Plenty of Real Estate Agents in Colorado Springs, but Is an Agent Right for You?
Whether you are buying or selling a house, we understand that the thought of choosing between the many real estate agents in Colorado Springs while also handing over a big chunk of change to them seems both risky and frustrating.
With so much information on the internet today, one could legitimately figure out the real estate process and all the necessary paperwork for buying or selling a home. After all, there are strong opponents supporting the notion that going solo is the better option. However, some of these proponents espouse some faulty beliefs that simply don’t hold up under scrutiny. Here are a few myths debunked about hiring a Colorado Springs real estate agent for your realty needs.
Myth #1: You’ll get more money doing For Sale By Owner
We don’t fault those that try this. Honestly, we understand that many see and need the opportunity for more money. But it seems like a much simpler process than what it actually is. When you think that it’s as simple as a few pictures, a facebook post and a sign in the yard, there’s a decent chance you’ll be sorely disappointed in 9 months when showings have ceased and even your price-drops don’t get you foot traffic.
A study performed by the National Association of Realtors showed that only 9% of homes sold were FSBOs (For Sale By Owner) and that the average FSBO house sold for $174,900, while agent-assisted sales had an average selling price of $215,000.
That’s a $40,100 difference!
Even when accounting for the normal commission of 6%, these figures still show a $27,200 difference between the two. And that’s not counting all the time saved, mental stress gone and legal protection that you would gain from having knowledge and expertise on your side.
Real estate agents consistently show the ability to achieve a higher sales price via negotiating skills; they have access to multiple markets and clients; and they know how to move your home quickly.
You tell us…does it really look like you get more money from FSBO?
Myth #2: If I hire a buyer’s agent, I’ll have to pay him or her out of pocket
Here’s how the thought process goes. I can see all the houses on the internet. I don’t want to sign a contract saying I have to pay this person! I’ll just have the seller’s agent show me the house and then I can have better negotiating power. This will be simple.
While most things are never simple, there is one part of this story that is – the fee! It is common practice that the buyer’s agent fee comes out of the seller’s agent commission. Very rarely does it happen otherwise.
With the realtor fee being picked up by the sellers, why not hire a professional scout and negotiator to help you make one of the largest purchases of your life? A buyer’s agent will have a good eye for the right home, have access to local listing services that you would not, will negotiate with the seller’s agent in your best interest, write a compelling offer that will get you the house, and make sure that your interests and finances are protected throughout the process.
Myth #3: Real estate agents only care about a fatter commission and less time
Okay, we’ll be honest…unfortunately, there are a few brokers out there like this. But there are so many more that truly have your best interest at heart. The important part for you is finding the good ones. So, here are a few questions you can ask a potential real estate agent in Colorado Springs before you sign with them.
Questions to Ask When Interviewing Agents:
- What is your ratio of buyers to sellers? – This is important to know because many realtors focus heavily on one or the other – buying or selling houses. It might be hard to work with someone who mostly buys houses when you are trying to sell yours. Also, many realtors have people who are looking to buy and people who are looking to sell, so knowing what their customer base is helps direct your decision.
- What is your best marketing plan or strategy for my situation? – In today’s day and age, buying and selling a house is not just about the MLS. Many shoppers are starting their buying experience online and making strong opinions before they ever talk to a buyer’s agent. Make sure your realtor has a marketing and/or search strategy that works on a variety of platforms.
- How much do you charge? – Instead of asking if the commission is negotiable, because it almost always is, just ask exactly what they usually charge in percent commission. Usually it is somewhere between 1% and 6% of the sale price. If you are a buyer, your commission is usually picked up by the seller as a part of the deal.
- What kind of experience do you have in real estate? – Always ask how long they have been in real estate. While a number of years does not always measure excellence, it certainly can be a good indicator of success. Real Estate is a commission-based business and it would be hard for an agent to still be practicing if they rarely made sales. More importantly, look at the experience they’ve had in the last few years. Are they still quite active or have sales declined recently? If so, you might want to ask why. An agent with more recent experience will understand the current Colorado Springs real estate market, not just what it used to be 20 years ago.
- What haven’t I asked that you think I should know? – This is a good question to test their engagement level with you individually. This causes them to think through what they already know about you and determine how they can further help your cause. You want to make sure that the agent takes the time to respond to make sure that you are comfortable with them and they truly understand your situation.
Real Estate Agents in Colorado Springs
Hiring the right real estate agent in Colorado Springs can make all of the difference! Good brokers are skilled negotiators, have trained eyes for how to fix up your home to sell and they know how to spot potential issues in a prospective home. They also are privy to current market conditions, know their local neighborhoods thoroughly and have your best interests in mind.
Looking for good and trustworthy real estate agents in Colorado Springs? Look no further! Contact us at Krakofsky Team Realty by calling 719-231-9544.