The Arizona Real Estate Market:
Why You Need An Agent!
As consumers, we’ve all become accustomed to having a litany of choice for any transaction. We’ve also become dependent on technology to facilitate them. The same is now true for real estate. Marketing portals encourage and assist sellers to attempt For Sale By Owner transactions. IBUYERS claim that they can expedite the transaction process and remove the inconvenience of selling. Discount virtual firms claim that they can reduce selling without ever meeting you face to face. While some of the claims have merit in some situations, for the most part this is all done at great expense to you, the home seller.
When It Comes To Selling Real Estate In Arizona: You Need An Experienced Realtor Now More Than Ever!
We’ve compiled a list of the expertise you need and the value you should expect when hiring a Real Estate Agent. Read below to get familiar with these processes so you can save time, money, and reduce stress.
Why You Need a Real Estate Agent In Arizona
When considering a potential real estate sale, people often wonder if real estate agents are worth the cost. After all, homes are selling for hundreds of thousands of dollars, and it is common knowledge that Arizona realtor fees are typically negotiated in a range of 6% of the sales price. This can cause a seller to take a pause and consider the options. However, as is the case in all things, you get what you pay for. If you are willing to find and vet a Real Estate Expert, their ability to manage your expenses and maximize your sales price will more than justify their fees.
The Duties of Real Estate Agents in AZ
A good Agent Wears Many Hats advisor, counselor, general contractor, negotiator, marketer, friend. Their duties exceed the bounds of their contractual obligations and are far more complex and impactful to you that you could ever realize if you weren’t from the industry. Here’s a sample list of what they do:
Agents are duty bound to protect and promote their client’s interests. This isn’t just a clever marketing phrase, it’s the law, and failure to do so could result in the loss of their license. The Arizona Department of Real Estate specifically requires Agents to “Provide services that meet the standards of practice and competence for professionally licensed real estate agents”.
Agents are required to assist clients in getting appropriate counsel from insurance, legal, tax, and accounting professionals for all circumstances surrounding the purchase or sale of properties when they are not specifically licensed and trained to perform those services. This means that great Agents also come with a great team.
Agents protect home sellers from failure to disclose material defects. We live in a litigious society. With a transaction of this dollar size and importance, the liability for sellers is high. A licensed Agent will protect the sellers against liability by helping them disclose material defects and drafting contract language that drastically limits their exposure.
Agents will advise you and manage strategic updates and repairs. Any Agent can refer a contractor, but the great ones will counsel you on which repairs yield a return on investment, reduce time on market, and are necessary to close a sale. They don’t just give a phone number to the contractor either. They schedule, manage them, and hold them accountable for providing a great product.
A great agent will give you confidence in your value by preparing a comparative market analysis. Price is the single greatest driver in time to sell. A market expert can put your home on the money and yield you the highest possible selling price while minimizing your time to close.
The Art of a home sale is in staging and photographing the property. Great realtors can provide decorating advice, and assist you in presenting the property in its best light. A huge piece of the puzzle is in photography. Make sure you have an Agent who not only hires a pro, but sets them up for success, and manages their activity to achieve the results you need.
Agents spend an inordinate amount of time just managing the process. Scheduling showings, coordinating contractors, preparing documents, ensuring deadlines are met, is just the tip of the iceberg in what you are paying for. Most of this work is behind the scenes and you’d never know what it takes unless you tried to take it on yourself,
Homes don’t sell themselves, it takes an expert marketing strategy. Great Agents market the property over social media and manage your MLS property details. They’ll plan and schedule open houses, and produce collateral material like postcards, flyers, mailers, and digital art, to get the word out in every shape and form possible.
Agents don’t just accept that a buyer is qualified they verify through research. When an Agent receives an offer on your home, the first thing they do is research the buyer. They speak to the lender to verify that he has reviewed the buyers credit, income, and cash on hand. They require proof of funds and verify that those funds are in the bank.
When an Agent’s efforts result in an over market price, they must fiercely defend it with the Appraiser. It’s one thing to get an over asking price offer. It’s an entirely different story to ensure that the appraiser is comfortable with the price. Great Agents will support their price by explaining the key value drivers in your home. Providing a list of its upgrades, and arguing why it is more valuable than the one that sold down the street.
Hot heads kill deals, but great Agent’s keep the emotions low. Having an intermediary is so helpful in working logically through a negotiation. As human beings, we jump to conclusions and paint our own experiences over buyers who we don’t even know. An Agent’s job is to assist a seller in sticking to the facts that are known with the sole purpose of accomplishing their sales goal.
Maximize your sales price by negotiating multiple counter offers. In tight markets multiple offers are common. A seller’s instinct is typically to simply take the best one. However, a trained real estate veteran always understands that most buyers will step up when challenged with losing their dream home. Great Agents will simultaneously counter all interested parties to truly attain their highest and best offer.
An Agent’s job is to anticipate the unexpected and manage the result. The seller just wants his money out at the time he expects. The Agents job is to plan for, predict, and react to any unexpected realities that could alter the course.
One of the biggest headaches of a home sale is having to move. Great Agents have resources to help pack, plan, coordinate, and deliver your belongings to your new home. Helping take the pain out of the process is part of their job.
Part of selling your home is finding a new one that brings you joy. A sales Agent will meticulously time the closings of the two properties to make all of it work in harmony. It’s not just about getting rid of the old, it’s about making sure the new meets all of your needs, be they location, timing, price, or amenities. This is no small feat and requires a highly trained expert.
Will An Agent Get A Higher Price For My Arizona Home?
There are many tools to help homeowners get a quick estimate on their home. It is tempting to look at one or two and think “this was simple, why would I get an Agent and pay for it?” The answer is that when you work with a licensed real estate agent, they will have experience in your market and be able to identify unique traits of your home that can be emphasized to increase its value. Additionally, they will know the absolute best way to prep your home for sale.
Remember the marketing companies who are offering to pay you cash for your home aren’t your friend. They are looking to make a quick profit on the resale of your property. They do this by paying you less than the home is really worth.
Can An Agent Reduce My Closing Costs In Arizona?
While sellers generally pay for their own closing costs in Arizona, the seller has lots of fees too. These are comprised of multiple administrative and processing fees, courier fees, and title insurance fees. All of these can vary in price and are negotiable. The opportunities to save money are in escrow fees, and insurance fees charged by the title company. Great Agents will work hard to save you money by negotiating these fees or by fighting to use a title company that will save you money.
The average closing cost in Arizona varies, but and there are multiple tools you can use to get an estimate. Online closing costs calculators will generally break down closing costs into property-related fees, mortgage insurance fees, tax and insurance fees, and title fees. They will also allow you to adjust them manually, but it is unlikely that someone without experience in home selling will be able to pinpoint why these changes will occur. As with many of these fees and processes, it is well worth having a conversation with your agent about the calculation and what you will be paying.
We recommend asking an agent to prepare a net sheet before closing. A net sheet is an itemized outline of the costs you can expect to pay, and what you will walk away with. This will allow you to compare how they have done vs. other available tools so you can make sure you got the best value from your Agent.
Real Estate Professionals You Can Trust
Century 21 has worked to facilitate quick, honest, and predictable home sales in Arizona for decades. We create a personal relationship with our clients with honest dialogue about all associated costs so we can deliver the best value for them. We are bound by the code of ethics that serves our brand and our community. If you are interested in starting a conversation about how we can help make your home selling experience easy, reach out for a consultation. We would love to get you the best price possible in a stress-free way.