2020 was an exceptional year for real estate in Teton Valley, Idaho. Very high demand for property in this area, combined with very low inventory levels means we are still in a Seller’s Market heading into 2021. (Check out our tips for buying in a Seller’s Market here). Read our full 2020 Market Report here for more specific area numbers from 2020.
If you’ve been thinking about taking advantage of higher property prices and selling your property during this time, one of your first questions may be whether to list with a real estate agent or to try selling on your own. While both options may yield great results, the amount of time, money, and energy saved by listing with an agent can make a huge difference in your quality of life and your revenue throughout the selling process.
Here are our top reasons to consider working with a real estate agent to sell your property:
1. Listing your property with an agent saves you time.
Selling a home can be a full-time job. Between hosting open houses and showings, preparing for last-minute showing requests, fielding calls from agents and buyers, finding qualified potential buyers, completing necessary paperwork, meeting deadlines, dealing with negotiations, consistent marketing, and staying on top of daily tasks, it’s a lot of work!
An agent’s job is to take care of all of these details, so you can enjoy more time with family and friends, enjoy more time outside, and reduce the amount of stress on your plate during an already potentially stressful situation. More time for you = more time to do what you love with people you love.
Paperwork: property disclosures, counter offers, addenda, contracts, negotiations, concessions – sound overwhelming? Your agent will be in charge of all the listing paperwork, contracts, and offer details, and will know to keep an eye out for any potential issues – truly a time-saver in the selling process. Our job is to help you get the best deal while you live your dream mountain lifestyle – more time to spend with your family and friends, and having time to enjoy your favorite Teton Valley activities.
Please note: if you do decide to sell on your own, we highly recommend hiring an experienced real estate attorney to look over your contracts.
2. Listing your property with an agent saves you money and increases your potential revenue.
Let’s chat revenue. The number one reason people choose to sell their own properties is to save money on commission (typically 3% to the Listing Agent and 3% to the Selling Agent representing the buyer). However, remember that even if you sell your property as an FSBO (For Sale By Owner), you will still need to pay the Selling Agent’s commission (typically 3%).
Furthermore, a 2017 study indicates that FSBOs bring in about 30% less revenue than agent-listed properties. 30%!! Why? Real estate agents have access to years of data and can spot trends in the market – key factors to narrow in on pricing your property appropriately for the market, your area, and your specific home. Agents will also have experience negotiating pricing with other agents. Sellers without access to this information (or who don’t have time to do extensive amounts of research) are at a disadvantage in regards to determining and negotiating prices.
A real estate agent also has a fiduciary duty to the client, and is bound by law to act in the client’s best interest. This means they will absolutely work hard to make sure you get the best price possible for your property.
3. Listing your property with an agent saves you energy and reduces stress.
Selling a property can be stressful. An agent’s job includes making sure your needs as a seller are met, that your property is marketed well, that you are happy with the sale of your property, and that you are excited about what’s next. Here is how an agent can help you save energy and reduce stress while you’re selling your property:
Visibility and marketing:
The MLS! In order to list a property on the MLS (the Multiple Listing Service), you must be a licensed real estate agent in the property’s state. This means that if you want to list as a for sale by owner, or FSBO, on the MLS, you’ll need to pay a flat fee or commission to a broker to have access.
Why is the MLS important? It’s the largest and most comprehensive database of home listings out there. Once your property is uploaded into the MLS, a notification is sent out to dozens of real estate websites (think Zillow, regional property search websites, agency sites, and local sites like our own tetonvalleyteam.com), which means other agents are immediately notified, and buyers can more easily find your property. The MLS is typically the first site that a real estate agent will check on any given day. Visibility is key when it comes to finding a great buyer for your property.
An agent’s network and connections:
An agent’s network of contacts is a huge benefit in the sales process. A study by the National Association of Realtors shows that 82% of homes are sold through agent contacts, meaning previous clients, referrals, friends, and family. This means you won’t need to spend your energy creating marketing strategies, searching for a buyer, or reaching out to friends of friends (although it can certainly help to reach out to your own network, too!).
Realtors have access to a large network of potential buyers through the MLS, previous clients, websites, their personal real estate network, other agents, local partners, and social media, and are invested in finding the best buyer for your property. For example, we (the Teton Valley Team) consistently see online views of our properties in the hundreds of thousands each year. We also run ads in local newspapers, which bring in several leads for each property we list. Brand marketing through Jackson Hole Sotheby’s International Realty includes targeted online marketing, and our seasonal catalogs (click here for our Winter 2021 catalog) which showcase properties and are designed to inspire buyers and sellers in all stages of their real estate journeys.
When you work with an agent, you’ll have access to off-market sales, someone with an in-depth understanding of the local real estate market, and your agent will have ties throughout your region and the surrounding areas. Agents also will have personal connections and references for contractors – if something needs to be fixed, or your septic system pumped, or your property corners flagged, for example, your agent will know exactly who to call to get the job done.
An objective view:
Selling a home can be an emotional process, especially if you’ve lived there for a long time and have made fond memories on the property. An agent will be able to help you see your home in an objective way – so you’ll be less stressed about selling, and best prepared to accept a great offer.
Working with an agent to sell your property is a great way to streamline the selling process, and will undoubtedly save you time, money, and energy, while meeting your unique needs and goals. More time, more revenue, and less stress? Yes please!
Do you have questions about the listing process or the real estate market? We are always happy to chat about market trends, listings, and what’s happening in Teton Valley – please reach out anytime with questions! We would love to hear from you.