: "According to the code of ethics you must show my property if it meets your clients needs." Other listing agents said: "Do you tell your clients that they will lose money when no one shows it?" Buying agents have said "Yes, but I can still show it last." Or "I can make my client aware that he has to pay a premium to buy your property." Or just "Hey, I am trying to make a living here! How dare you discount my services!"

They are all right. It is a violation of our Ethics to avoid showing a property because of low commission. Sellers need to know that homes paying a lower commission to the buyers agent do get fewer showings and take longer to sell. Lastly, it is a little galling to see new inexperienced agents coming into the business using cut-throat pricing.

Here at We Sell St Louis we have a solution. Our standard listing agreement is 6.5% of the sale price. We pay the Buyers Agent 3% which is slightly above the current average in our market. For many sellers, this is the best solution. There is another option.

If you are certain that your home will sell during the contract period, you may want to take advantage of our discount offer. The total commission you pay is only 4.5%. This is a full service listing. We pay the Buyers Agent 3% and they never have any idea that the seller has received a discount. In order to work at this reduced rate it is necessary for the seller to pay 1% of the list price up front. This money is nonrefundable but remember, you know your house is going to sell.

If it is priced right for the market and if it is priced right for condition, then the 4.5% may be the way to go. (The remaining 3.5% commission is paid at closing; 3% goes to the Buyers Agent and the remaining .5% is the remainder of We Sell St. Louis' commission.)

When you're ready to sell your house, please call Mark Magas at 314-772-HOME (4663.)

Would you like to know the value of your home? Click here for a free CMA (Comparative Market Analysis.)

The Mission

We will get you the most for your home in the least amount of time with the fewest problems.

Tell us about your home

As you probably know I can search public records and learn about your home. Unfortunately this data is frequently flawed – it may have never been correct or there may have been changes such as additions after the record was created. So please tell us the basics- number of rooms, bedrooms, updates (kitchen, bath, deck etc.), garage spaces whatever comes to mind. Have you ever added a room? Have you had any difficulties with maintenance?

Armed with this knowledge we can do the research that will allow us to determine a range of possible values for your home. After the in home visit and personal interview we will then be able to advise you on the best price and terms that fit your situation.

Confidentiality Agreement

Changes in agency laws have caused some ethical questions for Realtors. If a Realtor interviews for as your agent and you do not hire him/her what are the Realtors obligations? If he is representing a Buyer should he share information about your motivations with his client?

Our confidentiality agreement protects your confidential information. Even if you choose to hire another Realtor we are obligated to keep your confidential information confidential. If we should ever bring a buyer that buyer will be told that there is certain information that we are not at liberty to disclose. No other Realtor in Saint Louis offers this protection in writing.

Personal Interview

Every person is different and so are his or her situations. Some folks need to sell their homes because of a job change or change in the family situation. For others the sale might be motivated by a desire to realize a life long dream. One may need a quick sale, another may feel that he should not sell unless he can achieve his goal, a third may have extra tools provided by a corporate relo.

We will listen: to your goals, time pressures, family needs, job demands and financial realities. We will examine your home with an eye to improving return, reducing days on market and limiting future liability.

Cost effective enhancement

Every book written on real estate advises the seller to paint. Is that a good idea? … Maybe. The real question is how does this fit into your life? What is the potential gain and is it worth it to you and your family?

Our agent will look at your home advising you of possible concerns but always keeping in mind that we are concerned about more than dollars. Minor plumbing, electrical, paint and maintenance may greatly enhance your home’s value. If you wish, we will assist you in finding trades people to do the necessary work. Additionally we can also arrange for an independent professional inspection: in this way you can be sure that there will be no major surprises when negotiating your sale. We can even arrange to have a professional stager consult with you. If you prefer, we can market your home as is. It is your life, your money and your decision and we will respect whatever choice you make.

Agency

There are four types of agency that apply to sellers. At We Sell St. Louis no agent engages in dual or designated agency. We generally act as Sellers Agents, which allows us to devote all of the resources and skills of the agent and our company to your best interest. In approximately 70% of sales another company represents the buyer. When the buyer is from a different company, We Sell St. Louis will remain your Sellers Agent using all of our abilities to help you negotiate

There are times and circumstances in which is it to your advantage for us to act as a transaction broker. If you have given permission we will seek out a buyer for your home at the same time that we market it to other Realtors. Armed with permission to bring the buyer we will do all the usual marketing activities and hit the pavement. We will speak to neighbors; seek to convert renters, contact lenders for prospects and search for first time buyers through seminars and the Internet.

