Great question.
There are some brokers that
provide "limited services" for buyers and sellers of real estate. If
you include the phrase “limited representation” in this
description you would have a clearer picture of what they are
offering.
From my experience they
usually offer a seller to list the home in a locale MLS and maybe put
a sign in the year. The seller is responsible for making
appointments, following up on agent visits, any interaction with
interested parties and all marketing and advertising expenses. In
some cases they will receive an offer but consulting on the offer is
an additional charge from their “services menu”.
Most of these “limited
services” brokerages will offer all of the additional services from
a “services menu”.These services are on a fee basis(A la caret).
$$ for sign, $$ for asking agents what they thought about your
property, $$ for negotiating contracts etc. There may be some advice
given when an offer is received but typically the seller is relying
on his or her knowledge about the real estate market to make
decisions.
For this limited service
they will charge you less than what a full service brokerage would
charge you to list the home. Full service brokers on the other hand
become your partner in the process. Running interference with buyers
agents and their clients by gathering answers to questions that they
know will be asked beforehand, marketing and advertising costs are
paid by the agent/broker, getting the best possible exposure for your
property, advising on strategies, pricing and timing of market
conditions, advising on what needs to be done to get a home ready for
market, doing analysis of the market so you can be competitive when
you list, handling all of the paperwork that will be needed for a
successful transaction. There is much more that each individual agent
brings to your table that is not on a Service menu basis but part of
the obligation that the real estate agent has with their client.
For buyers similar limited
representation, they may get notified of listings in the area they
are interested in but when it comes time for making appointments with
listing agents or sellers it is all up to the buyer. They will
produce an offer for the buyer at the time the buyer identifies a
home they are interested in and in a lot of cases prepare offers for
homes they have not even visited. I once had an out of town buyer
contact me to see a home my broker had listed because his agent said
if they were only in town to look at homes he did not have time to
show them properties, just let him know when they found something
they liked and he would write an offer!!
Everyone is entitled to
their own opinion on this type of service. I had a client once
mention after talking to a limited service company it felt like
having to go to court with out your lawyer!
In either buyer or seller
case it depends on how comfortable the client is with dealing with
the whole process by themselves. Sometime the opposing agents get a
little frustrated by doing the work of 2 agents but having to pay the
other agent a commission for less than full service. For the full
service areal estate agent at the end of the day it only matters if
their clients interests are best served so you do what you have to
for your client.
I would strongly suggest you
meet with a full service brokerage in your community and compare the
level of services and dedication you may find with a full service
brokerage. Keep in mind it takes a lot of the stress off of you
during the selling process when you have someone working side by side
with you instead of being available just a FEE away!
Good luck in your listing.
Please feel free to contact me for Full brokerage services if in the
Austin, TX area or if you need a referral for anywhere else in the
world!
Kind Regards,
Bob Kenney, Realtor®
Reilly Realtors
Mobile/Text: 512-922-4922
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