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General New Lenox Realtor Services
July 29, 2010
Since each state’s laws may differ from others, it is generally advised that prospective sellers or buyers consult a local licensed real estate professional.
Some Examples of the General Services a Local New Lenox Realtor can Provide:
- Comparative Market Analysis (CMA) — an estimate of the home’s value compared with others. This differs from an appraisal in that property currently for sale may be taken into consideration (competition for the subject property).
- Exposure — Marketing the real property to prospective buyers.
- Facilitating a Purchase — guiding a buyer through the process.
- Facilitating a Sale — guiding a seller through the selling process.
- FSBO document preparation — preparing necessary paperwork for “Sale By Owner” sellers.
- Full Residential Appraisal — but only, in most states, if the broker is also licensed as an appraiser.
- Home Selling Kits — guides to how to market and sell a property.
- Hourly Consulting for a fee, based on the client’s needs.
- Leasing for a fee or percentage of the gross lease value.
- Property Management.
- Exchanging property.
- Auctioning property.
- Preparing contracts and leases. (Not in all states.)
These services are changing as a variety of real estate trends transform the industry.
Contact Us Today for a FREE Market Analysis or Information on Homes for Sale in New Lenox
What is a Real Estate Broker
July 29, 2010
Looking for a New Lenox Real Estate Broker?
A real estate broker is a term in the United States (and real estate agent in Canada) that describes a party who acts as a middleman between sellers and buyers of real estate.
Their goal is to find sellers who wish to sell and buyers who wish to buy real estate.
In the United States, real estate brokers and their salespersons (commonly called “real estate agents” or, in some states, “brokers”) assist sellers in marketing their property and selling it for the highest possible price under the best terms.
When acting as a Buyer’s agent with a signed agreement (or, in many cases, verbal agreement, although a broker may not be legally entitled to his commission unless the agreement is in writing), they assist buyers by helping them purchase property for the lowest possible price under the best terms. Without a signed agreement, brokers may assist buyers in the acquisition of property but still represent the seller and the seller’s interests.
In most jurisdictions in the United States, a person must have a license before they may receive remuneration for services rendered as a real estate broker. Unlicensed activity is illegal, but buyers and sellers acting as principals in the sale or purchase of real estate are not required to be licensed. In some states, lawyers are allowed to handle real estate sales for compensation without being licensed as brokers or agents.
The difference between Real Estate Salespersons and Real Estate Brokers
Before the Multiple Listing Service (MLS) was introduced in 1967, when brokers (and their agents) only represented sellers, the term “real estate salesperson” may have been more apt than it is today, given the various ways that brokers and agents now help buyers through the process rather than merely “selling” them a property. Legally, however, the term “salesperson” is still used in many states to describe a real estate agent.
In many states, the real estate agent (acting as an agent of a broker) must disclose to prospective buyers and sellers who represents whom. See below for a broker/agent’s relationship to sellers and their relationship to buyers.
While some people may refer to any licensed real estate agent as a real estate broker, a licensed real estate agent is a professional who has obtained either a real estate salesperson’s license or a real estate broker’s license.
In the United States, there are commonly two levels of real estate professionals licensed by the individual states, but not by the federal government:
Real estate salesperson (or, in some states, Real estate broker):
When a person first becomes licensed to become a real estate agent, they obtain a real estate salesperson’s license (some states use the term, “broker”) from the state in which they will practice. To obtain a real estate license, the candidate must take specific coursework (of between 40 and 90 hours) and pass a state exam on real estate law and practice. To work, salespersons must be associated with (and act under the authority of) a real estate broker.
Many states also have reciprocal agreements with other states, allowing a licensed individual from a qualified state to take the second state’s exam without completing the course requirements, or, in some cases, take only a state law exam.
Real estate broker (or, in some states, qualifying broker):
After gaining some years of experience in real estate sales, a salesperson may decide to become licensed as a real estate broker (or Principal/qualifying broker) in order to own, manage or operate their own brokerage. In addition, some states allow college graduates to apply for a broker license without years of experience. College graduates fall into this category once they have completed the state required courses as well. California allows licensed attorneys to become brokers upon passing the broker exam, without having to take the requisite courses required of agent. Commonly more course work and a broker’s state exam on real estate law must be passed. Upon obtaining a broker’s license, a real estate agent may continue to work for another broker in a similar capacity as before (often referred to as a broker associate or associate broker) or take charge of his/her own brokerage and hire other salespersons (or broker) licensees. Becoming a branch office manager may or may not require a broker’s license. Some states such as New York allow licensed attorneys to become real estate brokers without taking any exam. In some states, such as Colorado, there are no “salespeople”, as all licensees are brokers.
A Realtor is a real estate professional, usually a broker or salesperson, who is a member of the National Association of Realtors (NAR). There are 1.3 million Realtors, mostly in the United States, and an additional 1 million licensed real estate agents who are not members of NAR and cannot use the term “realtor”. However, note that the U.S. Bureau of Labor Statistics claims only about 600,000 working brokers/salespersons.
Benefits of Home Staging
June 27, 2010
The Facts about Home Staging
“Do you know that the way we live in our home and the way we sell and market our home,
are two different things?”
Once a home is placed on the market, it now becomes a product. Just like any other product on a shelf, what can you do to make your product stand out? Staging gives you the edge you need to get your home sold quickly and for more money.
What is Home Staging?
Staging is the process of preparing a home for sale, using proven techniques, to enhance the best selling features of the home, while down playing the least favorable features.
When we live in our home, we surround ourselves with the things that we like. Personalizing our home is decorating. Yet the things that we enjoy about our home décor could be the very thing that can be distracting to the potential buyer.
Staging is de-personalizing, so that the buyer can visualize themselves living there. In order for a buyer to desire and purchase a home, they need to emotionally connect to that home. If family photos are displayed, this is a distraction, along with collections of dolls, for example. Buyer’s start looking at “ things” instead of space. We want them to look at the structure of the home because that is what they are buying.
How is Home Staging Done?
Through strategic placement of furniture, removing clutter, and “highlighting” the focal points, a staged home becomes the buyer’s desire.
If a home is being lived-in at the time of the sale, there are two types of staging services:
- A “Detailed Written Report”, can give a seller all the recommendations on the condition of the home, along with ways to create a warm and welcoming look in every room. The seller will be advised on what to remove, replace, or move around, in every room of the house. This service allows the sellers to do the staging.
- Another service is called, “Hands on Staging”. With this service the stager re-invents and redesigns the home. Furniture will be removed and or added with inventory from the staging company’s inventory, or a rental company. Everything that is not being used will be packed, and the organizing for the move begins.
In a vacant home, furniture and accessories are added, to give purpose to a room and to allow space to be shown.
Since 85% of the buyers look on the internet first, staging will provide the viewers with gorgeous photos, which leads to showings. In most cases, appraisers will give a higher appraisal for a staged home. Also realtors can recommend a higher asking price, when a home is staged. Why? Because staging increases the value of a home by 6.9% up to 10 or 20%.
The NAR, National Association of Realtors, also recommends investing 1% to 3% in staging, for a minimum return of 6%.
The first three weeks on the market, is the most important time for your sale. If your home is not sold within 6 weeks, you can be guaranteed almost 6% less for your asking price. So be sure to have your home “showcase” ready before you list your home. And keep in mind, “The investment of staging in your home is less than a price reduction on your home, and the market time is cut in half”.
Ask your local New Lenox Realtor about how you can reap the benefits of home staging when selling your home!