If the buyer writes his offer with We Sell Saint Louis then we will act as a Transaction Broker for that buyer only. Thus we will be prohibited from making recommendations or offering advise in negotiations- the Buyer will be told only the asking price and the disclosed condition of the property. The Seller will be told the offer and of the Buyers creditworthiness. A Transaction Broker cannot discuss motivation or other confidential information with either party.

In this way we can increase the odds of your home selling at the desired price while still treating all parties fairly and avoiding any future entanglements. Remember the mission: We will get you the most for your home in the least amount of time with the fewest problems.

Pricing

Pricing a home is more art than science. No one including an appraiser can be sure what your home will sell for. We will provide you with recent sales information for homes similar to yours. From these we will extrapolate a range of prices and consult with you about the appropriate price taking into consideration condition and the recent appreciation for your neighborhood.

The prime marketing time for your home is in the first two weeks it is offered. Overpricing your home can result in reduced interest and the perception that there must be something wrong with your home. After discussing your tolerance for risk, time and financial pressures, you and your agent will decide on the best price for you.

Marketing

When you list with We Sell Saint Louis you will be given a checklist of items that will be performed and the time line for each.

The MLS is an important marketing tool but it does not sell homes on its own. Our agent will go to the office and begin writing the description for your home. This description will be presented to you for your approval before it is made available to the buying public. In order to make your home convenient to sell we will make sure that all of the paper work necessary to sell your home is available to member realtors on line.

When you have prepared your home for viewing we will film it to create a virtual tour. Some homes show best as continuous films and others as a series of stills. The videographer will decide how to show your home to its best advantage.

Now that your home is ready for the market we will email it to some of our one thousand plus registered buyers for whom it is a good fit. We will post your property to at least five national websites including Realtor.com, directing them to your virtual home tour. Your home will be marketed to other Realtors through the MLS. We will hold an open house so we can cooperate with the neighbors, encouraging them to help provide your buyer. Each week you will receive a progress report letting you know the number of showings, agent comments and any new recommendations.

Qualifying the Buyer

You have probably heard horror stories about someone who accepted an offer and then their closing was delayed by weeks. Sometimes the buyer simply had to withdraw the offer.

By qualifying the buyer we can ensure that never happens. All buyers should accompany their offers with pre-approval letters. Our agent will review the pre-approval letters and discuss with you the type of lender and their reputation.

Alternately you may require that offers on your home be pre-qualified by one of the banks we have a relationship with. This guarantees that the buyers will be of the first quality but it also may result in fewer buyers willing to consider your home. As with everything else, we will advise but the final choice is yours.

Negotiating

We have before us an officious looking piece of paper. Reacting to a piece of paper is easy and sometimes takes on the aspect of a game but we must remember that on the other side is a real human being. That human being is like you, a little greedy but also anxious, hopeful and sometimes sensitive to insult. We have to keep that human being in mind and encourage the other side to see you as a fellow person. This will result in not only the best initial contract but also a contract period free of the tit for tat that can result in failed closings or even litigation.

Your agent will discuss the offer with the Buyers agent and explore any unusual aspects of the contract. Why are they asking for this closing date? Do they really need those closing cost? Is that ridiculous thing they asked for a deal breaker?

Using the information garnered in this conversation and the clues available within the offer you and your agent will analyze the goals of the buyer and determine whether they mesh with your own. This contract may fit all of your needs and should be accepted. You may want to push a little to see what they will do. We will give the very best advice available but the choice is yours.

We also recommend that any counters include a hand written note from you: Thanking them for their offer and explaining your reasoning or even why you cannot accept their previous offer. This will inform the buyer that they are negotiating with a human being.

When we get an accepted contract there is still more to do. The inspection must be negotiated and details like municipal rules, insurance, walk-throughs and possession must be negotiated throughout the process. Relax, this is what we do.

Marketing for Back up

The first ten days of any contract are the most difficult. During this time the buyer conducts his inspection and request repairs. In most cases we are able to resolve these issues but occasionally a contract fails because buyer and seller are unable to come to an agreement.

By seeking a second buyer to be in ‘Back Up’ position we can strengthen your negotiating stance and your peace of mind.

The Closing Table

Your agent has been conferring with the title company for weeks. Numerous calls, faxes and emails have been exchanged regarding invoices, commissions, closing cost and other line items. At closing it is almost certain that the HUD 1 accurately reflects the contract. Still the agent is there armed with a thick file of contracts and correspondence and ready to correct any discrepancies.

In most cases we sign papers, exchange keys and shake hands.

Now that you're familiar with the process, let's meet to discuss your home and your needs. Send us an email or give us a call at 314-772-HOME (314-772-4663.)

Would you like to know the value of your home? We offer a free Comparative Market Analysis.