Are you looking to sell your home? If so, your choice of real estate agent could mean the difference of $25,000!
According to a report published in the Journal of Housing Research, homes listed by experienced real estate agents sell for $25,000 dollars more, on average, than those listed by less experienced agents.
For real estate agents, experience brings numerous advantages. For example, experienced agents tend to have better market knowledge, stronger negotiating skills, and a wider professional network—all of which help to provide you with the smoothest home selling experience possible.
According to Bennie Waller, a professor of finance in real estate at Longwood University in Farmville, VA, and the author of the report, "The more experience you have, the more likely you are to sell the properties that you list, the more likely you are to sell it at a higher price and the less time it stays on the market.”
This is especially true for homeowners trying to sell a home because they are struggling with mortgage payments or facing foreclosure. While there are many options available for homeowners in this situation, it takes a trained and experienced agent to help these homeowners understand their circumstances, review their options, and navigate the best possible solution. Whatever your reason for selling your home, choosing the right agent is crucial. Let’s take a closer look at 3 major benefits of working with an experienced agent.
An Experienced Agent Is More Likely to Sell Your Home
In general, agents with more experience are more likely to sell your home. In fact, the same report finds that veteran agents, or agents with more than 10 years of experience, are 1.6 times as likely to sell your home compared to rookie agents or agents with less than two years of experience.
Agents with a lot of experience in a specific area or neighborhood are tuned into why and how homes in that area sell. These agents work with you to develop tailored pricing and marketing strategies, helping guarantee that you sell your home.
The same is especially true for distressed or underwater homeowners. An underwater homeowner is someone who owes more on the mortgage than the home is worth. Selling a distressed property can be complicated, and it takes an experienced agent to understand and help you navigate the options available.
For example, a short sale is often a good option for homeowners underwater on their mortgage. In a short sale, a lender accepts less than the full balance owed on a loan. However, successfully completing a short sale requires the agent to have intimate knowledge of the process and paperwork, a strong supporting team, and good report with lenders, among other qualities. Agents trained and experienced in distressed properties will possess all of these tools and more.
An Experienced Agent Will Sell Your Home for More
The more experience an agent has, the better he or she understands how to list, market, and sell your home. This means selling your home for more—12.6% more or $25,000 dollars on average. Why? Experienced real estate agents understand your neighborhood and market conditions. Today, many markets “seller’s markets,” or markets where there are more people trying to buy homes then there are homes available. This means many homeowners are able to sell their homes for even more than they thought possible. Experienced agents know the current conditions of your market and can help you devise a competitive pricing strategy that will get you top dollar for your home.
Experienced agents also possess strong negotiating skills. When offers start coming in, these agents filter them down to only serious and competitive offers. Then, they will help you to close the deal for the best possible price.
An Experienced Agent Will Sell Your Home More Quickly
Experienced real estate agents also help your achieve your goals much, much faster. In fact, veteran agents sell homes 32% faster than rookie agents. That means less headache and time spent on selling your home, and more time on what comes next.
Apart from pricing and staging your home properly, experienced agents have a wide professional network. By reaching out to their extensive network, these agents are able to find the perfect buyer for your home more quickly.
For struggling homeowners, experienced agents with specific training can help you sell your home up to 50% faster. In addition to a wide network, experienced agents understand the ins-and-outs of selling a distressed property, from identifying the best solution to completing the process in the most efficient way possible.