…it is to get it sold.
The misconception by both sellers and buyers is that the listing agent sells a home. However, the true function of the agent that lists a home for sale is to get it sold.
“What are you talking about” asks the seller, “I hired an agent and agency to sell my home”
Most homes are not sold by the listing agent, most are sold by a colleague whether from the same company or from another real estate company.
The explanation is easy, with nearly 45,000 licensed real estate agents
in the state of New Jersey, and the over one million Realtors around the
country, the probability of them having a buyer is far greater than the agent
that tells a seller, “I have a buyer for your home!” (Which, by the way, unless they have the buyer with them the minute they take a listing, they are just saying that to get the listing – so beware on many fronts.)
It first starts with whether a seller is ok that their agent/agency to also represent the buyer and does the buyer want to be represented by the seller’s agent – known as dual agency. I say, if you truly believe that the either side will get true representation for the entire transaction, than ok, but beware that one glitch the agent/agency’s fiduciary responsibility can make the entire transaction go awry. A seller may want to consider using a company that does not practice dual agency while representing a seller. Ask your agent before you hire them on their
stance of agency relationships. If you do not feel comfortable with their answer, talk to other agencies.
Getting to the real crux of this article, the listing agent is to get your home sold to any buyer who is ready, willing, and able, to buy your home, no matter where they are coming from. That says that the listing agent is responsible to get your home out to the public by exposing it to its target market. The responsibilities of a listing agent include, but certainly not limited to: staging your home for
sale; helping establish an asking price; developing and implementing a
marketing plan to sell that home; understanding and explaining when an offer comes in and negotiating a price on your behalf (difficult when dual agency is
involved); recommending 2-3 attorneys to contact (if you choose to hire an
attorney) for contract review and negotiations; attend the home inspection,
appraisal and closing; and most importantly, communicating with the seller on a
regular basis. And then, getting the home to close.
The listing agent’s responsibility is fairly widespread. Yes, they may sell your
home, especially if they are to get a call directly, but as percentages go,
their main concern to get it sold.