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Limited Service Brokers
Jason Brown Premier Realty Group wants home sellers to be informed about Limited Service Brokerages. Limited Service Brokerages claim they will put more money in the pocket of Sellers by charging a reduced commission. The concept seems simple enough. A broker charges the Seller a reduced commission and thus the Seller nets more on the sale of their property. The problem is that when a Limited Service Brokerage is used a seller is taking many large risks. One of those being the listing and sale price of the home. Certainly saving a little on commission means nothing if all of the savings and more are given back as the result of the home selling for thousands less than it would have if a qualified Realtor had been hired. A Texas A&M study also showed that sellers who used Limited Service Brokerages saw their homes languish on the market 17% longer than homes listed with a full service brokerage.
So it is vital that Kansas City home sellers educate themselves on what the listing agent is offering. Some of the traits that are needed in a Realtor include proper pricing assistance, elite marketing, negotiating skills, inspection resolution expertise, contract through closing success, trustworthiness, complete honesty, total competency, solid reputation and superior communication. If a seller is hiring a Limited Service Brokerage they may not be getting ANY of these traits. Let's discuss the first item I just listed. An agent who is inadequate at assisting sellers in arriving at an appropriate listing price can cost a seller many times more than the amount being "saved" on commission. It is easy to understand how a seller loses when a home is under-priced, but overpricing can have an even more dramatic negative effect on a seller's net outcome. An overpriced home will just sit for a long period of time. Once buyers see a home's days on market surpass the average home in the price range and area, the y WILL take notice. A seller can expect to receive low ball offers going forward. It's very unfortunate because the worst thing that can happen is having buyers perceive that something must be wrong with a home, when if fact the only problem was that it was overpriced from the beginning.
You can only imagine the losses a Kansas City home seller may incur when the other pieces of the puzzle are also missing. If I were selling my home in Colorado, I certainly wouldn't hire a listing agent who lacked elite marketing, negotiating skills, inspection resolution expertise, contract through closing success, trustworthiness, complete honesty, total competency, solid reputation and superior communication. And you shouldn't do that here in Kansas City. There is no doubt that the success of a seller's transaction ultimately lies at the end of the transaction - in other words, at the closing table. So be sure you hire a Full Service Brokerage when selling your Kansas City home.
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