What is the untold myth of the residential real estate industry? Marketing (exposure) sells your home, and as a result the consumer ends up paying higher commissions for it.
THE TRUTH is most homes are sold through your local MLS (Multiple Listing Service) and NOT by any elaborate marketing programs. Contrary to common belief, the listing Agent usually does not sell his/her listing nor does an Agent within the listing office. Proof of these facts are supported by a recent independent study of area Realtor® statistics, which revealed that less than 6% of Real Estate Agents sold their own listings.
What does this all mean? It means the marketing representations that real estate firms have been “selling” to the general public, in conjunction with high commissions, are unjustifiable. Advertising campaigns usually act as a source for a company’s newer Agents in an attempt to secure potential buyers. Moreover, campaigns are provided to appease the listing client when they ask, “Where are you advertising my house?”
When listing a home, do not pay large commissions based on “marketing.” Instead, pay a fair but discounted commission based on your Agent’s knowledge, trust, experience, negotiating skills, ability to sell, pricing accuracy, contacts and work ethic.
The bottom line is that numerous residential real estate brokerages have been pulling the wool over the general home selling public’s eyes for years, and as a result typical home sellers have been over paying for their services.