Selling a Property with atlas
Frequently Asked Questions
It is certainly in your best interest to have a licensed real estate agent to represent you, though it is not a legal requirement. Brokers have local market knowledge, marketing resources, and negotiation skills gained from years of experience in the business. When hiring a broker, we advise you to inquire about their recent sale transactions, overall experience, and specific skills that set them apart from other brokers. It is also a good idea to asks for references from other clients who have worked with them in the past.
Atlas was established by principals who have purchased more than 4,000 residential and commercial properties since 2013 and currently own more than $50 million worth of real estate. We were built on the belief that in order to understand and serve a client’s needs effectively, you first need to understand their perspective as an owner (or potential owner) of real estate. There is an absence of alignment of goals in a typical client-broker relationship. We have been in your and understand there is nothing more frustrating than feeling like your broker is not looking out for your best interest. Most brokers work to close the transaction and earn a fee, whereas at Atlas, we work to make sure we accomplish your financial and personal goals. Our owner-focused approach combined with extensive investment and management expertise gives our brokers the pedigree and experience necessary to understand the value of real estate beyond the transaction.
A listing agreement is an employment contract between the seller and the broker. It should always be in writing so each party understands the relationship. Though there are a few types of listing agreements, an Exclusive Right to Sell agreement appoints one broker as the seller’s representative. This arrangement is advantageous to the seller because then one broker is responsible for all marketing, communication, and negotiation on the seller’s behalf, creating more accountability. A broker will also typically spend more time and effort on this type of listing since the seller has given a financial commitment to the broker.
To determine how much your home is worth and the appropriate value to list your property, your Atlas broker will analyze comps in the neighborhood for similar recently sold homes. That analysis in combination with expert local market knowledge will give your Atlas broker the information necessary to recommend how much to list your home for.
Assessed value is not the same as market value or appraised value. The assessed value is used for the purposes of taxes in your local municipality. It is multiplied by the local tax rate to determine what the yearly taxes are. Market value refers to what the market will pay for your home. It could be significantly more or significantly less than the assessed value of the home, depending on the demand for your type of property in your specific neighborhood. Your Atlas broker will pull comps for other similar properties in your neighborhood in order to determine the market value for your home.
The best time to sell your property varies greatly on the current market conditions in your area. Your Atlas broker can give you specific advice on the best time to sell after analyzing the neighborhood trends and demand in the local market. Typically, the best time to sell your home corresponds with weather patterns which also corresponds with the school year. Most people do not want to move during the winter or during the school year. Therefore, listing your home earlier in the year (March or April) so that you can hopefully close on the sale by June is ideal both from a weather and school calendar perspective and from a financial perspective. Zillow reports homes listed between mid-March to mid-April sell around 15% faster and for 2% more than the average listing.
Costs vary depending on the type of property, how much preparation is necessary to get the home ready to sell andwhat terms are negotiated with the buyer during the sale. Costs can include:
- Painting, window washing, fixups, landscaping, staging, photography
- Real estate agent commissions (You, as the seller, will likely be paying the entire 5-6% commission, to be split between the buyer’s agent and yours.)
- Other closing costs of credits to the buyer
- Transfer tax
- Home warranty for the buyer
- Moving costs
One of the most important steps in getting the best price for your property is to effectively prepare and market the property to potential prospects. Developing and implementing strategic marketing for the property enables you to target the ideal buyer and usually produces the best results. Atlas brokers are experts in knowing the most effective ways to promote your property to your target market.